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Loan.co.uk launches responsible borrowing guidelines
Master broker Loan.co.uk has introduced a new code of responsible borrowing.
‘Reset the Debt’ is intended to show consumers how they can avoid the financial trouble sometimes associated with borrowing money.
The guidelines come as part of a major effort to improve consumer financial literacy by educating existing and potential customers on how to borrow safely and manage their debt.
Paul McGerrigan, CEO of Loan.co.uk (pictured above), said: “Being in debt can be a stressful and daunting time, and now more than ever, we need to demonstrate that the industry is not only able to lend responsibly and transparently in line with the FCA standards, but to protect against customer over-indebtedness.
“The other important half of the ‘client protection equation’ is responsible borrowing – that is, making sure that our customers know how to borrow safely.”
‘Reset the Debt’ includes 10 tips to take back control over excessive or unmanageable debt.
Among the suggestions are working out exactly what is owed to whom, shopping around for cheaper credit and asking for help from debt solution charities.
Six of Loan.co.uk’s regional business directors and their team will now engage with brokers and introducers to help them understand what responsible borrowing means for their customers.
The group will also interact directly with customers using a series of specially designed emails, leaflets and brochures.
The news comes amid a period of expansion for Loan.co.uk, following the opening of new offices in Northern Ireland and Wales in the latter half of 2016.
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