Why am I charged two fees – one by Statim and one by the bank?
A. The bank charges an arrangement fee based upon 1% of the amount of the loan but capped at a low level. This represents a significantly lower cost that would be the case outside the scheme. Statim charges a fee of 1.25% of the loan amount but capped at 1,250. This fee has remained unchanged for over ten years now and represents tremendous value for money when you consider the amount of time and effort which the Statim team put into the assessment of each proposal. Q. Why can’t I have an extended credit arrangement on my trade account? It would be cheaper for me. A. Extended credit should not be viewed as a form of finance. Whilst it is true that interest is not normally charged and therefore perhaps there are a few pounds to be saved there, the term is very short and because of this, the effect on the cash flow of the business is very negative. Much longer periods of extended credit are not feasible and we would necessarily be limited in the amount we could advance and the number of
