Boro in Devon
Well-known member
It is a great idea but contains many pitfalls.
I worked in many of the banks and building societies as a credit consultant, I like to think that I was ethical, however the whole area is a minefield.
Someone who is good is worth more than £250 per year. I have an issue with the charging structure, paying monthly, a savy client will take your advice upfront then cancel the direct debit, leaving you with a shortfall. I have seen this many times working for membership organisations.
£250 per customer will not cover any professional indemnity.
The banks used to provide a software package where you could track your current account on line. This was good for some people, however a lot of work went into this behind the scenes. It was a great tool for the bank as they could see how you spent your money and was used in credit applications for mortgages etc. The banks themselves couldnt do this themselves as the amount of data was too big and not specific enough. So what better way than encouraging the account holder themselves. This then could be inferred accross the whole banking base.
I worked in many of the banks and building societies as a credit consultant, I like to think that I was ethical, however the whole area is a minefield.
Someone who is good is worth more than £250 per year. I have an issue with the charging structure, paying monthly, a savy client will take your advice upfront then cancel the direct debit, leaving you with a shortfall. I have seen this many times working for membership organisations.
£250 per customer will not cover any professional indemnity.
The banks used to provide a software package where you could track your current account on line. This was good for some people, however a lot of work went into this behind the scenes. It was a great tool for the bank as they could see how you spent your money and was used in credit applications for mortgages etc. The banks themselves couldnt do this themselves as the amount of data was too big and not specific enough. So what better way than encouraging the account holder themselves. This then could be inferred accross the whole banking base.