Heath Insurance Services Ltd


Funds Raised


Final AER


Loan term


Auction Closed


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: Heath Insurance Services Ltd Company Number: 05129413
Business Type: Insurance Years Trading: more than 10 years
Business Location: KNUTSFORD

About the Risk

Risk rating


Default rate


Bad debt rate


About the Security

Security Offered:

Personal Guarantee - PG from Mr Clarke

Est. Equity: 0.00

Risk Indicators Identified:

Important Files

Who are we?

We are insurance brokers who trade with both the public & commercial clients.

We have over 35 insurance agencies and receive commission and fees on insurances arranged for clients

We have 2 specialisms, these being Business Home Insurance for people who work from home www.businesshome.co.uk and private car insurance for young drivers www.youngladycarinsurance.co.uk it is because of the fact we have obtained preferntial terms to run our own Insurer account that we need this extra funding.

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Loan Offers

What is the loan for?

To aid the process I thought I would expand on the rationale for short term funding.

I have set up a scheme with an Insurer who has given me capacity to write Motor Insurance business under a specific delegated authority scheme on a bespoke basis. The 1st years turnover will be in excess of £10million and with commission at 15% the income to my company will be substantial. However, before we can start, we need to build the website and specific quote engine for the premium rates and conditions which I have established, which is why I need assistance.

This will be at a considerable cost, and has to be paid for in advance with a 2 month minimum lead time, and in addition I will have to employ & train extra staff to be in position for when we start trading. We are therefore looking at starting to trade fully on 1st August latest, so I need up-front short term funding until the operation starts. As such, as the start will now be 3 months away, to aid cashflow, perhaps I should amend repayments to 6 months as this will allow time for the income to come in, but also leave a position where I can manage the 1st 2 months repayments.

To aid your understanding of my scheme proposal I attach the original basic business plan which explains the concept. I have now been given the capacity I need to start the scheme by Gable Insurance, so now just need to fund and control the start of trading

Why consider investing?

We have been trading since 1971 – we have a loyal client base of established clients, but the advent of the young lady driver scheme is such that we expect to grow considerably within this year and repay funds advanced quickly.

I have been approached about selling the business as Insurance brokers are much in demand and if there were any difficulties we could sell to cover any shortfalls -the market value offered to us is 1.5 times commission so we have a value of £390000 and many acquisitors waiting. However, we want to expand and have a great opportunity with the new facility


The loan is to be secured by Personal Guarantee from the director.

the Director has an est. net worth of £375k. This is through ownership of 3 properties, with a total combined value of £1m, and approximate equity of £375k

21/01/2016£14,281.67£9,814.41£4,467.26Unpaid & compounded
05/10/2018£2,487.26£2,487.26£0.00 (13 days late)
05/11/2018£726.32£726.32£0.00 (31 days late)
05/12/2018£726.32£726.32£0.00 (33 days late)
05/01/2019£1,278.75£1,278.75£0.00 (24 days late)
05/09/2019£599.21£599.21£0.00Not Due
05/10/2019£599.21£599.21£0.00Not Due
05/11/2019£599.21£599.21£0.00Not Due