Secured Loans and Mortgages
In the current climate borrowing money is far from easy and anyone with problems on there credit file may find it difficult to obtain credit.
The very nature of what we do and the people we help means many of the home owners we talk to were often desperate to find a loan or mortgage and if this is you we would ask you to read the following carefully to help ensure you don't make a costly mistake.
We understand that if you are worried about debt and are being threatened by creditors or debt collectors, legal action for a charging order statutory demand repossession and even a Bankruptcy Petition you may well jump at the 1st solution offered but you should beware.
This can often lead to further problems now or later and whilst we could probably write a book on this, these are just a few examples.
- Promised a loan or mortgage that never materialised.
- Mortgage or loan turned down weeks later at the last minute
- Loan or Mortgage repayments were realistically not affordable
- Took a large loan at high interest over long term without looking at all options.
- Lender suggested they consolidate their debts
- Persuaded to take loans over £25K, stricter regulation in those under £25K.
Be Careful
Don't fall for the call centre patter "yes it looks fine in principle" if you are facing legal action unless you understand what this means and remember there is a big difference between borrowing more money just to keep up debt repayments and restructuring your debts into one realistically affordable loan or mortgage.
Remember any decision you take now could affect you for many years to come.
We often speak to people who swapped other loans store and credit cards with minimum monthly repayments of £475 for one large loan with a monthly payment of £275 however they had not calculated the maximum amount realistically available for debt repayment was £125pcm and they found themselves back at square one with even larger debts 12 months later.
If after all you're essential living expenditure has been deducted from your income you can afford £125pcm for debt repayment unless you can make reductions in other areas or increase your income you need to find a solution with a payment at this level or it is likely you will find yourself back at square one spiraling debts again. contact us
Loans and a re mortgage can in certain circumstances be an effective way to deal with debts but an IVA, other informal debt solution or just better budgeting can often provide an alternative without borrowing more money.
We can help you ensure that any financial solution you may have already been offered is genuinely and realistically affordable and if you have been refused a loan we may be able to help identify why and if there is any action you can take.
If you are a home owner you should think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on a mortgage or any other debt secured on it.
If you are not sure what you could do next, need urgent help please telephone or email in confidence today
The call or email could change your life!
Confidential National Helpline - Call free 0800 622 6933
email: info@discreetdebtsolutions.co.uk
IVA - Debt Management - Debt Negotiation - Free Affordability Assessment for Loans Credit and Finance - Bankruptcy Petition - Bailiffs - CCJ or County Court Judgments - Default Notice - Mortgage and Secured Loan arrears