Clever Lending has reported a noticeable rise in broker enquiries on behalf of clients needing to get their credit profile back in shape at the start of the year.

The master broker cited Bank of England data showing that household debt has risen to its highest level since just after the financial crash of 2008. UK personal debt grew 10.8% in the year to 30 November 2016 to £192.2bn, the highest level since December 2008. In addition, the Registry Trust has reported the continued rise of CCJs.

Although consumers have loaded up on their credit cards, taken out personal loans and ran down their savings to fund the festive season and household bills, Clever Lending say there are solutions and the second charge market may favour them due to an increasing number of low rate products.

Sam Kirtikar, managing director at Clever Lending, said: “There are more low rate second charge products on the market than ever before, many at highly attractive rates, so there are real opportunities now for brokers to help their clients.

“Although we can quickly source lenders who can individually underwrite cases where the customer has debt worries, getting a client’s credit profile in order can help their longer term financial situation. So it’s not just about the here and now.

“Secured loans should be considered as a viable debt solution offering products that are affordable and sustainable.”