Capital on Tap, along with a number of secondary lenders, appear to have a higher level of defaulting debt at the moment. Since they primarily rely on director personal guarantees as security, we are receiving a large number of enquiries from guarantors being chased by Capital on Tap.
They appear to have a new in-house Capital on Tap collections team since the autumn, who seem to be using multiple nuisance calls and emails to harass some guarantors, refusing letters of authority for third parties to act on their behalf and refusing to provide documentation.
This can often occur with individuals that are chasing personal guarantee debt working for creditors, but when all our clients and enquiries complain about the same activity, it is normally something much systemic within creditor organisation. Once the number of cases experiencing these problems reach a certain number, then a consolidated complaint can be made setting out these systematic errors to their compliance officer and/ or to the FCA.
There has been a number of enforcement issues with CapitalonTap Personal Guarantees over the years; up until the mid-2010s the agreements were drawn up in such a way as to question whether a personal guarantee had been signed at all. More recently, credit card switches partway through an agreement have, in some cases, raised questions over whether the original personal guarantee is valid.
Finally, they have often sold personal guarantees on defaulted company debt to third parties such as Azzurro Associates, and more recently, Lowell Portfolio who use Grimsby based solicitors Wilkins Chapman to chase the debt.
New Wave Capital Limited, which is the company name of the CapitalonTap brand, raised £100m in October 2022 to lend to small and medium sized businesses.
If you are being pursued under a personal guarantee by Capital on Tap (New Wave Capital Ltd), Azzurro Associates, Lowell Portfolio or Wilkins Chapman on Lowell’s behalf and require support, please do not hesitate to contact us on 020 7754 3662 or email us at
