Financial Advisors

Associate
Joined
2 Jul 2008
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1,536
Location
Near London
Hi guys

I' not sure if this is the right place, however I am looking for a decent financial advisor. Someone who knows a bit about debt management etc. Are there any central places for searching, or does anyone know of anyone? This would be in the Oxford area, although the location may not be a prerequisite.

Thanks
 
Soldato
Joined
6 Jan 2006
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3,369
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Newcastle upon Tyne
Word of mouth is usually the best option but failing that do a search for some local ones and go and chat to them and get a feel. Personally I would avoid St James Place financial advisors but thats a can of worms we dont want to open and make sure you research everything fully, including fees as weve mentioned SJP...

You mentioned debt management though which makes me think you dont actually need a financial advisor?
 
Associate
OP
Joined
2 Jul 2008
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1,536
Location
Near London
Thanks for the response, the assistance is actually for my other half. She is currently paying off debts which were accrued in her name by an ex. However, she has equity in two properties which could be released to clear. However she is unclear on how the debt management will affect her when re-mortgaging etc.
 
Caporegime
Joined
29 Jan 2008
Posts
58,899
As in you're in lots of debt and don't have much in the way of money/assets?

You might be better off with the CAB or a debt advice charity?

Financial advisers tend to want to sell you products (or consultation too these days), lots won't be too interested if you're poor or in debt.

Edit - ah re your above post, might be worth speaking to a mortgage advisor/broker. While generally you can search for mortgages easily enough yourself these days the brokers can be useful in certain situations like being self employed/contractor or in that situation as it seems the main query seems to be how is her ability to get a mortgage affected etc..
 
Soldato
Joined
6 Jan 2006
Posts
3,369
Location
Newcastle upon Tyne
Thanks for the response, the assistance is actually for my other half. She is currently paying off debts which were accrued in her name by an ex. However, she has equity in two properties which could be released to clear. However she is unclear on how the debt management will affect her when re-mortgaging etc.

Yeah, as dowie says, a financial advisor is only interested in people with money to invest and I would agree that a mortgage broker is a better person to speak to initially, although I suspect she will struggle to re-mortgage if she has bad credit even if its not her fault.

Edit - has she actually checked her credit score? It will be one of the first things a broker asks you to do.
 
Soldato
Joined
9 Oct 2009
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9,223
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United Kingdom
You could also try money advice service. Not used them personally but seen them advertised on the telly as a government backed thing. Cab as first port of call too. Credit Karma (formerly Noddle) is free but also worth running one through Experian (usually first month free, generate report and download it then cancel automatic renewal).
 
Soldato
Joined
21 Apr 2011
Posts
3,119
https://www.stepchange.org/ <<< If she can't afford the debt.

Financial Advisors are not the correct option for the situation. The above would be a good option and likely to be better than CAB.

Any payment arrangements made WILL affect her ability to obtain a high street mortgage. Usually payment arrangements will need to be at least 12 months clear. Has any of the debt been defaulted on already?
 
Caporegime
Joined
21 Jun 2006
Posts
38,372
Hi guys

I' not sure if this is the right place, however I am looking for a decent financial advisor. Someone who knows a bit about debt management etc. Are there any central places for searching, or does anyone know of anyone? This would be in the Oxford area, although the location may not be a prerequisite.

Thanks

I can give you some decent financial advice for free.

Don't spend what you can't afford.

Seriously it's that simple.
 
Caporegime
Joined
29 Jan 2008
Posts
58,899
Agreed Psycho Sonny, however the debts were taken out in her name. All a bit of a mess that she is having to clear up.

Has she called the police re: this? Perhaps worth visiting a solicitor too. If the debts aren't even hers but rather she's a victim of fraud then not sure she should be looking to clear them but rather make sure she's not pursued for them as they're not hers. CAB is still worth a look too.
 
Associate
Joined
1 Dec 2017
Posts
293
Has she called the police re: this? Perhaps worth visiting a solicitor too. If the debts aren't even hers but rather she's a victim of fraud then not sure she should be looking to clear them but rather make sure she's not pursued for them as they're not hers. CAB is still worth a look too.

Exactly. This really isn't something to just take on the chin. If you need more justification you can always think of it as saving the next victim he's trying to pull this scam on.
 
Associate
OP
Joined
2 Jul 2008
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1,536
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Near London
Hi Guys, for various reasons the legal avenue will not be pursued. Fortunately she is coming out of the other end and is almost clear. She is in a management program apparently with no payments missed. There is light at the end of the tunnel.
 
Associate
Joined
24 Nov 2003
Posts
1,731
Location
Manchester
Stepchange would be a very good first port of call, even if just for advice. I refer patients to them on a weekly basis. They have good links with creditors nationally and they are more likely to listen to step change than just a call from a lay person.
 
Soldato
Joined
21 Apr 2011
Posts
3,119
Hi Guys, for various reasons the legal avenue will not be pursued. Fortunately she is coming out of the other end and is almost clear. She is in a management program apparently with no payments missed. There is light at the end of the tunnel.

If she is in a DMP then she has already gone past the point of being able to safeguard high street mortgage rates and with an active DMP in place high street mortgage lenders will not lend. It shouldn't stop her being able to get a new deal from any existing mortgage lender though and if there was a real need to move lenders then there are specialist lenders available via brokers.

Stepchange usually facilitate a DMP - I guess the next question would be who has put hers together and are they charging her for it (there is no need to pay for one, but there are many companies who do charge - This means taking longer to repay the debt because of the charges).
 
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