Is a one-stop shop the best approach to escaping from unmanageable debt?
By Mr Bankruptcy
2nd July 2024
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We like to provide a comprehensive list of services to offer clients struggling with debt, but I do hesitate to call us a “one-stop” shop.
While we can provide broad debt advice to help clients understand the options available to them, I am never too proud to steer them towards an expert if I think they’ll get the very best advice from across the market, rather than stick to an in-house solution.
The rise of the one-stop shop
The term “one-stop shop” first came into use in America during the last century. When every family was acquiring a car, it was used to describe dealerships that provided everything from sales to services, repairs and spare parts.
At the same time, we came to love the convenience of stores with everything under one roof. Supermarkets made the weekly shop much easier, quicker and cheaper. On a smaller scale it’s also good to know that if you run out of something, the local corner shop probably has it in. Businesses also like the idea because it provides economies of convenience and scale and builds loyalty and revenue.
Dealing with money, or debt, is daunting and complicated and people want the process to be made as easy as possible. So the idea of a “one-stop” shop became popular in the financial world too.
The 1980s saw the rise of the “financial supermarket”, offering everything from retail banking to investment advice, credit cards to insurance products. The term “turnkey operation” was coined, which may sound more respectable than “One-stop Money Shop”.
Customers would come to trust their provider, and isn’t it more convenient for your advisor to have access to all your relevant financial details? You might even get loyalty bonuses now and then.
Customers also had access to more varied products, which could be compared side by side, simplifying decision making and making pricing between brands more transparent and competitive.
However it could also be tempting for less scrupulous financial houses to take advantage of their exclusive position and numerous examples have come to light over the years of overcharging and selling unnecessary products. There are other downsides to the one-stop shop:
- choice on the open market.
- Less personal service as salespeople see customers solely as a source of revenue.
- A wider range of products or services also makes it harder for staff to give specialized advice or service to customers.
- Convenience can come at a price, with higher costs and charges.
A lot also depends on corporate culture too. Are staff trained and encouraged to provide respectful and compassionate customer care by offering the best option, or are they just there for the hard sell?
James Rosa Associates
James Rosa associates is very much a specialist firm of debt advisors, and we pride ourselves on putting our clients’ needs first, with a supportive, non-judgemental and friendly approach as well as providing deep and specialist expertise.
But we don’t attempt to be a “one stop shop”. Instead, over time, we have cultivated a network of trusted professional colleagues to ensure that, collectively, can always find the right expertise from the open market to provide an appropriate solution for the client, rather than just sell our own services.
We offer a full range of services through a blend of professional in-house expertise and external referrals. For example, we recognise there is a fine line between negotiation and litigation and while I am a qualified negotiator, I will defer to a specialist insolvency lawyer who I’ve worked with many times before.
We offer our services to a wide range of clients, from individuals to business owners/directors. All of whom are facing unmanageable debt and need a solution, or they may be involved in a civil or commercial dispute. We offer:
We are authorised and regulated by the Financial Conduct Authority (FRN665061) to work with clients to produce bespoke solutions to fit their specific circumstances.
Find out if you qualify for a free consultation
If you want to deal with an unmanageable debt, or bring a dispute to a swift and cost-effective resolution, then contact James Rosa Associates, ring 0845 6807217 or email enquiries@jamesrosa.co.uk and find out whether you qualify for our free consultation service.