Frequently Asked Questions
How do I become an Introducer to TCF Debt Solutions?
It’s simple. You can call us on 0800 111 61 62 and speak to a member of our Introducer Support Team. We will set up your agency straight away and advise you of your individual agency number. All you need to do is complete one of our Agency Agreements and return it to us with a copy of your consumer credit license.
How will I get updates on how my referrals are being progressed, and keep track of the cases I have submitted?
You will be sent automatic case status update emails at every stage of processing, and our Helpdesk is on hand on 0800 111 6162 if you want to speak to the Support Team directly. Full case summaries, outlining all details of proposals will be issued to you regularly. You can also track all of your referrals on our real-time online case-tracking system. Weekly pipeline reports can also be sent via fax or email on your request.
What if I want to stay involved all the way?
That isn’t a problem. Given the sensitive nature of the provision of debt solutions, a large number of our existing Introducers prefer to be kept in the loop and continue to have direct contact with their client throughout the entire process. We will only contact your client directly with your express permission, and if you want to present our recommendations yourself, we are on hand to give you all the information you need.
How do I know that TCF Debt Solutions will give my client best advice?
TCF Debt Solutions has historically championed the FSA ethic of treating customers fairly. You will be given a breakdown of all options available to your client so you can assist them in making the right decision. All advice given by TCF Debt Solutions is completely free with no obligation to proceed.
How and when will I be paid my fees?
Your fees are paid immediately once the case is accepted by creditors. You can receive a BACs payment directly into your bank account or TCF Debt Solutions will post you a cheque – the choice is yours.
Debt Management Plans:
What will the client have to pay?
The repayment amount will depend entirely on your clients’ circumstances. It is vital that your client keeps up with their regular monthly payments, or the creditors may cancel the agreements we have made on their behalf. We will work out an affordable monthly payment, based on their earnings and expenditure. Minimum payments are £120 per month.
How long will the debt management plan last for?
The DMP will stay in place until all debts have been paid in full. Due to the reduced payment levels, this may be longer than the terms of the original credit agreement.
How does my client know that their debts are being paid?
Once up-to-date balances from the creditors have been received, the monthly payment between them is pre-proportioned based on how much each creditor is owed. A statement showing how much each creditor will receive will be issued. This remains fixed unless the clients’ circumstances change. The client will be issued with a quarterly statement showing all transactions on their account.
Individual Voluntary Arrangements:
What debts can be included in an IVA?
Normally, all unsecured debts can be included within an IVA proposal. This rules out mortgages and other secured loan repayments, and any items on hire purchase which may be repossessed if repayments are not made.
Can an IVA be settled early?
Many IVAs end early with the introduction of a sum of money. TCF Debt Solutions can arrange a variation meeting to offer a sum of money in full and final settlement of the clients’ obligations under the IVA. This can be processed at any time during the IVA.
Will my client lose their house if they enter into an IVA?
No. The property is protected through an IVA, although the client may have to release some of the equity in the property towards the end of their supervisory period to pay the creditors. This is always agreed in the initial IVA proposal and is usually deferred until the final year of the arrangement.
Can the client get a remortgage if they are in an IVA?
Yes. As long as the IVA is up-to-date then there are lenders that will offer a remortgage, although they may pay a slightly higher interest rate.
Can my client pay a lump sum as well as monthly contributions?
Yes. For example, if your client cannot afford a larger monthly payment initially but own their own home then TCF Debt Solutions can negotiate to pay a lower monthly contribution with a sum paid towards the end of the IVA. This can be arranged by way of remortgage. Any instances of remortgage requirements will always be highlighted and referred back to the original introducer.