How do you know if your client is in a Debt Management Plan?
Personal debt in the UK increased to £1.5839 trillion by the end of April 2018 compared to £1.535 trillion during the same period in 2017, according to The Money Charity.
Furthermore, research by debt charity and Debt Management Plan (DMP) provider, StepChange, found that 1 in 100 adults in the UK contacted the organisation for help between January and December 2017.
But not all DMP providers register the DMP on their clients’ credit file.
So when it comes to selecting the most appropriate mortgage for your client based on their financial situation, how do you know whether they’re in, or have been in, a DMP?
Specialist lender, Pepper Money has listed a few steps that you could take to identify whether or not your client is in a DMP.
