With its research indicating that the non-conforming loans market accounts for approximately 8 per cent of the mortgage market, with indications that repossessions are to reach 55,000 by 2009, Charcol.co.uk has taken the decision to offer free mortgage advice to borrowers it deems as most in need.
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Announcing the launch of the scheme, Peter Barrett, managing director of Charcol.co.uk said: “the amount of personal debt in the UK continues to grow, particularly in a rising interest rate environment and for financially vulnerable borrowers to be charge outrageous fees for consolidating their debt is simply not right. There is no doubt that this is a growing market and the current solutions available are only really helping to grow it.
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“We are setting those people who are financially vulnerable on the right path by tailoring advice specifically to them.”
Paul White, consultant at Belgravia, said: “It all depends on the complexity of the case, people in that situation do need to be advised but perhaps the best way to do it is eye to eye. People would benefit from an IFA asking them about their credit, but there is only so much you can do over the phone and you have to question the value of the service but it is good as a first point of contact.”
