What is the lending criteria?

Borrowers must be aged between 21-75 with a good credit history. We will run a credit search which will show on your client’s credit history. We will not lend to those with recent or active CCJs or bankruptcies. Borrowers must be resident in the UK and be planning to remain in the UK for the duration of the family proceedings.

How does it work?

You will apply for a facility on your client’s behalf through the portal for the amount you believe will see the case through to its conclusion. Once the application has been approved and signed loan documentation returned, you will request drawdowns to cover your invoices or amounts on account. Your client will need to electronically approve each drawdown request.

What are the charges*?

Interest is only charged on drawn amounts and will be between 14% p.a & 24% p.a, based on the risk and complexity of the case. The rate will be confirmed early in the application stage. This is a simple interest rate and does not compound, i.e. you do not pay interest on interest. There is also a 1.5% admin fee, subject to a minimum amount of £450, this is based upon the total facility amount sought. This fee is payable with the rest of the facility, at the conclusion of proceedings. You do not need to make any periodic payments.

Your client must seek independent legal advice once their application has been approved. Borrowers must fund this themselves. We estimate this cost to be in the region of £250 plus VAT.

Are there any undertakings?

Yes. There are two standard undertakings; that Rhea are to be paid within 5 business days of settlement monies being received into the solicitor’s client account and that all users provided access to the portal by your firm have authorisation to have such access. It is important to note that as part of the loan documentation returned by your clients, they will provide you, the solicitor, unconditional and irrevocable instructions to remit funds to Rhea in the manner described above.

What does the facility cover?

The facility can be applied for from pre-petition all the way to final hearing. You can apply for a facility at any stage of the divorce proceedings. It will cover the fees incurred by the solicitor firm for your work and disbursements including forensic accountants, valuations, barristers, court costs etc. If there is a query relating to a specific disbursement, please contact Rhea to discuss.

Do you fund any other type of family work?

Currently Rhea Family Finance only fund divorce and related satellite proceedings. We cannot fund TOLATA, cross-jurisdictional work, trusts, probate or Schedule 1 proceedings.

Can my client call Rhea to discuss their loan?

Yes. Whilst we are not able to advise your client, we are more than happy to discuss any queries your clients may have. Rhea can be reached by telephone on 0207 062 4038 or by email at customer.services@rheafamily.co.uk

What happens if my client changes solicitor?

If your client chooses to change solicitor, the facility would become due and repayable immediately. However, if the new solicitor has an agreement with Rhea, then they would be eligible to apply for a new facility, which could be used to offset the original liability.