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Help clients resolve their debt problems


Meeting customer needs is key to any business and probably one of the most rewarding aspects of any job.

But in the past year or so, how many times have you found yourself unable to help a prospective mortgage client?

The reasons for this are familiar and a significant factor is likely to have been the number of severely indebted individuals who do not have sufficient assets to be considered for the latest financial products, combined with a scarcity of mortgage deals.

It seems that every week brings more depressing news about the state of consumers’ finances. Recent research reveals that around one million people have made mortgage repayments using credit cards – a situation that could get worse if interest rates go up.

But with every challenge comes an opportunity and we have the chance to help struggling clients get back on their feet.

Much has been written about the rise in personal insolvencies in the past couple of years and questions raised about formal debt solutions such as individual voluntary arrangements.

But when an individual’s debt problem has become so serious that tightening the belt is not enough, an adviser can offer access to debt solutions via a third party.

This means brokers can continue their relationships with clients and keep the door open to opportunities in better times.

Think about it – who are clients more likely to return to, an adviser who opened the door to a possible solution or one who closed it?


Lose small brokers to high fees and consumers suffer

I was shocked to learn that brokers can look forward to paying a minimum fee of 1,000 to be regulated by the FSA. As usual, nobody is standing up for the interests of small firms – the sector that keeps this country going. Because of the actions of big banks and other financial institutions that […]


Sizeable returns expected for MT secured creditors

The administrator of The Mortgage Times Group says the network’s directors anticipate substantial returns to secured creditors. Insolvency firm Kelmansons Costa Business Solutions was appointed as administrator last Tuesday, Mortgage Strategy can reveal. John Kelmanson, managing partner at KCBS, says secured creditors are the priority but others, including appointed representatives, could be paid something. He […]

The mortgage mole



AfI associate accounts arm to boost exclusives

Abbey for Intermediaries has created an additional broker division similar to its key accounts channel that will mean lender exclusives are available to more brokers. The associate accounts division will launch today, initially with 10 brokerages that will then be invited to agree commercial terms with AfI.One broker thought to be signing up for associate […]

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Auto-enrolment — don’t leave it too late…

With auto-enrolment (AE) well under way for the UK’s largest businesses, over the next three years an additional 800,000 smaller employers (with less than 60 employees) will start their journey to comply with the legislation. AE mandates all eligible employees and their respective employers to make regular pension contributions into a qualifying pension scheme. To learn more about the legislation read our brief Jelf AEase — simple steps to AE compliance guide.


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