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Credit management packager launched

A new credit management packager has been launched to help borrowers who find themselves in arrears.

Guardian is owned by former High Street Home Loans managing director Gary Forrest. The packager will provide debt management solutions for clients struggling financially. Brokers will key the clients’ details into Guardian’s web-based system and be presented with a list of possible solutions.

If brokers choose to offer a remortgage or secured loan they will arrange these as normal. If a debt management scheme is suggested Guardian will handle the processing and speak with all the creditors involved. Each product comes with a different commission structure. For the Full and Final Settlement product the broker receive 15% of whatever amount Guardian is able to reduce the debt by.

Forrest says: “The broker does all the selling, passes the case to use, we process it all, deal with creditors and end of completion pay the broker.”Brokers must access the scheme through packagers and Solent GHL and AToM are already working with Guardian. Forest is also in advanced talks with several networks. Now he wants master brokers to sign up to in order to distribute the product.”

He says: “We can utilise mortgage brokers. Consumers are more likely to be better protected as brokers will bring with them the principles of Financial Services Authority regulation.”

By end of May Forrest expects to have 3500 brokers signed up.

He says: “We are currently getting around 20 deals a day. We think we can get to 100 a day.”
Forrest headed up High Street Home Loans until last October when it was closed down by G-MAC after the liquidity crisis took hold.

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