The debt counsellor
Peter White, Consumer Credit Counselling Service, Leeds

Calls to our helpline have averaged around 1,000 a day since January. We are seeing more people who reached their card limits a few years ago and cleared it with a personal loan.

The job is becoming more stressful. I speak mainly to clients with mortgage arrears, many of whom are facing repossession. We are speaking to people only days away from a court hearing or eviction. It is clear that, for many, the house is unaffordable. I am neither a politician nor a financier, but changing the notion that we can all have everything and the belief that worth and value come from possessions would be a start to a more financially responsible society.

The mortgage broker
Nick Parkhouse, Savills Private Finance, Nottingham

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BACKGROUND

• Oil is the key to world recovery

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• Full credit crunch coverage

BACKGROUND

• Happy days are over for UK households

• Banks restrict mortgages by brokers

• Credit crunch halves lending at Nationwide

• JPMorgan to cut Bear Stearns jobs

• George Soros: Crunch will bite deeper in UK

Related Links

• Crunch could force 4,000 estate agents to shut

The credit crunch has turned me from an optimist to a pessimist. Instead of seeing these problems as a temporary blip, it now looks as though we’re in for a longer period of uncertainty. The most direct impact of current market conditions is reflected in the number of mortgage deals that I am able to do. Changes in buy-to-let rates and criteria are making it more difficult to structure an appropriate investment deal.

I have also found myself contacting clients to review their arrangements much earlier and more regularly than previously. Fewer deals and fewer clients ultimately results in less income. Who would have thought “credit crunch” would become a catch-phrase in my household?

The mortgage broker
Alex Murray, Thinc, Telford

There is nothing worse than having to tell someone that the mortgage they have spent days preparing has been withdrawn by the provider. A few days ago one of my colleagues accessed one of our online systems to source the current rates for a meeting with a client. By the time he had been to see the client, signed up for the mortgage and returned to the office to process the application, the deal had been pulled. Managing expectations has become an increasingly vital part of a broker’s day. We have experienced lengthy delays after submitting applications and in some instances, lenders have even closed down phone lines. Lenders are continually changing their minds.

The estate agent
Robin King, movewithus, London

There is uncertainty in the air and there is no doubt that the average estate agent is now feeling the pinch. You never want to have to tell someone to lower the asking price on the property, but at the moment estate agents all over the country are lowering expectations.

Property is taking far longer to sell. The credit crunch has reduced the number of transactions by 30 to 50 per cent in the last six months. We have also experienced a rise in the percentage of sales falling through. More than 12,000 estate agents are operating in England. It is expected that at least 4,000 of them will be closed within 12 months.

The financial adviser
Adrian Lowcock, Bestinvest, London

It is a challenge to transmit the information clearly to clients. Headlines draw people’s attention to their finances – and my workload increases as a result. My whole team has been busier as we have dealt with the increase in inquiries.

Each call takes longer and you need to be prepared to explain the same situation to different clients, above all to ensure that they understand what risks they are taking. The crunch has brought more uncertainty. I am now frequently asked questions like: “Will the market fall further?” and “Should I stay invested?” But there are no simple answers.

The credit manager
Gary Nolan, Intrum Justitia, Liverpool

We handle both corporate and consumer debt, so the effect of the past few months has been noticeable. There has certainly been a lot more time and effort invested by myself and colleagues in not just balancing the responsibility of helping businesses stay in business by recouping money owed, but also supporting consumers who are in debt.

We have noticed an increased desire in recent months as businesses want to work with us sooner to help prevent and reduce their debts. We are all working longer hours. We have also felt the impact of chasing that outstanding debt.

We have 120 call centre staff. The amount of work they are getting through is growing each day. In a normal day, we would make 67,000 calls, up about 30 per cent in the last six months.

The solicitor
Andrew Jacobs, Seddons, London

There is little impact at the top end of the market. Some of the fury may have gone but we are seeing a sustained demand for high-level properties. On the bright side, the tougher credit regime means that fewer property sales have to be aborted. The absence of time-wasters and casual buyers makes life easier.

The bank manager
Steve Brough, Cooperative Bank, Nuneaton

I was around in the early 1990s during the house-price crash and recession. My main frustration is that people don’t always fully understand the issues and tend to become worried by headlines. We have seen requests from savers to split their balances across providers so that they are separately covered by Financial Services Compensation Scheme but we try to reassure them that it is unnecessary. One lady visited the branch recently and said she used to “keep her eggs in one basket” but had been advised by a friend only to keep a maximum of £35,000 anywhere.

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