Anyone else remember that Ocean Finance ad from the 80s or early 90s when, at the end, some guy dives off a 5m board into a clear blue sea? You'll notice in the background, as he emerges from the brine, The Twelve Apostles, which are part of Table Mountain, in Cape Town. So he hadn't just been eaten metaphorically by loan sharks, but was just about to be literally eaten, too, as that particular ocean is jam-packed with Great Whites.
Things in the seconds market have changed a lot since then, of course. There are some decent operators, rates aren't daft and a once much-maligned product is finally starting to be seen as a viable way to manage debt and reduce monthly outgoings - all the more important given the cost of living crisis. So we're keen to get your responses to the following questions:
- Have you seen increased interest/enquiries from clients about seconds in recent months due to the cost of living crisis?
- Could secured loans play a role in helping people combat the soaring cost of living? After all, used correctly, they can boost disposable income by significantly reducing monthly outgoings on unsecured debt?
- What should people considering seconds be wary of (e.g. seconds are secured so homes are at risk, etc)?
- Is the ‘slightly grubby’ tag that has applied to seconds over the years (in the media) still justified or should they be looked at in a different light?
Any other observations about the seconds market, feel free to jot them down. If you can give hypothetical examples of how seconds could be used to manage debt, that would be great. If you have clients who have used seconds to consolidate debt due to the cost of living crisis and would be happy to be featured in the media, let us know (long shot, of course).