As UK consumer debt levels soar past the £1.3 trillion mark, Click boss Steve Teague believes IFAs could assist those in the red with financial instruments such as secured loans – an option frequently dismissed by advisers due to lack of awareness or even sometimes a largely unjustified past reputation.
“As a secured loan broker, we understand the market better than most, and want to work more closely with IFAs to open up an alternative solutions dialogue that will assist their clients,” said Teague.
“By using secured loans solutions, for example, the IFA can help ameliorate debt pressures, and in some cases this can be a viable alternative to remortgaging,” he adds.
“This could be a homeowner who is tied in by fixed rate penalties or someone whose circumstances have changed since they previously took finance. The goal is to find the very best solution to suit the individual’s circumstances which may be a secured loan.”
“In view of the FSA looking closely at Treating Customers Fairly (TCF), considering secured loans as another option for clients means IFAs will have added another string to their bow,” concluded Teague.
