Mortgage distributor All Types of Mortgage has launched an Individual Voluntary Agreement, backed by accounting firm Grant Thornton.
The product, AToM Individual Voluntary Agreement, will enable clients who are struggling to pay off debts in excess of £15,000 to protect their homes and repay a realistic amount of debt.
Due to mounting debt problems, more than 4,000 IVAs are being taken out each month in the UK. The IVA is popular as it puts a stop to further interest and charges, agrees fixed repayments over a period of time, and is totally confidential.
AToM says mortgage brokers will be able to speak to the AToM IVA team at Grant Thornton about their client circumstances and, because a remortgage or secured second charge may be part of the solution, there is no loss of business.
Richard Hearn, managing director at AToM, says: "We wanted to align ourselves with a highly reputable business that would not charge clients or brokers for the advice, and who would actively manage the IVA and keep the broker involved.
"Grant Thornton are leaders in this field, they sit on various industry bodies that shape the IVA market, already carry out work for major banks and have the contract with a number of voluntary sectors including the Citizens Advice Bureau”.
Gareth Neill, partner at Grant Thornton, adds: "We are delighted to assist with the service AToM can now offer their brokers. It means that AToM will have a solution for any situation referred to them and more importantly for their brokers to retain their clients for the future.”
AToM was established in 1991 and now has 10 offices across the UK.
The firm has also been appointed to various packager panels including Personal Touch, Lighthouse and Whitechurch.
Grant Thornton will support the IVA package with a roving underwriter as well as assistance with marketing materials, staff training and the AToM website design.
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