GE Money launches debt advice initiative

GE Money Home Lending has joined forces with the Consumer Credit Counselling Service (CCCS) in an initiative aimed at helping homeowners in financial difficulty.

According to research by GE Money, 29% of borrowers would not know who they should speak to if they experienced financial difficulties and mounting mortgage arrears. Additionally, while over half claimed they would speak to their lender in such instances, one in seven claimed they would prefer to seek help from an independent source.

When asked the reasons behind their preferences, borrowers who would want to deal only with their lender stress the importance of dialogue, trust and expertise as well as a preconception that independent debt counselling would add extra costs and fees.

For those that would prefer to speak to a debt counsellor, independence is key - as well as the ability to discuss other potential problem areas of their finances.

Colin Shave, chief executive of GE Money Home Lending, said: “In the current climate some borrowers may find themselves experiencing significant financial stress, but it is often a difficult situation to face up to.

“Our research shows that whilst the majority of borrowers rightly see their lender as the first port of call, others are unsure who they should speak to, with some indicating that an independent expert would be their preferred choice. Our decision to partner with the CCCS in this initiative is designed to give borrowers who find themselves in such a position a clear choice. We would encourage any customer who finds themselves in this situation to talk to their lender first and discuss what options are open to them.”

When a customer who has fallen behind with their mortgage payment contacts GE Money Home Lending, they will now be given the option of being referred to CCCS’s mortgage advice centre, either by a simple transfer of their call to CCCS, or if they prefer, a freephone number they can call when it is more convenient.