News
Affluent people equally at risk of falling into bad credit as those worse off – Pepper Money
People who are affluent are just as susceptible to missing payments and damaging their credit as those who are worse off, Pepper Money’s Paul Adams has said.
Speaking on a Mortgage Solutions video debate in light of Pepper Money’s adverse credit report, the lender’s sale director there was an “even split” between those who were well off and those who were not.
Adams said: “There’s lots of preconceptions that run the report and I think that’s it’s such an interesting read. One would be that adverse credit is much more prevalent in less affluent social groups, but it’s a relatively even split.
“That would indicate missed payments are not necessarily about people not having the means to meet their commitments, but often life gets in the way.”
He added: “Another consideration probably is that the more affluent you are, the more lines of credit you have and therefore you have more opportunities to slip up.”
How to get your first-time buyer clients mortgage ready
Sponsored by Halifax Intermediaries
Watch the video below [12:30], chaired by Victoria Hartley, group editor of Mortgage Solutions, featuring Paul Adams, sales director, Pepper Money; Stephanie Charman, head of strategic relationships, lender, Sesame Bankhall Group and Danny Belton, head of lender relationships, L&G Mortgage Club.