Eurodebt: Be the light at the end of the tunnel

With UK debt topping the £1 trillion mark, the demand for debt management services is increasing. Rachel Spaul explains how you can build a business as a fully licensed debt adjuster

For many people struggling to manage their debt, €uroDebt has been the guiding light at the end of a very long tunnel. €uroDebt is one of the country's largest face-to-face debt management companies providing personal debt management services to customers within the comfort of their homes.

With 59 franchises already established, the company is searching for key individuals to fill a limited number of remaining territories. According to recent figures from the Bank of England, the total amount of debt outstanding in the UK currently stands at £1,148 billion, having topped the £1 trillion mark in 2004. John Mills, €uroDebt National Franchise Coordinator, says debt is very much a 'growth problem' that requires personable, empathic and professional people with good interpersonal skills, to provide the solution. 'Helping people manage their debt is very satisfying,' he reveals. 'Franchisees not only earn a good living, but also find enjoyment in genuinely being able to help others.'

Debt can bring potentially devastating consequences to families and individuals through stress, repossession and foreclosure, and so debt management is a highly sensitive subject. €uroDebt has over 10 years of experience, five years in franchising, providing debt solutions to victims of the modern credit culture.

Graham Dennis, €uroDebt National Sales Director, divulges: 'Demand for our services is growing everyday. Whatever the problem, we provide understanding and support as well as helping clients to find manageable solutions without the need to borrow money or put their home at risk. In the short-term we release our clients from creditor pressure and in the long-term we save them money.'

Experience of working within debt management or finance is not a pre-requisite for becoming a €uroDebt franchisee. As part of the package, franchisees are trained on every aspect of managing their €uroDebt business and are supported by a three-pronged support system.

During the first month, new franchisees are assigned a mentor to cement the confidence and knowledge they gained through the training. After two years as Worcester franchisee Vance Parsons took on the role of Franchisee Development Manager and provides mentoring support. As a franchisee, he understands what motivates people to become franchisees, their fears as they take their first steps as business owners and their ongoing needs as the business grows.

'With my previous experience within business development and sales and marketing, plus what I'd learned as a €uroDebt franchisee, I felt I could help support other franchisees,' he reasons. 'I meet with franchisees at least once a month to review their techniques for meeting with clients, business procedures and compliancy, and provide general assistance in developing their businesses. I meet a wide range of people in this role and I find helping franchisees grow and develop their businesses very satisfying.'

While Vance provides hands-on support on the ground, John primarily provides telephone support for franchisees, which could include reiterating aspects covered by the training the training, providing motivational and moral support, or marketing advice. He has over 30 years of experience working in financial services and substantial marketing experience.

Franchisees are also supported by a call centre, which generates their initial leads, and a team of account managers and legal advisors, who in some cases have succeeded in securing full and final settlements for a fraction of the total amount owed to clear the debt.

'Every case earns the franchisee an initial payment of approximately £500, in addition to a monthly residual income,' explains Graham. 'One of our franchisees generated £26,000 in a single month and existing franchisees are earning in excess of £100,000 in their second year. Compared with an initial investment of just £21,950, the earning potential for this business is impressively high.'

A €uroDebt franchise can be run from home with low overheads or dedicated office space and is potentially both financially and personally fulfilling. John furthers: 'You will need good interpersonal skills and must be determined. People with the desire to succeed will succeed in this business.'