Recent Cases
Case One: Unsecured Loan - £10,000 cleared for £147.60
This customer needed to reduce the costs of 5 debts. Although he had a good credit history with very few payments missed, he was unsure how to get his debt costs down in the most effective way. From discussing various options the best outcome was to consolidate existing debts using a low cost unsecured loan. This had the effect of saving £168 per month.
| Customer's original financial situation | ||
|---|---|---|
| Creditor | Debt Outstanding | Monthly Payment |
| Capital One (CC) | £1,100 | £55 |
| Debenhams (SC) | £1,500 | £75 |
| Lloyds TSB (PL) | £2,200 | £70 |
| Bank Overdraft | £800 | £50* |
| Loan from mother | £4,000 | £65 |
| Total | £9,600 | £315 |
- Solution selected
- Unsecured personal loan with Halifax bank at a rate of 6.5% over five years @ £147.60
- Reasons for selecting an unsecured loan option
- No property available to use to get even lower interest rates through a secured loan
- Credit rating acceptable (minor arrears) which allowed us to access competitive rates
- Benefits for the customer
- Monthly costs were reduced by approximately £168 per month
- No impact on credit rating
- Mother repaid in full
- Total debt repayment period reduced by six years
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