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 Tenant Loan?: If you do not own your own property, you will not be able borrow money secured on your home. This means that any loan you take out will be a tenant loan – or an unsecured loan.
What happens if I am suddenly injured or taken ill?: To protect your loan repayments in case you are unable to work due to accident or illness, you will have to take out either personal loan or short-term income protection insurance.
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.
Do I have to pay any upfront fees?: You will not normally have to pay any upfront fees, this is because all the admin charges and other legal fees are incorporated into the APR. Any charges are therefore spread over the term of the loan, and not charged on an upfront basis.

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.

The situation could arise because you have changed jobs and your earnings have gone down, or your other outgoings simply not do allow you to make your repayments. If you are extremely unfortunate and have had an accident or have fallen sick, and you do not have short-term income protection insurance or a repayment protection policy attached to your loan, you will not be able to afford the repayments.

Most lenders will listen sympathetically and make an alternative, mutually beneficial arrangement. You have to make sure however that whatever arrangement you enter into that you keep to it - so first make sure you will be able to afford it before agreeing. They may be prepared to suspend loan repayments for a while or extend the term of the loan. Also check to see if you have a repayment protection policy included in your loan that might cover you in respect of the cause of your financial difficulties.

If you have a secured loan and you cannot in any circumstances fulfill the obligations of your repayment plan, the worst possible scenario is that you will have to sell your home to pay off the outstanding balance.

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.

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