Platinum Wealth Creation LLP

Corporate Finance

Funds Raised

£35,000.00

Final AER

17.64%

Loan term

36 MONTHS

Auction Closed

2013-02-26

Recovery News
This loan may be behind with its repayment schedule and so microloan trading has been suspended while we work to help the business recover its repayment form. Please see the Loan Updates tab for recent updates.

About the Business

Company Name: Platinum Wealth Creation LLP Company Number: 05764717
Business Type: Corporate Finance Years Trading: 4-5 years
Business Location: Kings Lynn

About the Risk

Risk rating

A

Default rate

7.00%

Bad debt rate

9.69%

About the Security

Security Offered:

Personal Guarantee - Done (PG from director and majority shareholder)

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

UPDATE 17.05.2013: Platinum Investment Property Ltd has alerted rebuildingsociety.com to the fact that it intends to enter voluntary liquidation. The director has been forthcoming about his plans to trade under a different company and has offered to transfer the debt to the new company so repayments can continue to be made on time. We’re in conversations with the directors to ensure an outcome which is in the best interests of lenders. It is still possible to trade these Micro Loans, but all trading history has been erased and notes added to the company profile to make potential buyers aware. We will issue an update when discussions have concluded.

Read more

Loan Offers

What is the loan for?

The loan is purely for business growth and expansion by way of recruitment of employed and self-employed agents as well as at least one new admin person (to join the one we recruited last week who is already at capacity) as we have just secured a lucrative JV (contracts just signed) which dictates rapid expansion to cope with the volume of new business we are being passed daily in the South of the UK.

Why consider investing?

17.05.2013: The director, Steve Goudy, offered to allow us to publish the following statement on his behalf: "It had long been planned to split our operation into 3 or 4 parts due to expansion and the necessity of separating the incoming commission streams as our products have several VAT classifications. The three new companies started trading in January of this year, the main one being Platinum Wealth Creation LLP. The LLP was to be, and is, a direct replacement for Platinum Investment Property Limited as it receives 90% of the incoming revenue. Due to what was just a simple telephone disagreement with HMRC last April (2012), which went nowhere and wasn't a particular issue until March of this year, we have taken the very difficult decision to put Platinum Investment Property Ltd into voluntary liquidation. Our logic was: Although some of the amounts that we are alleged to have owed HMRC had been agreed, not all were and never would be as they were claiming employers tax and NI for a period when we had NO EMPLOYEES! We also had an agreement with their Edinburgh office that we would settle in full once ALL amounts were agreed. They agreed to this. After waiting to hear from the emp. tax & NI dept since 2012 after numerous legal notices were sent by us to HMRC to resolve the issue, we had still not heard back, and haven't to this day. HMRC then wrote out of the blue and said that they required payment of the amounts that we had agreed. Being people of honour and principle, we stuck to our guns and referred them back to our agreement. They denied that they'd agreed to anything, despite it all being in writing, and, in very late April, issued a Notice threatening the Liquidation petition. It was better for all concerned to do this rather than it being forced upon us. We have kept control of the company, been able to transfer everyone's bank details over to the LLP so everyone's been paid up-to-date and, because we don't invoice until business is concluded rather than written, we could novate the business pipeline over to the LLP without falling foul of any regulations or statutes or upset the liquidator. The JV has also been protected as the JV contract is with the LLP so the 3,497 (as of yesterday) appointments that we have put in the diary in the last 4.5 months, thanks in no small part to yourselves and your investors, are 100% safe and will generate a minimum of £1.748 million even using the most pessimistic KPIs you could imagine. Using current KPIs that would jump to £3.881 million. We sincerely care about the investors, without them we'd have really struggled. As it is, we have two new employed admin staff, a new National Sales Manager, four new Regional Sales Managers and 54 new agents in the field, all thanks to you. Please feel free to pass this on, unedited to any and all investors and to your legal team."

DateAmountCapitalInterestReceived
07/04/2013£1,259.02£744.52£514.50
07/05/2013£1,259.02£755.47£503.55
07/06/2013£1,259.02£766.57£492.45
07/07/2013£1,259.02£777.84£481.18
07/08/2013£1,259.02£789.27£469.75
07/09/2013£1,259.02£800.88£458.14
07/10/2013£1,259.02£812.65£446.37
07/11/2013£1,259.02£824.60£434.43
07/12/2013£1,259.02£836.72£422.30
07/01/2014£1,259.02£849.02£410.00
07/02/2014£397.52£0.00£397.52Interest only
07/03/2014£397.52£0.00£397.52Interest only
07/04/2014£397.52£0.00£397.52Interest only
07/05/2014£397.52£0.00£397.52Interest only
07/06/2014£1,259.02£861.50£397.521899 days overdue
07/07/2014£1,259.02£874.16£384.861869 days overdue
07/08/2014£1,259.02£887.01£372.011838 days overdue
07/09/2014£1,259.02£900.05£358.971807 days overdue
07/10/2014£1,259.02£913.28£345.741777 days overdue
07/11/2014£1,259.02£926.71£332.321746 days overdue
07/12/2014£1,259.02£940.33£318.691716 days overdue
07/01/2015£1,259.02£954.15£304.871685 days overdue
07/02/2015£1,259.02£968.18£290.841654 days overdue
07/03/2015£1,259.02£982.41£276.611626 days overdue
07/04/2015£1,259.02£996.85£262.171595 days overdue
07/05/2015£1,259.02£1,011.51£247.521565 days overdue
07/06/2015£1,259.02£1,026.38£232.651534 days overdue
07/07/2015£1,259.02£1,041.46£217.561504 days overdue
07/08/2015£1,259.02£1,056.77£202.251473 days overdue
07/09/2015£1,259.02£1,072.31£186.721442 days overdue
07/10/2015£1,259.02£1,088.07£170.951412 days overdue
07/11/2015£1,259.02£1,104.06£154.961381 days overdue
07/12/2015£1,259.02£1,120.29£138.731351 days overdue
07/01/2016£1,259.02£1,136.76£122.261320 days overdue
07/02/2016£1,259.02£1,153.47£105.551289 days overdue
07/03/2016£1,259.02£1,170.43£88.591260 days overdue
07/04/2016£1,259.02£1,187.63£71.391229 days overdue
07/05/2016£1,259.02£1,205.09£53.931199 days overdue
07/06/2016£1,259.02£1,222.81£36.211168 days overdue
07/07/2016£1,259.02£1,240.78£18.241138 days overdue
Total:£35,000.01£11,914.86