Under the Enhanced Declines Procedure, when secured loans applications on behalf of clients are declined or do not meet the required figure for debt consolidation, intermediaries will be given the opportunity to have their clients referred to TCF Debt Solutions for advice on debt solutions as an answer to their financial problems.
The new service offers introducers to Loanoptions.co.uk the opportunity to ensure they are treating their customer fairly in line with FSA requirements, by providing their client with additional solutions available to resolve their financial difficulties. The typical reason for a secured loan decline is poor credit, combined with a lack of equity in the applicants’ property. If the client meets pre-qualification criteria, then with the permission of the intermediary and his client, Loanoptions.co.uk can refer the case to TCF Debt Solutions.
Andy Moody, managing director of Loanoptions.co.uk said, “At a time when more and more lenders are reluctant to lend for consolidation purposes, particularly to those with poor credit and lack of equity, it is only right that intermediaries should have the opportunity to refer their clients to a service designed to offer long term advice on controlling their debt and avoiding bankruptcy. Consolidation has been the standard weapon of choice for most intermediaries but now the lack of lending facilities allied to increasing debt means that we need to offer intermediaries and their clients more radical help. Treating customers fairly by ensuring that they have access to all the choices to meet their needs is what every intermediary will be offered when they deal with Loanoptions.co.uk.”
