The Debt Advice Portal is intended to offer a debt advice solution to brokers for clients who are in financial difficulty and are looking for a resolution to their problems. Brokers will be able to refer clients to take out Individual Voluntary Arrangements, remortgages, secured loans or offer debt management.
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As the system is online, brokers and packagers are able to track the progress of applications and cases.
Nick Du Boulay, director of the Debt Advice Portal, said: “We believe that the industry has a real role to play. The Debt Advice Portal enables the broker to provide a service fully in line with best advice, while earning a fee and maximising the opportunity for the client to return to the broker once their financial situation has improved.
“The broker has got to be careful about the sort of guidance they offer, if a broker gave the best advice that was suitable to their needs then that client will return. Brokers are in a good position to advise their clients to do the right thing because they are in contact with them.”
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Commenting on the portal, Andy Pratt, chief operating officer at Alexander Hall, commented: “There are a number of tools like this in the debt consolidation market and as the average broker is focused on mortgages this will be a potentially useful tool. Mortgage intermediaries will need to put a lot of effort into it to get it working though.”
