The scheme, which has been developed with specialist debt management firm Debt Distress, provides intermediaries with a white-label debt management website, along with access to marketing support.
Mortgage Next said the facility would enable brokers to promote a specialist debt management service, covering a range of options from debt consolidation through to insolvency advice, as well as support and remortgage solutions. Fees to enter the scheme are set at £300 a year.
Depending on the client’s financial circumstances, the client will either be given professional debt management support via a qualified adviser, in which case the broker will be paid a referral fee, or, if remortgaging is the most suitable solution, the client will be referred back to the broker who can provide mortgage advice.
Justine Tomlinson, marketing director at Mortgage Next, said: “During regular feedback meetings held with intermediaries, debt management services and non-conforming leads have frequently been quoted as a desirable additional service. Brokers who subscribe to this service will receive a day’s training to help them promote and use the service and they will also receive five free leads to help get them up and running.”
Rod Murdison, proprietor of Murdison & Browning, said: “I have never specialised in the adverse credit market, as I have never had any demand to. For many years people have said there is money to be made in this niche, but I can’t see many brokers doing it as it is too far outside their expertise. I would recommend anyone who came to me to go to the Citizens Advice Bureau or The National Deptline, who both offer free government-sponsored advice.”
