Complete offers debt management service

Mortgage packager and distributor, Complete Mortgage and Loan Services has joined forces with Nationwide Financial Management Limited to offer brokers the Complete Debt Solution.

Tristan Pile, head of sales and marketing at Complete, says: “In today’s marketplace it increasingly difficult to source mortgages for sub prime debt consolidation purposes, as lenders continue to tighten criteria to minimise exposure to risk and withdraw their sub prime products. Our new service to brokers offers them access to two debt solutions from Nationwide Financial Management which could solve their client’s debt difficulties in the short term and still retain them as potential future mortgage clients.

“The first of these is a “full and final settlement” arrangement that allows clients to pay off their unsecured debt at an agreed figure that is below the face value of the debt. Debt management is the other option, where affordable payments on unsecured debt can be arranged that allow the client to get their mortgage payments back up to date and make them a more acceptable risk for lenders in the current climate.

“We are confident that our new debt management capability will prove to be highly popular with brokers, as it provides some new options for clients and also allows brokers to earn additional introduction fees while still retaining ownership of their customers.”

Andy Brooke, director of Nationwide Financial Management, says: “With the financial marketplace in its current state, it is imperative that we all diversify and offer more options to our potential clients. Not only will this increase income, but it could also secure our futures in this turbulent industry.

“Our fantastic new products have been specifically designed for brokers; it enables them to give best advice, help retain their valuable clients and to offer them added value.

“By using our tried and tested Full & Final Settlement system, brokers can significantly reduce the amount required to consolidate unsecured debts, therefore lowering the quotation that can be offered to clients, giving them an edge over competitors. This can also help to turn non-viable clients into future qualifying leads.”