Why consider your client for a debt solution recommendation?

The days of easy credit and the “buy now, pay later” culture may be numbered, but they will leave a difficult reminder for those left struggling with debt. The credit crunch will claim casualties, and it will unfortunately be enough to tip some over-indebted households over the edge.

There are many points to consider when dealing with your clients’ financial solutions. Recommending the best and fairest course of action will always be your main priority. Whether your customer is a private individual with consumer debt, or in business either in partnership or as a sole trader, TCF Debt Solutions can quickly and effectively implement an effective debt management recommendation.

Make TCF Debt Solutions your partner of choice in this sensitive area.

Your client may:

  • have fallen into mortgage arrears, and have large amounts of unsecured debt
  • be facing repossession
  • be coming to the end of a fixed rate mortgage, and realise that previous surplus funds are no longer adequate to cover unsecured debts
  • be relying on credit card balance transfers to cover their living expenses
  • not be aware that some credit card balances are being automatically reduced
  • be unable to source any sub-prime lending products
  • have experienced a drop in their house prices, and subsequently have less LTV available for re-finance
  • have a maximum offer that doesn’t fully cover their consolidation requirements

Don’t let bankruptcy be your clients’ only option

TCF Debt Solutions will help your client to come to terms and deal with their finances and will recommend a solution that is best for their individual circumstances.

If they own their own home and have relatively few debts it may be that a consolidation loan is the best advice. In this case we will refer the client back to the introducer to enable them to source a competitive loan with affordable repayments. Alternatively, a debt management plan may be the most appropriate recommendation.

However, if your client has substantial debts and is unable to pay them as they fall due, they are technically insolvent and the only option available may be either for them to declare themselves Bankrupt or to apply for an Individual Voluntary Arrangement.

With Bankruptcy, your clients’ affairs would dealt with first by the Official Receiver and then possibly by a Trustee in Bankruptcy. Their assets would be realised for the benefit of their creditors and, if they own their own residential property, the assets required would include their home. Through Bankruptcy, your clients’ home is at risk if they cannot raise the sum required to buy back their interest.

An Individual Voluntary Arrangement may be a realistic alternative, allowing your client to retain their assets.