Recent Cases
Case Three: Secured Loan - £44,000 cleared for £371.08
This couple had organised their finances with too much unsecured debt. Some of this had built up whilst they renovated a house. At the end of this renovation they were unable to remortgage with their existing provider. Through providing a secured loan we were able to reduce monthly costs by £716 per month
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| American Express | £3,700 | £123 |
| Barclaycard | £2,000 | £45 |
| Barclaycard | £6,600 | £145 |
| Sainsbury Bank | £3,800 | £87 |
| Sainsbury Bank | £6,800 | £150 |
| MBNA | £3,300 | £94 |
| MBNA | £4,500 | £115 |
| HSBC | £1950 | £57 |
| HSBC | £8,500 | £236 |
| HSBC | £2,000 | £35 |
| Powergen | £868 | £0 |
| Total | £44,018 | £1087 |
- Solution selected
- Secured loan with Future Mortgages 8.5% @ £371.08
- Reasons for selecting an secured loan option
- Property existed with just sufficient equity to pay off existing unsecured loans with secured loan
- Credit quality whilst not excellent (arrears existed on a number of the above debts) remained acceptable to get a low cost lender to provide the finance.
- Benefits for the customer
- Monthly costs were reduced by approximately £716 per month
- No impact on credit rating
Case One: Unsecured Loan - £10,000 with minor arrears cleared for £147.60 per month.
Case Two: Unsecured Loan - £24,000 with arrears cleared for £392.83 per month.
Case Three: Secured Loan - £44,000 in debts cleared for £371.08 per month
Case Four: Secured Loan - £60,000 cleared for £450.54 per month
Case Five: Debt Management Plan - £27,000 managed for £250 per month
Case Six: Individual Voluntary Arrangement - £127,000 cleared for £1122 per month
Case seven: Individual Voluntary Arrangement - £93,000 cleared for £690 per month.
Case Eight: Individual Voluntary Arrangement - £44,000 Cleared for £390 per month
Case Nine: Individual Voluntary Arrangement - £20,500 Cleared for £195 per month