Hot Topics

What is a Home improvement Loan?
Many people choose to take out home improvement loans so they can give their house a new look before selling.
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 can I do if I think information held by a credit reference agency on me is incorrect?
If you have been turned down for a loan and you cannot see any reason why, then you can contact the credit reference agency to see your personal credit report.
What happens if I want to borrow more?
To borrow more you have the option of either taking out a new loan independent of your other loan(s), or arranging with your loan provider to add onto your existing loan.
Will a debt consolidation loan solve all my problems?
A debt consolidation loan will solve your problems if you can meet the repayments. However you need to analyse how the money troubles began – and fix the root cause.

How do I make repayments and can I choose my monthly repayment date?

Your repayments will normally be taken from your bank by direct debit on a monthly basis. This means that you must have enough cleared funds in your account on the due date, or the payment will fail and you will have missed a payment.

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You will have to be careful to avoid this scenario as missed payments will not look good on your record with the loan company. Also, don’t forget that if you have a secured loan, your home is at risk if you do not keep up repayments.

You will be able to choose your monthly repayment date at the beginning of the agreement – and that will remain the same unless negotiated otherwise. It’s a good idea to set your repayment date as a few days after you get paid, as then you know the funds will be cleared in your account in time for the loan repayment. If the date falls a few days before you get paid there is the risk that the money won’t be there. If you change jobs and your payday changes contact your loan company to see if you can change the repayment date.

 

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.