Adverse Credit Remortgage Leads and Appointments

Are you a UK mortgage adviser and considering buying adverse credit remortgage leads and appointments?

The Office of Fair Trading (OFT) estimates that, in 2002, £32 billion of unsecured lending and £8.8 billion of secured personal lending were used for debt consolidation. This compares with an estimated £18.4 billion of unsecured lending and £2.4 billion of secured personal lending in 1999. The value of credit card balance transfers in the first ten months of 2003 was £13.6 billion, compared with £11.6 billion for the whole of 2002. Not all of these transfers will be debt consolidations. Mori Financial Services (MFS) estimate that about 15 per cent of all transfers involve consolidation of more than one credit card balance.

From this information, we can glean that debt consolidation is at an alarming rate and we are talking about £50 billion per year and growing. Research in the UK has indicated that as many as 1 in 4 people have had an adverse credit or bad credit history in the past. Debt reports in national UK newspapers indicate that debt problems are spiralling out of control but it has now become easier than ever before to take out more debt by applying for loans, credit cards, mortgages, and to remortgage lenders.

This was all well and good whilst interest rates were low and rates were just above the UK retail prices index level (RPI). It just didn’t make sense to try and save, as it was cheaper to borrow now, buy now and pay later. But this can’t carry on indefinitely and as interest rates start to rise, as they will, the debt will bite into peoples circumstances even harder.

There are many reasons for considering a debt consolidation remortgage but generally debts are consolidated to reduce outgoings by either placing the new loan over a longer term or by reducing the interest rates paid by moving to a lower interest rate and paying the loan back quicker.

Debt Consolidation Leads

Some debt consolidation leads are exclusive, pre-qualified, interviewed either on the phone or face to face and all the prospects have agreed to speak to a mortgage adviser. This way the lead is not churned from one adviser to another and leads can be hand picked, guaranteed and exclusive.

Now I dont know about you but to me this is a complete waste of time and money.

The smart money will go on exclusive leads and appointments, on the ones where no other adviser will be contacting the client nor sitting down with them on remortgage appointments. If leads are exclusive to the person buying them, the success rate is likely to be far higher. Each lead can be spoken to by trained telesales executives, who agree with the client that an adviser with contact them for a sit down appointment.

Adverse Credit Remortgage Leads and Appointments

There are a number of companies that offer to collect adverse enquiries from the Internet and whilst this can be one good source of information, the enquiries are often distributed to hundreds of advisers in the UK. The consequences of this are that these people will get bombarded with hundreds of calls from mortgage advisers and then its very much a case of first come, first served.

Some telesales staff are trained to an extremely high standard and the quality of the information supplied can be both accurate and genuine. From home improvement enquiries, to the purchase of a holiday home, the mortgage adviser can handle the lot and remortgage appointments can be made in the specific postcode areas of the individual mortgage adviser.

Adverse credit leads and appointments can mean a lot of money for the astute mortgage adviser but only if it is sourced correctly and the leads not churned to hundreds of advisers.

Joseph Kocsis