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Bank of Ireland Mortgages aims to simplify debt

Bank of Ireland Mortgages is moving into the debt consolidation sector after a survey of 300 brokers showed the need for the service.

It estimates the debt consolidation market is worth £50bn. Sixty-two per cent of brokers say the number of clients needing advice on debt is on the increase. Only 15 per cent believe demand is decreasing and 23 per cent say it is the same.

Bank of Ireland says brokers are carrying out a significantly high level of debt consolidation, with 16 per cent attributing half their business to refinance and 4 per cent saying 80 per cent of clients require this service.

The biggest reason for refinancing is to clear debts on credit cards and other unsecured loans followed by spending on home imp-rovements and car loans.

Fifty-seven per cent of brokers said clients wanted to pay less interest.

The bank is planning to launch ConsoliDebt which is designed to let clients simplify their finances.

Head of marketing Sheena Court says: “This is a growing market. Our brokers are meeting more and more clients in need of debt consolidation, so this launch is designed to meet their needs.”

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