MI_11-13_debt man.qxd 22/1/09 18:06 Page 5
Debt management |13
resort but should not be rushed into. IVAs are
often a better route and for mortgage holders it is
crucial they are made aware that in previous
years of liquidity lenders would take a risk on
discharged bankrupts it is an optimist that
believes that there will be many (if any) such
loans in the near future.
These are just some of the options that your
clients may eventually face and rest assured that
If you're not talking to your clients about these
options then someone else probably is.
TCF
I'd reiterate the point that communication is key
and if mortgage brokers can initiate a discussion
and review with their clients they can add value
and also boost their income with the sale of
appropriate mortgage products and insurances.
Finally, 2009 saw the introduction of the
FSA's treating customers fairly initiative which
means that evidencing advice is of paramount
importance. All brokers will have seen enough
'if there's blame there's a claim' adverts on
the television to realise that any customers in
distress with payments could look to defer
responsibility and an adviser is perhaps the
first port of call. Please make sure that you have
your client documentation in order to both
protect your client and importantly to protect
yourself.
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of the
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fully non-status terms
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If they can offer commercial property as security, help
is at hand on a non-status basis immediately. Excel is
a principal lender and offers loans of between 1 and 24
months from £100,000 upwards for any purpose.
Up to 70% of open-market valuation, irrespective of
purchase price.
www.mortgageintroducer.com February 2009 Mortgage Introducer
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