Crunch time: Will you take an opportunity and diversify?

Credit crunch biting down on your business? Those finding themselves suffering from challenging underwriting criteria and finding it hard to cope with debt-burdened clients are turning to a new initiative to ease the squeeze. EuroDebt Financial Services’ introducer scheme assists brokers in diversifying into debt management, enabling them to give their clients the best possible service while being rewarded as introducers through generous commission. Regional advisors are provided to implement personalised, affordable debt-management programmes as an alternative solution to bankruptcy and IVAs, whilst thoroughly considering all options. Their programmes aim for a personal approach, considering each individual case in detail and working out the most affordable debt management programme for each to deal with unsecured debt.

Vance Parsons, an advisor and Franchisee for EuroDebt emphasises the simplicity of client referral: ‘We offer a range of contact options for submitting your basic details; online portals, email and phone are all great routes to getting involved.’ Simon Horspool, another advisor explains, ‘We then send out an information pack outlining our programmes and advice. A BDM or a local advisor will then talk introducers through how we can help them maintain their clients by offering them alternatives to bankruptcy and IVAs, both of which they have usually considered and expressed a wish to avoid.’ Free training is provided for the introducer to qualify their client’s case before any intervention is taken.

Brokers finding themselves at a loose end in the current financial mayhem may recognise this debt management partnership as a great nest egg. By getting involved as an introducer, intermediaries can rest assured that their clients are being given all the information and fair treatment, while boosting their own important role with rewards per referral. These insiders make their case plainly: given the opportunity to strengthen your services and pick up more pay, who would refuse? The obvious enthusiasm for what EuroDebt are offering shines through their facts and figures.

Parsons clarifies the payment opportunities, explaining how rates are ‘based on a tiered system and the value of a client’s case; the tiered structure means that for the average client in debt with a mortgage lender an introducer can expect around 10% commission, while if they are loyal in referring valuable cases to EuroDebt rates can reach 20%, and even 35% in some circumstances.’ As a licensed Debt Manager with 8 years experience working with the broker market, they are consistent in simultaneously opening doors for the intermediary while prioritising the best interests of the client.

Horspool stresses that when advisors are dealing with clients, their introducer is kept in the loop and informed of meetings held and any DMPs arranged with their clients. ‘Our advisors pride themselves on building and continuing relationships with intermediaries and there are plans to further involve participant brokers in annual reviews of the scheme.’

Education workshops were also held earlier this year by EuroDebt in order to educate and enlighten brokers and IFAs about extending their services to include debt management, and the results are really showing since the scheme began in November 2007; more than 650 brokers have signed up and EuroDebt has received glowing responses from those already involved. Many brokers already on board are also making use of the online portal system which can be used to consistently refer clients in dire need of one-to-one, no obligation advice from a local advisor.

Parsons and Horspool praise the system, especially in its capacity not only to remove the burden of debt directly for a concerned client, but to enable the broker to do their job to a higher standard and reap the benefits in the process. As Horspool reasons, ‘Every broker I’ve spoken to recently has turned out to have least one client whose situation could be improved by this type of referral, even if it does not appear so at first glance.’ In the current climate, an added income boost and the opportunity to keep the maximum amount of their clients makes even looking into involvement with such a scheme an absolute must.

To find out more about an exciting partnership with EuroDebt visit www.eurodebtintroducers.com for online details and forms, or call the helpline on 0845 3625303.

Lucy Thackray