Yesterday we had a call from our finance rep…… Duoligi Finance who we have been using for all LITH-TECH’S Finance over the last year has now decided to shut its doors along with almost every other company out there in this sector.
The mobility finance sector has been struggling for a long time now due to how high risk a category it is. Thats why mobility finance apr premiums are often quite high as sadly due to the type of customers this sector services there is a huge loan default rate due to illness or death and what was happening was the loans were then being passed onto next of kins and they were refusing to pay them off.
Sadly due to the Corona virus pandemic 90% of mobility finance providers have closed down and are only seeing through the current customers they had loans with and not accepting anymore due to the substantial losses these companies are now all experiencing.
So as of today LITH-TECH Mobility will not be offering finance anymore but we spoke to our finance specialist this morning who said there may be one bank who will be prepared to continue to lend under stricter guide lines. If and when that is possible we will be first to know about it and adapt accordingly.
Unfortunately the world is going through some dark times and huge changes, especially when it comes to businesses and the economy. Luckily LITH-TECH is one of if not the most reputable Uk folding chair brand and although times are hard now we can easily weather this storm and anything else the world has to throw at us and are still continuing to get orders out on a by-daily basis to customer throughout the UK.