In this day and age, trying to know where one should go for financial direction and support is a minefield on its own.
Although there are now rules and regulations set out by various different bodies such as the FSA, FISA etc these regulatory institutions can only regulate those that they represent. Therefore as a consumer how do you know where to turn in your situation…
Lets have a look at a quick case study
Mr A owns a fabric company which has been in the family for years .A company in the far east has gone bankrupt on him owing his company a small fortune.
Mr A decided to fund the loss to his company via his own capital. After a while this started to make an impact and affect his life considerably… late payments on credit cards, missed mortgage payments, failing to keep up hire purchase agreements… ... after a while the debt has spiralled out of control, the mortgage lender is threatening repossession, the credit cards and hire purchase missed payments are about to become CCJ's which could affect Mr A's financial standing for some time.
Clearly action needs to taken and soon
But whom should Mr A be speaking to?
1. A mortgage broker can advise on a re-mortgage to consolidate the loans
2. A loans specialist could advise on a second charge also for debt consolidation
3. An insolvency specialist can advise on insolvency/debt management plans
The list goes on….
This example shows exactly why Mr A should have contacted the FSN. Our sole purpose is putting customers in touch with the right people to help in times of need |
