Mortgage Adviser-Problem, Please Help!!!

andrewlondon_2

Not looking very positive then. I don't wan to set up on my own, as I want to be employed and not self-employed.

It's a shame really. I ahve never ever cut corners or had a single complaint to date.

koexelek

Conrad wrote: »

Koexelek

I also know some brokers in dire straights, but if I were to put on my lecturing hat I would have to say that they are those that nelong to what I would term the hairgel, ransid aftershave, BMW M3, shiny buckle brigade, if you get me!

I was often framed as a doom monster, 3 years ago by those groups of brokers that formed buying clubs to purchase all those new build 'below market value' appartments. They tended to be the hairgel, in;it crowd.

I get you entirely Conrad.

I've always been wise enough to know that economic conditions can turn our business on and off like a tap.
It is quite conceivable a mortgage broker could earn £100k one year and £10k the next:eek:

On a personal level, I have always been cautious, putting some of the money I earned in the good days for a rainy day.........and it's pouring now

betmunch

You could set up as self employed, but you would have to be part of a network which allows for extra supervision due to the credit issues.

FSA wont mind about the credit history IF the network is prepared to go through the extra hoops to supervise you

Cheers

betmunch

Sorry my post was late, someone came in while I was typing.

I am sure the OP credit issues will not be a problem IF the company employing him is happy with any extra supervision he needs. In fact with just defaults I doubt they would need anything extra.

Speak to the people offering your the jobs, speak to the FSA direct for their stance.

Dont just assume it will be a problem.

Good luck with it though, let us know what is said

Cheers

dunstonh

Salesforces have ways of glossing over debts and if they think you will be a sales asset to them they will take you on. However, adviser focused firms (rather than sales) will be more wary. With too many mortgage advisers for the level of business, employers can afford to be choosy. Networks will do credit checks and if you want to go self employed you will have to be seen to be creditworthy.

Conrad

betmuch I think your'e being optimistic. The 'fit and proper' rule specifically cautions against employing people with adverse credit for a number of reasons most important of which is the notion those under extreme financial pressure are statistically more likely to cut corners to get a sale. This propensity to take risks is well understood from the days of endowment misselling.

Imagine an alchoholic dispensing safe drinking advice whilst he himself was still an alchoholic! Sure, if you clean up your act and stay dry for 5 years then you get a second chance.

betmunch

I've done a bit more research and I am even more sure the OP will be able to continue his career as a Mortgage Broker.

Conrad, I know what you are saying, but I dont think it will make OP unemployable. It will be more difficult as employers wont like it, but if hes good at his job its their call.

Conrad

On that basis is it ok for a !!!!!! to run the kids club?

On a Human level I feel sorry for anyone in financial difficulties but thyat doesn't alter the fact they have allowed them selves to get in a mess. I too have had hard times of late but even as a child at school we learned old Biblical stories about the bloke who put some sheckles away for the INEVITABLE rainy day. We all know bad times come just as a farmer knows his crops might fail some day. We all know bad !!!!!! happens all at once, our cars break down, the dog need expensive treatment, marital breakdowns, SO WE PLAN FOR THIS, and make sure we have savings for those inevitable days.

dunstonh

IIRC, Conrad is an employer. I am also an employer. Neither of us would want to take someone on in that situation. So, you can see the sort of problem the OP is going to have.

betmunch

Your points about paedos and alcohlics really arnt relevant here are they?

The fact of the matter is this, the FSA "cautions" against employing people with credit history problems. They dont say it cant be done. They dont say its illegal. They say be careful.

With that in mind it is down to the employer to make the call. Is the potential employee worth the extra hassle?