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- Will the loan company contact my employer?
- Firstly, a loan company will never contact your employer without your consent.
- 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.
- Can I defer payment?
- This depends entirely on the specific agreement you have made with the loan company – and you must read your terms and conditions carefully to see if you are entitled to defer your payments at any point.
- 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.
- 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.
Will my monthly repayments ever change?
It depends on whether your loan is a fixed or variable interest rate loan, and over what period of time you are taking the loan.
An unsecured loan is likely to be a fixed rate loan – short-term over no more than 10 years, and you will not have to gamble your future on the interest rates either going up or down. This also means that you can plan your finances properly and you are protected from any nasty surprises if interest rates suddenly shoot up.
If you have a variable interest loan your payments could go up or down depending on what happens to the UK base rate. If the loan is a large, long-term secured loan, you will have the choice of fixed or variable interest much as you do with a mortgage. Then it’s your risk on whether interest rates go up or down. The loan provider will not lose in any case, as it will be your home resting on your repayments, and if you can’t meet them they will simply repossess your home.
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.
- County Court Judgements ?
- No proof of income ?
- What kind of loan should I get?
- What exactly is a personal loan?
- What is not covered by personal loan protection insurance?
- How much can i borrow ?
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