The debt crisis – your opportunity to help your clients and still receive a commercial benefit
PMS are pleased to provide an opportunity to earn an income from clients who you may ordinarily have had been unable to help due to their personal credit circumstances.
With this service through Grant Thornton:
- We have a service which could help retain your clients by closing the advice circle and offering debt solutions to those clients who fall out of the mortgage process
- Grant Thornton’s experienced, understanding and expert advisors will discuss with the client the best course of action and potentially establish an Individual Voluntary Arrangement (IVA) or Trust Deed (TD)
- Offers further revenue opportunities
- IVA/TD referrals on production of your clients fact find
- Possible remortgage opportunities during the life of and after completion of the IVA/TD
- Helps long term client retention – client will remember where they got help
- Assists you with your compliance. Where the main purpose of a mortgage is to consolidate existing debts and a customer is known to have payment difficulties mortgage brokers are required to consider whether it would be more appropriate for the client to negotiate an arrangement with his creditors than to take out a mortgage.
- Independent professional advice provided by Grant Thornton UK LLP
What are the key criteria for a referral:*
- Greater than 15,000 of unsecured debt - credit cards, personal loans, bank loans etc
- Your client has MORE than 2 unsecured creditors
- Ask client what would they be able to afford to pay to their creditors - should be greater than £275
- Income must not be solely benefits
- Equity should not be substantially greater than total unsecured debt
*You should also ensure that you have your client's permission to pass their personal details to Grant Thornton.
What information will be needed for a referral?
Documentation you have already completed for the client, i.e. your client fact find or complete the full customer questionnaire below.
What is the next step?
Ring the dedicated pms® hot line at Grant Thornton on 0844 855 2435 Or e-mail client.advisors@uk.gt.com.
Need more information on the process? Click here.
For a copy of the full customer questionnaire Click here.
How much will I receive for the referral? IVA's - upon approval of the IVA, £800.
Trust Deeds - £650 paid for detailed information passed over, £500 paid for basic information passed over per case on agreement of deed.
Who is Grant Thornton?
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