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Secured Loan
Guide
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Simply put, if the current debt position that
you find yourself in is serious but, you have good earnings and equity
in your home, it may be sensible to restructure your short-term expensive
debt into longer term "cheaper" debt.
A secured loan is made where the lender takes "security" against
your home. This is usually a second charge that ranks after the mortgage
company.
You will need to prepare an accurate personal
income and payments statement and also work out if the loan is sufficient
to deal with your debts. Then a valuation of the home may be required
to see if there is sufficient equity in the home to raise a secured loan.
We can help you raise a loan from excellent sources of funds. Secured
loans are usually between £10,000 and £250,000.
If we think that we can help by raising a secured
loan we will earn a data collection fee from the loan provider (only if
the loan is completed). We will not charge you for any advice. Be warned
though we will only help you raise a loan if we think it is the right
answer for your circumstances!
In our opinion it is vital that, after raising a new loan like this that
excessive spending is stopped and that you live within your means. This
applies to all large debt situations where over-spending was the cause.
Advantages of a Secured Loan
- Avoids formal insolvency,
does not usually adversely affect your credit rating
- Can be quick and easy
- Spread debts over much longer
period
- Removes short term creditor
pressure
- Crystallises the position
- allows you to get on with life
- Sometimes cheaper credit
- Lots of products and suppliers
of credit
- Even people with poor credit
ratings can obtain remortgage products
Disadvantages of a Secured Loan
- If you default on the loan
it can mean that your home is repossessed
- Only suitable if sufficient
earnings
- Can be a problem for your
credit rating if the new loan is refused
- You can spend a lot of time
trying to find a loan
- Is this really solving your
problem or deferring it to a later date?
We have close links to a number of secured loan providers
and can help you obtain a loan at competitive rates - even if you are
in arrears etc. So contact us now for a chat about your personal circumstances
or fill out the contact form.
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