Hot Topics

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.
How quickly can I get the decision?
More and more loans companies are selling themselves on how quickly they can make a decision. Many promise an instant decision, however they will still have to carry out a variety of checks to verify the information you have provided in your application.
How do I contact the Credit Reference Agencies?
You can request your credit report online, by phone or online. It costs £2 for a copy of your statutory credit report. Here are the details for the three main credit reference agencies.
What if I die before my loan is paid off?
If you die before your loan has been fully repaid, the loan will still need to be repaid by your estate. This may mean that your family will have to cover the cost of the loan for you.
How much can I reduce my monthly payments by with a debt consolidation loan?
It really depends on how much you owe. In some circumstances you may be able to reduce your total monthly repayments by as much as 75% - simply by consolidating your debts into one single payment.

What does it mean if my payment protection insurance includes cash back?

Some lenders offer a cash back scheme on payment protection insurance – by refunding all or part of the insurance premium after a certain time has elapsed.

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Lenders can afford to make the offer because most people will either forget to make a claim or will not qualify during the term of the loan, so they can afford to offer this reward to ‘good’ customers. There are a number of things you’ll need to look out for with the cash back promise – for a start, read the small print as there are always terms and conditions and exclusions.

Here are some helpful tips when it comes to cash back on payment protection insurance:

  • Your loan agreement will need to run for a minimum period before you can claim back the premium e.g. 10 years.
  • The cash back offer only normally applies to loans over a minimum amount e.g. £10,000.
  • Your agreement may still have to be running at the time of the cash back claim i.e. if you settle the loan earlier you will not qualify.

If your account has been in arrears or have had arrears of more than one month, you may not be eligible for cash back.

If you have made a claim under the insurance policy you will not qualify for the cash back return.

 

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.