DEBT CONSOLIDATION LOANS

Secured Loans - £10,000 to £1 Million.
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Applying for a loan may seem challenging. You need some extra cash but the choices can be overwhelming and hard to understand with jargon like APR, secured, unsecured and so on. Its hard to know where to begin. We can help...

We can advise and help you choose the right loan for you, from personal loans to homeowner loans. We can even help you secure funds if you have a bad credit history. We will help you to understand the conditions of your loan and give you a full detailed breakdown along with lender details. Naturally, the most important thing is to make sure you will be able to afford the repayments.

Debt Consolidation Loans

SECURED LOAN LENDERS

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THE ACTUAL RATE AVAILIABLE WILL DEPEND UPON YOUR CIRCUMSTANCES. PLEASE ASK FOR A PERSONALISED ILLUSTRATION.

LOANS MAY BE SECURED ON YOUR HOME. YOU WILL HAVE TO PAY EARLY REDEMPTION CHARGES THIS WILL VARY. A VARIABLE RATE LOAN MAY GO UP OR DOWN IN LINE WITH THE BANK OF ENGLAND BASE RATE. IF YOU ARE THINKING OF CONSOLIDATING EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERMS OF THE DEBT AND INCREASING THE TOTAL AMOUNT YOU REPAY.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.

WARNING: LATE REPAYMENT CAN CAUSE YOU SERIOUS MONEY PROBLEMS. FOR HELP, GO TO MONEY ADVICE SERVICE.

FREQUENTLY ASKED QUESTIONS

How we work?
By making an enquiry we will contact you to discuss your needs and outline if we can be of assistance. We will then request a copy of your credit file and this will be passed to a qualified adviser to review and give you advice and discuss possible quotations. If you wish us to proceed and get a ‘Decision in Principle’ we can do so. Once we have a decision from the lender we will discuss and email you a formal quotation and outline the process from there.
What is a homeowner loan?
This is a loan secured on your property as you are a homeowner. As the loan is secured upon the property lenders are more willing to provide cheaper rates when compared to unsecured loans and additionally can lend you more money over a longer term.
Can you get a secured loan with a bad credit history?
Yes. If you have had bad credit in the form of mortgage arrears, defaults, county court judgements, IVA and payday loans we have lenders that can help providing you have enough equity and can clearly afford any new borrowing.
How much can I borrow?
Secured loan lenders provide loans from £10,000 to £750,000. This depends upon your credit profile, equity in the property and affordability.
Why take out a secured loan rather than a remortgage?
We will always explore both options to ensure you get the right advice. Here are some reasons why a secured loan is more suitable, when compared to a remortgage:
  • Your main mortgage is at a low rate and any remortgage will be at a higher rate.
  • Your main mortgage has a large early repayment charge if you were to redeem this.
  • Your main mortgage has a long term left, whereas you want to borrow £XX over a shorter term to pay off quicker.
  • Your credit profile may mean a remortgage is not possible.
I have been declined in the past – can you help?
The key to this question is why you were declined. We provide an advised service, so if we cannot help you now we will explain why and provide advice as to what you need to do to be able to get a loan in the future.
How quickly can I get a secured loan?
Typical completion time from application is between 4 – 6 weeks.
What loan purposes do you accept?
Most legal purposes are allowed.

Debt Consolidation Loans

Debt consolidation loans can make a great deal of sense under the right circumstances. There of course many things to consider before deciding to take the route of a debt consolidation loan but overall this may be a sensible solution for people that may have a number of smaller loans that may be starting to get a little out of control.

People who have taken shorter term loans such as payday loans may well be paying an extraordinary amount of interest. What was seemingly a good idea at the time may have turned into something of a nightmare and the sooner the debt can be settled the better. Another expensive debt is credit cards. Very easy and tempting to use your full borrowing limit on a credit card but getting things back on track, that is repaying the amount that you have spent plus often considerable interest can be very tricky.

Debt consolidation loans can pull together all these types of outstanding debts into a simple and manageable monthly payment. No extra charges, late payment fees, just a single affordable payment. The borrow knows the total amount and when it is due for payment so can budget accordingly and make sure that he or she stays on top of his finances with a debt consolidation loan.

One element that needs to be considered though is potential early redemption fees - that is the settlement charged on a loan if settled early. It’s a relatively easy calculation to work out if these redemption fees outweigh the interest saved by using a debt consolidation loan. This issue does not occur with credit cards and if people have a few high outstanding balances on high interest credit cards then the decision to take out a debt consolidation loan becomes a lot easier. Another element that requires thought is that the overall amount of money you pay could be higher than your existing arrangements depending on the term of the new loan.

Here is some additional information on related topics from our blog:

5 Ways to Find Help and Advice for Your Debt Issues

How Much Do Credit Cards Really Cost?

Pros and Cons of Debt Consolidation

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