Mr and Mrs Smith had the following financial commitments:
Bank loan £5000, Joint credit card balances £5700,
Car finances £7800, Store cards £500
Total amount of unsecured debts £19,000
Total monthly payments £914.
Mr and Mrs Smith were finding the total monthly commitment of £914 difficult to manage and they also wanted to borrow some additional money to complete some home improvements.
A new loan of £25,000 was arranged and secured on the equity in their home. The new monthly repayment over 10 years was £248.95. This gave a total saving per month of £665.05, which gave Mr and Mrs Smith the breathing space they needed to improve their quality of life with their extra income available each month, and the money to finish the home improvements.
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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 OTHER DEBT SECURED ON IT. A FEE OF BETWEEN 0% AND 10% OF THE LOAN AMOUNT MAY BE CHARGED, DEPENDING ON CREDIT HISTORY AND ABILITY TO PROVIDE PROOF OF INCOME.
The actual rate available will depend upon your circumstances. Ask for a personalised illustration. Loans are subject to status and available to homeowners aged 18 or over. Loans are secured on your home. Calls may be recorded.