can i work as a mortgage advisor if i go bankrupt?

willsandolly

Dear All

Your comments have made me smile re Girly Girl !!!

x

LilyBart

Don't take it to heart. It's annoying that they always try to menace newbies, but their comments have absolutely no value here.

chelseabun_3

You can always put them on your ignore list if they really bug you. It's a pity they can't find something more valuable to do with their time, really. Must have boring lives.

willsandolly

Lacoste-kid wrote: »

Hello Willsandolly,

I have some good news for you, i have recently found out through another board (for mortgage advisors and ifa's ) that the fsa would not have a problem with a mortgage advisor being bankrupt or in an iva as long as the company he works for is DA and does not have any investment permissions, that they are aware of the advisors circumstances and are prepared to monitor the indiviual a little closer than they would normally do. ie that the advisors recommendations were not being driven by commission rather than suitable advice.

If the company you was going to work for was an AR then it would be the network who would have the final say.

As a normal mortgage advisor within a firm, you do not have to be individually registered........... and will fall within the companys fsa permissions, the problems will arise if you are a director of the company or your position also includes a regulated role (ie compliance director, secretary etc etc)


hope this helps


Lacoste-kid

Thank you for that advice, its good to know.

x

So_Sad_Angel

Hi, Its good to see that the FSA is relaxing the rules ....after all many of the Banks are technically insolvent anyway....given the current marketplace then I suspect many Mortgage Advisors will move roles anyway.

I have the required qualifications & did that very role for many years in the `boom` days but would not even consider taking that route now as I do not see any career potential for at least 3-5 years.

CeMap will only take a couple months to complete anyway & I wonder what motivation you have to pursue that route?

And finally onto girly girl....well the sign on name gives you away really. I think that you need to take a close look at your opinion really & take note of the following.

a/ Insurance does NOT cover everything ( only the very niave think this..I have sold this type of cover & comment as an advisor!)

b/ Illness & misfortune can affect anyone ,at anytime, at any age. ( read that again & remember it!! )

c/ Never ever judge until you have walked in someone elses shoes....a lesson only learnt by experience!!

So my advice to you Girlygirl.....pop off & learn the lessons in life & only come back when you understand the meaning of support.....& remember...DO YOU FEEL LUCKY??!!

Angel

willsandolly

So_Sad_Angel wrote: »

Hi, Its good to see that the FSA is relaxing the rules ....after all many of the Banks are technically insolvent anyway....given the current marketplace then I suspect many Mortgage Advisors will move roles anyway.

I have the required qualifications & did that very role for many years in the `boom` days but would not even consider taking that route now as I do not see any career potential for at least 3-5 years.

CeMap will only take a couple months to complete anyway & I wonder what motivation you have to pursue that route?

And finally onto girly girl....well the sign on name gives you away really. I think that you need to take a close look at your opinion really & take note of the following.

a/ Insurance does NOT cover everything ( only the very niave think this..I have sold this type of cover & comment as an advisor!)

b/ Illness & misfortune can affect anyone ,at anytime, at any age. ( read that again & remember it!! )

c/ Never ever judge until you have walked in someone elses shoes....a lesson only learnt by experience!!

So my advice to you Girlygirl.....pop off & learn the lessons in life & only come back when you understand the meaning of support.....& remember...DO YOU FEEL LUCKY??!!

Angel

Hi So Sad Angel

To be honest i never thought i would go back into financial services and you probably think i am mad. I think its mad myself but the position has come up and i have been mucked about by other employers this year (a long story!!) that at this present time i need the money and someone is wanting to employ me.

I was thinking of CEMAP because i hate the thought of being tied to my tesk and if i can broaden my horizons (when things are better economically) then i may as well do what i used to enjoy.

I had been self employed for a number of years so i am not looking forward to being an employee again but hey ho i am thankfull to have a job right now.

Luckily i didnt go with my other idea as a kitchen planner when i saw MFI's add a couple of months ago!!!

So_Sad_Angel

Hey....if its an employed Mortgage Advisor role...with a basic rather that commission based then I`d say go for it...in the short term it gives guaranteed income & keeps you in `the business`.

So much of this business is performance related & very tough right now! CeMap is fairly straightforward & if `business` is quiet then at least gives you time to study.

Good luck!!...if its a choice between kitchens & mortgages....I`d go for mortgages every time!!! ...also CeMap is bridge to FSA Financial Advisor Qualifications as well so worth doing.

Eventually markets will recover & then I suspect there will be a shortage of Advisors.

Angex

Chez_Guevara

I am a mortgage adviser, and no, you cannot be bankrupt or be in an IVA. You can, however "make arrangements" with your creditors, just not under those two banners. Hope that helps.

Chez_Guevara

Hang on... Just seen the message from So Sad Angel... you CAN go bankrupt / have an IVA as a mortgage adviser? Wow, that's news to me. I wonder if you could let me know where you found that out?

I haven't gone bankrupt because I didn't think I could. And it's absolutely killing me.

Chez_Guevara

Oops, sorry, I mean I've just seen the message from Lacoste-Kid. Would you mind posting the forum link on here? Would be incredibly keen to read it.