CeMap and Fit & Proper person.

heerranjah

Hello everyone

I have just achieved a CeMap qualification but as I understand you have to be a “Fit & Proper” person to be able to get a job as mortgage advisor. I only realized this after enrolling with IFS but decided to continue with studies as I had already paid the money for the course fee. I have ccj’s and suspended repossession order against my name for the property from when I was living with my ex-partner who had defaulted with mortgage repayments after I left, even though I paid full child maintenance which included costs towards the housing. Our relationship ended in 1999 when I moved out but she refused to release my share of the equity and I couldn’t do anything at the time due to our two children being under 16 living with her. I have now taken her to the court to realize my share of the equity as the children no longer with her.

Is there any way I could persuade any potential employer (bank / building society) or even the FSA to view my case on its merits? Or would it better to apply to FSA for clearance? I would be most grateful for any suggestions.

Kind regards
Heerranjah

dunstonh

Is there any way I could persuade any potential employer (bank / building society) or even the FSA to view my case on its merits? Or would it better to apply to FSA for clearance?

With no industry experience and that record there is no way on this plant the FSA would sign you off directly authorised. You would need a network. However, you would be credit checked and many networks would refuse you (both on lack of experience and credit record). You may find an existing firm would consider you as there is less liablity there.

I also have to be blunt here and say that as an employer myself, I wouldnt touch you with a bargepole. Advisers with poor credit are statistically more likely to mis-sell as they need the money.

Plus, passing the exams is the easy bit. Lets say you get set up. Where are you going to get your clients? How are you going to cope with the reduced number of mortgages being set up and arranged? Can you afford 3-6 months with virtually no income whilst you wait for mortgages to go through the process?

Are you aware that over half of new advisers fail and leave the industry within 2 years, usually in debt. Most common reason is due to lack of clients.

I dont want to be negative but if you are short of money now, I would not consider this job to a new recruit.

heerranjah

Hi Dunstonh

Thanks for being open and honest, and, ofcourse for your quick reply. I understand where you're comming from, but once I have my propety sorted out, I would be in very good position financially as I stand to gain somewhere in the region of £90K from my share of the equity. Would there be a chance I might be considored then??

Kind regards
Heeranjah

dunstonh

That would be down to the discretion of the employer/network. I think you may have to suck it and see.

G-G_4

I have my CeMap and have industry experience on 2 years as a mortgage advisor.

Now that I am bankrupt I have given this all up as I can't see how I would get anywhere with such a poor credit history.

The ironic thing is, I would be a better person to advise now as I would never want to sell someone something that I feel they couldn't afford, and also I don't need the money to pay debts now, like I used to, so i'm less likely to miss sell due to commision etc.

I would look at getting a non-regulated job to start off with, maybe mortgage administration? Insurance sector? Trainee Business analyst type roles?

With CeMAP, you don't have to just go into mortgage advising, but the experience and information gained to do the qualification can get you into all sorts of different areas.

Well done on passing

MortgageMamma

it is not impossible to get into mortgage advice if you have a history of adverse credit. if you can offer a full and honest explanation and a bit of paperwork to back it up (divorce papers) some networks will be ok with it. You would have to put a good case forward though. I know this because due to a divorce in 2001 I was once in a similar position to yours. I think the real problem you will find is being newly qualified! Good luck. Don't give up.

G-G_4

Thanks.. I just see the way people look at me in the industry and I hate it.. makes you feel like alow life

I'm gonna try and be a radiographer now.. can zap people with radiation for the rest of my days now that's what I call fun

Dan_Collins_2

We very nearly got a bankrupt on our books. It does not mean that you cannot be a broker or whatever, you may have to jump through some hoops and bend over backwards and twist a bit but it is pos. We have been told once he is discharged they would take him on. The FSA are happy but he need to be able to have PI cover I think this was the issue.

MortgageMamma

G-G wrote: »

Thanks.. I just see the way people look at me in the industry and I hate it.. makes you feel like alow life

One of the keys to doing this job well is to not be judgemental. I think there is a little truth that people under financial pressure can mis-sell, but I dont think its true in all cases. People forget that life experience is necessary to do this job and its not all number crunching.

Take the debt advisor industry, there is a hell of a lot of them that have had credit problems themselves and in most cases they make excellent advisers.

Like i said, don't give up. You need a lot of resilience and persistence to get anywhere with this job. If someone makes you feel like scum, smile at them and imagine them having a poo.

MM

G-G_4

:rotfl: :rotfl: :rotfl: :T

now there's a thought!!

Dan_Collins_2

MortgageMamma wrote: »

G-G wrote: »

Thanks.. I just see the way people look at me in the industry and I hate it.. makes you feel like alow life

One of the keys to doing this job well is to not be judgemental. I think there is a little truth that people under financial pressure can mis-sell, but I dont think its true in all cases. People forget that life experience is necessary to do this job and its not all number crunching.

Take the debt advisor industry, there is a hell of a lot of them that have had credit problems themselves and in most cases they make excellent advisers.

Like i said, don't give up. You need a lot of resilience and persistence to get anywhere with this job. If someone makes you feel like scum, smile at them and imagine them having a poo.

MM

I think if people are under pressure from anything they can make mistakes in life. For example, I was waiting for the call from my wife to say she was going in to labour for about two weeks as he was late! Could I do my job? NO WAY!! But I was employed then so life was a little more simple!!