Hot Topics

What kind of loan should I get?
Which loan you choose depends entirely on what you need it for. There are many different kinds of loans, depending on where you buy them from.
What is a Bridging Loan?
A bridging loan is designed to help you when you are selling your old home and buying a new one, because it is very difficult to get the timing right.
What is a Debt Consolidation Loan?
A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
What interest rate will I pay and is it negotiable?
Interest rates vary from lender to lender, and it all depends on how much you borrow, and over what period of time.
What do you accept as income?
When you apply for a loan you will have to state your regular income.

I am having trouble making repayments on my loans, should I get a debt consolidation loan?

If you have a number of debts and are having trouble managing them all, then a debt consolidation loan may be your only option.

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Essentially, a debt consolidation loan is a secured loan tied to your property. This means that all your unsecured debts such as credit card bills, are now held against your property, and by obtaining a debt consolidation loan you will be putting your home at risk. This is why it’s essential that you can afford the repayments for the new consolidated loan, otherwise you may end up homeless.

Alternatively, you could approach a Debt Management Company such as Gregory Pennington or Baines & Ernst. Debt Management companies deal and negotiate with creditors on your behalf to agree lower instalments. They will calculate a single, affordable monthly payment for you based on your individual financial circumstances. Your Debt Management Company will manage the distribution of this payment to each of your creditors. A monthly charge is often included in your agreed monthly repayment for the service provided by your chosen Debt Management Company and terms and conditions will apply.

 

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.