Thousands of borrowers paid upfront fees to firms involved in the unenforceable credit agreement business with the promise that their unsecured borrowings would be wiped out, but in the vast majority of cases these claims have failed and many clients have been left in a worse financial position.
Clients have been left worse off, not only because of fees, but also because, in many cases, they were advised to stop making their monthly payments during the process of trying to get their agreements cancelled.
It is not only borrowers who have been affected, many advisers also diversified since the credit crunch and entered the unenforceable credit agreement (UCA) business in good faith, only to discover that the firms they dealt with werent reputable and their clients are now worse off.
Many of those mortgage brokers are now also turning to debt management to rebuild the trust of their clients, to help repair their damaged finances, and to find a new income stream for themselves.
James Briggs, Sales Director at Blu comments:
Over the past couple of years numerous advisers have diversified and entered the unenforceable credit agreement (UCA) market in good faith; however, following the closure of several UCA firms, including a major firm in Manchester, we are now seeing many of these advisers seeking fair and transparent debt solutions in order to rebuild the faith of their client bank.
