Frequently Asked Questions
By how much can I reduce my monthly payments?
By deciding to settle debts through the debt consolidation option, one can significantly reduce the monthly payments. The high interest
debts are settled through a low interest debt consolidation loan.
Thus, the cost of the new loan or mortgage is lower.
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Over what length of time can I spread my repayments?
The borrowers are free to choose a repayment period ranging between
5-25 years. The longer the term, the easier the repayments will be. However, the cost of the loan will increase with an increase in the term of repayment.
How much can I borrow?
The amount you can borrow ranges from £3,000 up to £1 million.
However the amount which a borrower may be eligible for depends
on a number of factors like the capability of the borrower, the
value of the collateral offered, etc.
Can I use the loan for more than debt consolidation?
Though the loan is taken for debt consolidation the borrower is
not restricted in utilizing the money for purposes other than debt
consolidation. The purposes for which debt consolidation loan may
be utilized are home improvements, car purchase, etc.
How does debt management affect my credit reference file?
Since the credit reference agencies have a record of all credit transactions, being regular with loan repayments will reveal the discipline in your credit transactions. Thus, the credit report improves.
How long does an IVA last?
Individual voluntary arrangements last for a period of three to
five years. However, the IVA remains in the credit report for a period of about six years.
Is my home at risk?
Secured loans and mortgages may directly initiate liquidation proceedings
in order to recover the amount on mortgage. The lenders who offer unsecured loans or debts where there is no collateral to back the loan may conduct the proceedings through legal action. |
