Smile Ireland: are they a debt management co? What is their business model?

Unfortunately people do confuse Smile Ireland with Debt Management Companies. We are Qualified Financial Advisers who carry out the normal role of a Financial Adviser. We work with clients to see what financial situation they are currently in, what they would like to achieve and what plans/products need to be put in place to achieve these goals. In addition to the normal role of a Financial Adviser, we also offer an added service of dealing with the clients creditors, should this be an area of concern.

I am disappointed that people find it suspicious that we do not charge fees. Financial Advisers do not normally charge fees, as we are already paid by the product providers, so it would not be fair to charge a fee when we are already paid.

Our financial services are Regulated by The Central Bank of Ireland and our files are kept to show our work and to back up any recommendations made. Unfortunately dealing with creditors is unregulated, but we are happy to assist our clients in this area free of charge.

Brendan, please see my comment in relation to my business. My website fully explains how we work and how we are paid.

frostie said:

[broken link removed]
Several UK companies are now in the process of withdrawing from Ireland because of the new rules from the Central Bank.
www.frost.ie

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Are these debt management companies?

Clare

Let's be absolutely clear here, just to make sure that there is no doubt.

If someone has a mortgage in distress and, maybe 5 other creditors. They do not want any insurance products. They obviously don't want any savings products.

You will meet with them.
You won't try to sell them anything.
You won't charge them a fee.
You won't seek a fee from the creditors, with whom you negotiate on their behalf.

They are under no legal obligation to deal with you again, although you would hope that such a person would be impressed with your service and would use you in the future when they are back in the market for financial services products.

If that is so, that is excellent.

Brendan

Wishes said:

Are these debt management companies?

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Yes, Frost is a debt management company, based in Ireland. We charge a fee for the services we offer, and make no bones about it, however any consultation is free, and we only charge a fee if the customer decides to engage us to deal with their creditors on their behalf. But you get what you pay for!

For this fee we deal with the client's creditors for the duration of their plan, or until their circumstances improve to a level that they no longer need our help. The client can withdraw at any stage, without any penalties etc.

Regulatory requirements for debt management companies are currently underway, and compliance checks have been carried out. We have had four checks already this month, and all is well. Failure to meet with compliance requirements can, and will, normally result in the company being closed down by the Central Bank, as with Dunne & Maxwell last week. While NO debt management company is currently regulated by the Central Bank, the authorisation process is underway.

www.frost.ie

Hi there! I have been dealing with Smile Ireland for some months now and have found them great! I was in total despair about my finances and they have lifted a massive burden from my shoulders! When you get to a point where you are considering getting rid of your health AND life insurances so that you can feed your family, it's great to be given a lifeline! In the course of my dealings with Clare and the team they identified a better alternative for me and my family in terms of the life insurance cover we had. This was all explained clearly for us and we decided - with no bullying - to change insurance companies. I am aware that Smile Ireland gets paid by restructuring insurance. I'm fine with that!! That's a small price to pay for the peace of mind I'm having now. I would thoroughly recommend Smile Ireland to anyone who is in financial difficulty. I understand that people may be suspicious - as we ourselves were before meeting with Clare! - but now we feel we can sustain all our policies and our family without loosing our basic utilities, e.g. food, heating and electricity!! Well done to Clare and the team!!!!!

I understand that people may be suspicious

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of such gushing praise from a first time poster with 13 exclamation marks!

Oh no, not at all suspicious !!!!!!!!!!!!!

Brendan