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Prestbury debt service offers £500 for IVA deal

Adviser firm Prestbury has come under fire after introducing an individual voluntary arrangement referral service that pays brokers £500 a time.

Market experts believe this could result in an increase in the take-up of IVAs, which are seen by many as a last resort for people trapped by debt.

Prestbury insists it will encourage advisers to ensure clients seeks specialist advice before applying for an IVA, which it says can see debts cut by around two-thirds.

In September, Mortgage Next launched a white-label debt management scheme for brokers which costs £300 a year and gives access to marketing support for appointed representatives and directly authorised brokers.

The Mortgage Practitioner sole trader Danny Lovey says: “What worries me is that adv-isers will not do their job properly and refer people on when they should assess clients’ situation first. I would not be enticed to take £500 for that because in the spirit of treating customers fairly there is no way I am going to rec-ommend that a client takes that route.”

Prestbury chief executive Lee Birkett says: “Prestbury will differ from current debt/IVA players as we will be proposing that consumers who are in financial difficulty first seek help from a qualified adviser.

“The current debt/IVA marketplace does not have FSA-authorised individuals dealing with clients in their call centres. Our advisers will be a highly regarded network of trusted debt advisers.

“You will have a lot of clients in debt and it is important for you and your business to provide them with a proven and trusted solution to get them back on track.”


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