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Hot Topics
- What if I already have a mortgage or loan secured on my home?
- It is possible (indeed common) to have more than one mortgage or loan on your property, as long as there is sufficient free equity in the property to secure the loan.
- What is credit scoring?
- Most of the major credit card companies use their own credit scoring systems – normally but not always in conjunction with a credit rating from a credit reference agency.
- Why would my Loan application be turned down?
- If a lender decides that you are a bad risk for a loan, they will reject your application.
- What happens if I can't meet the loan repayments?
- If you are having problems repaying the loan, you will need to talk to your lender straight away to discuss the problem.
- How much can I borrow with a debt consolidation loan?
- The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.
Can I use a debt consolidation loan for more than debt consolidation?
You can use a debt consolidation loan for whatever reason you want. Consolidating your existing credit with a debt consolidation loan allows you to free up money for other things, so you can get that new car, boat or caravan, pay for your dream holiday outright or have the new windows or conservatory put in.
Just because you are deciding on a debt consolidation loan doesn’t mean that your finances are in trouble – it is simply an excellent way to bring all your credit card bills and other payments together into one single payment. This way your finances are better organised and you don’t need to worry about meeting all of the different payment dates.
Since you will be free to borrow more than you need to pay back the outstanding balances, you will be able to use the extra finance for anything you want. The choice is yours, just make sure that you don’t borrow beyond your means and capability to repay
Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.
- Why would my Loan application be turned down?
- What exactly is a personal loan?
- Over what length of time can I spread my repayments ?
- What is a Loan to Value (LTV) Ratio?
- Will the loan company contact my employer ?
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