New 'pay as you go' deal to buy software

Friday 26th November 2010
Written by Rosalind Renshaw
GMG Property Services, parent company of software companies Core, Vebra and CFP, has announced a ‘pay as you go’  finance package for agents.

This is in partnership with Reality Finance, and allows the cost of software purchases to be spread over a pre-determined time period. The interest charged will be almost completely off-set against tax, says GMG.

Mark Goddard, group managing director of GMG Property Services, said: “This initiative allows the client to spread the cost of their investment over a time period and cushions them against having to come up with a lump sum.

“That, combined with the tax relief, which off-sets almost all you would pay in interest over the period, makes this one of the most efficient forms of funding available.

“This offer applies both to new clients as well as existing clients wishing to upgrade.”

(22) Comments

Added by vipul patel on 2014-09-12 11:40:04

With V P Associates extensive experience and buy-to-let property tax expertise we assist our clients through the various tax liabilities they come across as they buy, sell or rent out the buy-to-let property (BTL). These may be Stamp Duty Land Tax, Income Tax, Capital Gains Tax (CGT) and Inheritance Tax.
Added by bailor on 2011-03-02 17:20:57

there are many values of the scott trust which do not appear to be the same principles and values of GMG but of course they are always seen to be doing the right thing!
Added by MrMcgoo on 2011-02-10 02:59:24

Where has my Audi Quatro gone ? - OOh yes the lease company have it andI have to resort to watching 'Life On Mars' to see the glory days.

Scrapped or leased.
Added by HHJ Seymour QC on 2010-12-14 15:50:31

The claimant was awarded over £660,000.00 in its claims for misrepresentation and breach of contract. The judge described the business of the defendant, as conducted by its sales representative with respect to the claimant, as “fundamentally dishonest”.

This isn't GMG or Reality but it is case law relating to the practice of mis-selling Lease finance
Added by More irony on 2010-12-05 18:46:11

Independent journalism means every opinion is valid.

If EAT has stopped being independent of its advertisers then it is time to go somewhere else.

Added by Dear Incorrect on 2010-12-05 08:28:06

You must have access to Hissing Sid the slippery Snake's dictionary of dubious definitions if you think that leasing is anything like PAYG. Try telling a mobile phone operator that you want to stop paying your contract and go to another company.

Added by Incorrect on 2010-12-03 22:30:30

MHG - you clearly have neither checked out the vArious definitions of payg or actually read the PR above.
I don't think there can really be any doubt that the main body of the above is a finance deal.
It is a shame that competitors of both this company and actually all coMpanies seem to use these boards as a licence to score cheap points.
Agents are not stupid
Added by MHG on 2010-12-02 08:37:18

Pay as you go means being able to stop when you want to.
Leasing is a contract for a fixed period of time.

It is a pity to see that EAT is happy condone a material breach of advertising standards.

How ironic is it that Mr Scott set out to provide editorial independence yet here is an example of a practice he abhored.

It seems that the principle values of the Scott Trust are simply absent from GMGPS.

Honesty - always the first one to go.

Cleanness/ Integrity; another early victim.

Courage, simply not required if you have power and are happy to abuse it.

Fairness, life's not fair so be careful who you take on.

Added by CAUTION! on 2010-11-29 08:28:04

I once bought a software system on a lease but then realised the product was not right for my business. I could not return it, the company would not give me my money back and the lease company threatened me with court action for non payment. The stress of it all meant I lost my business and even then the leasing company would not give up.
At the end of 36 months it took 2 months to stop them taking my money. 2 more lease payments because I had failed to give them notice.
I admit I was a bit green. No one warned me what I was getting into and I agreed to something because the salesman seemed nice.
Please learn from my very expensive mistake!
Added by B Leaguered on 2010-11-26 18:26:34

12 months interest free terms really ought to be the go from a rich corporate owner wishing to support a loyal customer base.
Added by Its not good news on 2010-11-26 17:52:29

This is not news, it is an advert! The space for news is crowded out enough by all the banner ads. If the advertisers are going to monopolise the tiny space in the middle left for news as well as all all the space round the edges the the whole point of this site will be lost.
This is a rubbish press release written by someone who does not understand that leasing is not the same as subscription. It is being strangely supported by people who do not understand that a 20% plus charge for finance is stupidly high.
Is the estate agency industry in such a state that credit card rates of finance are considered good news?
Added by Numarkets on 2010-11-26 17:02:28

Good news for estate agents - now there is something you don't see on EAT everyday
Added by Eco estates on 2010-11-26 16:56:52

Great timings and a boost to us all. Really good to see that lenders are happy to support us agents again. with Buy to Let loans also back - a major positive.

Added by Cassetteboy on 2010-11-26 15:55:55

Alert on software company failures
Friday 14th November

“I need to be flogged"

“Due to the number of agents going out of business and few start-ups at the moment, there is a real risk software providers are not even covering their overheads.

“I expect to close within the next 12 months. I expect current market conditions to continue for several years, which again will create a real issue, a software provider already struggling to cover overheads, will definitely struggle to invest in the development of their products, and I predict that my software products will see little or no major development over the next couple of years.

“My advice to all agents would be to run a credit check on their current or proposed provider.”

3 w's
Added by By Eck! on 2010-11-26 14:45:06

Frankie Boyle. I did and he pointed to the fine print of leasing. Without a 30% discount on the price list of software training and having to buy my support 2 years before I need it I am simply taking all the risk. The years purchase effect of leasing means all the advantage is there for the re-seller and non for me. In these uncertain times I am not going to pay for anything 2 years before I need to and I am certainly not going to pay £16000 in fees and interest to have not all of it off set. It is the Director's Guarentee that irritated me. The software company get paid, the lease company have you by the man fruit and all I get is an additional expense which I can get partially off set against my tax.
Added by Frankie Boyle on 2010-11-26 12:46:05

This acutally seems like quite a smart idea...
We all know that personal finance is never the cheapest way to buy things, but for a company, which can claim back the costs of these lease deals as a '100% tax-deductible expense', it actaully is a very efficient way of making a purchase.
Have a chat with your accountant...
Added by By Eck! on 2010-11-26 11:07:18

By the time I've paid for the latest upgrade to a system I've had for 6 years and a new set of computers my bill is just over 20 grand.
The pay as I go figure is just over £1000 a month,for 36 months.
I will put the bill on my mortgage and pay £607 a month for 36 months and save myself £14,000
Added by Trevor Mealham on 2010-11-26 09:56:57

In fairness to Universal they have just started feeding agents data to INEA and from the sideline we can say that we feel they provide their agents with a great professional service. The trouble with many softwares is that they create a barrier to their agents by bot sending feeds out to some portals. So agents, always check that once your with a software who they will and won't feed data to.
Added by Stewart Hayes on 2010-11-26 09:09:03

This is hardly new, Systems Captial used to do software Leasing way back in 1994 when CFP was Computers for Professionals. The fees and interest add about 20% to the cost of the software, training and support.
If this is a lease (the advertorial doesn't make it clear)then there is no stopping the monthly payments other than paying off the balance.
Added by Oh Dear 2 on 2010-11-26 09:02:31

To the management of Universal software - why don't you spend your time investing in doing your own PR, instead of stupidly nicking other peoples genuine stories
Credibility = ZERO
Added by oh dear on 2010-11-26 08:38:24

But their poaching of other stories and spelling isn't (Mr Universal). Think you just lost some credibility.
Added by HAPPY AGENT on 2010-11-26 08:36:10

We use UNIVERSAL their support , service and standards are exemploary. Could not reccomend them highly enough

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