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.”
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.
Shekina is the deputy editor at Mortgage Solutions and commercial editor at Mortgage Solutions and Specialist Lending Solutions. She has nearly eight years of experience in the B2B publishing market, having previously covered the hospitality, retail, pet, accounting and jewellery sectors.
Shekina has worked for Mortgage Solutions and Specialist Lending Solutions for almost five years. Here, she covers the market’s breaking news stories, engages with professionals in the sector, and oversees any commercially agreed content in partnership with mortgage-related companies.
This includes presenting webinars and hosting roundtable discussions on developing themes in the mortgage sector.
She is an NCTJ-trained journalist and was nominated for the Headline Money Awards Mortgage Journalist of the Year in 2021.
In her spare time, Shekina likes to read, travel, listen to music and socialise with friends.
She currently reports on current events in the mortgage market and liaises with financial clients to produce sponsored content.
Follow her on Twitter at @ShekinaMS
