More brokers recognise diversification benefits of debt solutions says EuroDebt
EuroDebt, the leading debt management specialist, has completed a successful series of Educational Workshops, attended by over 500 IFAs and mortgage brokers. With more consumers getting into financial difficulty, EuroDebt has been urging financial advisors to offer debt solutions as an advertised extension of their product and service range. It is also seeing a number of enlightened brokers taking up debt management as part of a diversification strategy to protect their own business success.

Kevin Still, Director of EuroDebt comments, "Many brokers are already taking advantage of the free co-branded web portal with EuroDebt, as part of their Introducer Agreement. They are using it to offer referrals for clients in financial difficulty who require an urgent 'no obligation' face-to-face meeting with a trained debt advisor. Some brokers with a high street presence are already putting plaques in their shop window to promote the fact that they provide professional debt management services in conjunction with a specialist provider like EuroDebt."

Chesterton Grant and OutTake were part of the expert panels at several of the EuroDebt workshops and they have already extended their services to include pro-actively debt management in conjunction with EuroDebt. Their detailed 'Fact Find' documentations form part of the enhanced working relationship between financial advisor and debt advisor. Attendees acknowledged that debt management can be used as both a long-term method of becoming debt free and as an interim plan to enable a client to retake control of their finances without putting their home at risk. It also provides brokers with a way of complying with requirements around dealing with clients in payment difficulties as well as generating new revenue opportunities. A non-competitive relationship was seen to be critical, where EuroDebt view every client as a mutual client.

Still concludes, "The workshops we have already undertaken and will do in the future with our Partners and independent Expert Panelists are part of EuroDebt's on-going commitment to actively supporting brokers being re-trained to complete the necessary 'fact find' to establish the circumstances behind a client's current financial predicament. It has been recognised that some debt solutions can only be provided in conjunction with an authorised financial advisor. This is especially true where a future re-mortgage is a probable mechanism of clearing unsecured debts when market conditions change and the client's circumstances improve. CPDs have been widely taken up from the events, as mortgage brokers recognise the impact of TCF and MCOB around dealing with consumers with known financial difficulties.

"We offer our Introducers the benefits of marketing their services to their client base without having to make a sizeable investment in the on-going management of the Debt Management Plan (DMP). The appeal of this solution is reflected in the fact that we now have over 300 Introducers registered to refer cases to EuroDebt, with a local regional advisor/mentor to work with them to develop their marketing activities and client referral process.

"At the Exeter workshop we launched the Debt Management Today website (www.debtmanagementtoday.co.uk), which is a specific resource for use by brokers and intermediaries. The Forum is moderated by a number of the Experts that support the events. We are currently running broker surveys and the results of these are being regularly published. You can find your local debt advisor and arrange a meeting to discuss the opportunities of diversifying your business.

"The success of our workshops illustrates the growing uptake of debt solutions by brokers as a means of supporting clients in difficulty and securing the future of their business."

Future events can be found at www.EuroDebtIntroducers.com.

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