Hot Topics

What is a secured loan?
Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
What if my loan application is not accepted?
Sometimes a lender may not wish to give you a loan. This may be for a number of reasons, however the lender is not obliged to tell you exactly why the loan been refused.
What is not covered by personal loan protection insurance?
There are a number of situations that are normally exempt from personal loan protection.
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.
Is there a way to get a debt consolidation loan that does not require offering your house as security or a way to get a debt consolidation loan if you do not own a house?
You do not have to take out a secured loan in order to consolidate debt, but you are likely to pay a higher interest rate if the loan is unsecured and you are not a homeowner.

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.