Hot Topics

What exactly is a personal loan?
A personal loan is a sum of money which you borrow. This could be from a bank, building society or another financial institution.
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.
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.
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.

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.

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Here’s a typical scenario: you’ve got into debt trouble because you are living beyond your means and are supporting your spending habits with credit cards. A debt consolidation loan seems to solve things by paying off the debts, however if you continue to spend beyond your means, you may find in another year or two you have run the credit cards up to the same levels or higher than they were before the debt consolidation loan. This time there is no way out – the equity on your house has all been used up by the debt consolidation loan, and you cannot pay either the new bills or the loan repayments. Bankruptcy and the loss of your home is the inevitable conclusion.

The way to avoid this scenario is to cut up your credit cards. If you need to pay by card for business trips or on-line purchases - consider secured credit cards or debit cards. Spending with a secured credit card means that you will not be able to exceed a limit based on the value of an accompanying savings account. You could also use a debit card as you have to have money in the account in order to use the card.

It is very important you treat a debt consolidation as a last resort – and that you are aware of how important it is that you keep up the repayments.

 

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.