Mortgage Brokers can Lead Family Finances Revolution
"The credit crunch is definitely making people think very carefully about trying to live within their means and there is no one better placed than financial intermediaries to help them." Andy Moody, Chairman of TCF
TCF Debt Solutions believes that mortgage brokers and IFAs are in the best position to help families reorganise their finances to cope with debt and the economic downturn and should look to change their business models to take account of the need for dedicated help.
TCF Debt Solutions has seen the number of agency agreements from individual firms go into high gear over the past three months. According to Andy Moody, Chairman of TCF Debt Solutions, this shows that some forward thinking advisers have really understood that they can have a dramatically positive effect on their clients’ financial future, without securing new funding.
He said "With the number of new agencies we are opening increasing rapidly, it is clear that some mortgage intermediaries have seen that their future lies in adapting their business model and offering a wider service that starts with helping clients manage their finances better. Before the credit crunch that might have been limited to finding a lending product. However with the downturn really taking effect, the need has never been greater for advisers to look to help clients comprehensively reorganise their finances to cope with the demands of a world where obtaining more credit is no longer realistic or desireable."
He added "The credit crunch is definitely making people think very carefully about trying to live within their means and there is no one better placed than financial intermediaries to help them. When cheap credit was freely available, it was not fashionable to economise, but the vast majority of the population is now having to make significant adjustments to their lifestyles. For those with growing debt problems, the help of intermediaries is going to be invaluable. In the absence of funding liquidity, mortgage and loan brokers can lead a revolution in helping people balance their budgets and relieve the burden of debt."
Next article: TCF chairman predicts lull before the storm.