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Lenders outraged at claims management presence at Expo

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Lenders outraged at claims management presence at Expo

It may still be called Mortgage Business Expo but commentators at last week’s event couldn’t help but remark on the lack of mortgage lenders present, and instead the number of stands calling on brokers to look at alternative ways of supplementing their income.  

One stand that ruffled a few lenders’ feathers was that of controversial claims handler, Cartel Client Review. Located inconspicuously on the outer aisle of the Olympia 2 venue, the stand was hastily put together on the first morning of the two-day event, long after all the other stands had been assembled and prepped – some industry players wondered whether this was down to Cartel representatives fearing that their “Get your credit agreements written off!” backdrops would be defaced by disgruntled lenders...
Many exhibitors questioned whether a claims management firm would dare show its face at a show centred on aiding loan business, rather than evading loan repayments.
Yet, just before the doors opened to attendees, the stand popped up and took full advantage of the two-day event, talking to brokers about the claims management sector (dubbed the “ambulance chasing sector” by one unimpressed broker) and inviting the wrath of lenders present.
Jonathan Caplan, from bridging lender Lowry Capital, said: “Having a company whose sole purpose is encouraging people to wriggle out of credit agreements at a Mortgage Business Expo event feels somewhat wrong. The organisers might as well have said: ‘Here are the stands that will lend you money, and here is the stand to go to if you don’t want to pay it back’. It sends out a very conflicting message.”   
Alan Margolis, CEO of bridging specialist Cheval, added: “I was surprised, to say the least, that Expo organisers could have invited a business dedicated to setting aside lenders’ loan agreements to the mortgage industry’s premier showcase.
“It’s a bit like inviting a butcher to a vegetarian convention.” He concluded.  

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