There’s a fine line between financial failure and success so without wishing to encourage ambulance chasing, this week’s article is about an opportunity to help with one of our nation’s many problems – bankruptcy.Idealists scorn the idea of making money out of other people’s misery but my suggestion is based on a mix of prevention being better than cure and assisting those unfortunates already experiencing problems. People want and need good financial advice when they are in trouble. It should be recognised that many people find themselves in financial difficulties not through their own mis-management but due to circumstances beyond their control. For example, accident, sickness or unemployment can wreak havoc on any family or business but the unexpected demise of a business that owes you thousands of pounds for stock or services can also bring the bailiffs to your door. See helping people in difficulty as an act of kindness and earn a living being a good Samaritan. I’m not directing this at financial advisers, though they could play a major role in restructuring a client’s assets, but mortgage brokers who are equipped to advise on the big asset, the family home. Most Mortgage Strategy readers will have come across someone who has gone bankrupt but many will not have the skills to deal with the laws of insolvency. Why not form an alliance with a practice that specialises in this field? Your local phone directory or the internet will point you in the right direction. All you need to convince them of is that you will share any commissions and do the business properly, i.e. complete the remortgage arrangements professionally and in quick time. Remortgaging has been used as a tool to solve financial problems for many years and at times of severe hardship it can be the only solution. When creditors are baying for blood, time is of the essence so any delays in processing a mortgage can have serious consequences such as repossession. Don’t let this pressure put you off but rather see it as an incentive to assist the needy by helping them keep their family home. For those of you thinking about my suggestion, be aware it can be heart rending when things go pear shaped but unbelievably rewarding when you get a result. It will change your life for the better as you meet decent people battling to keep their homes and you ride to their rescue as their knight in shining armour. What’s more your bank manager will be pleased and, provided you do a good job, you’ll have a client for life and someone you can rely on for referrals.
- Top trends
Preferred will launch a winter promotion at the Mortgage Business Expo on Wednesday November 16.The promotional offer gives customers an additional 0.25% discount across the entire core range when choosing a one-year discounted product. They also receive a free valuation on both the core range and the two- and three-year fixed rate products. Discounted rates […]
Mortgage Strategy’s weekly guide to what’s hot and what’s not on the web. Kevin Paterson takes a look at lender websites, working his way from A to Z
Quest Associates is inviting visitors to unlock their Home Information Pack potential throughout the Mortgage Business Expo London this week on November 16 and 17 at Earls Court 2. As sponsors of the Technology Zone, at 10.15am and 2pm each day Quest will be demonstrating how best to access, develop, collate and share the critical […]
Broker Wills has been launched to offer brokers a high tech will-writing service specifically designed for brokers and financial advisers. Legal solutions company Epoq, which designed the service, says that unlike existing services that provide advisers with a small royalty or make them spend time preparing all the paperwork for clients’ wills, Broker Wills offers […]
Research by insurer LV= suggests that some 11 million employees in the UK have no company-paid sick leave entitlement. So if an employee from within the above grouping cannot work through illness or injury for any period of time, their only income would likely be that provided by state benefits alone.
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