TCF sees 70% rise in requests for debt help

Laura Stavro-Beauchamp
19-Nov-2008
TCF Debt Solutions has seen monthly enquiries rise by 70% since June as the credit crunch has set in and the housing market continues to stagnate.
Andy Moody, managing director of TCF, says that brokers are increasingly applying for debt solutions for clients that can secure remortgage or secured loan funding.

Moody says: “There is no doubt that the contraction in the lending market allied to falling house prices is catching clients who have been used to finding funds in the past to help pay off credit cards and expensive loans.

"Looking at the history of these borrowers, there is growing evidence of serial consolidation that has been going on for some time."

He adds: “Given the easy availability of borrowing at low interest rates over the past 10 years, it is easy to see how the borrowing habit can be become ingrained.

" What is clear is that people are having difficulty coming to terms with the concept of being seriously in debt rather than simply managing cashflow through consolidation and we have to be very sensitive to their needs and expectations.”