Can I get out of a payday loan debt spiral

Can I get out of a payday loan debt spiral

Your privacy is important to us. By sending this you agree that only First Choice Finance may use these details to contact you. Any data we hold for you will be handled in accordance with our PRIVACY NOTICE.
Highest Loan To Value Purchase Mortgages And Remortgages - Low Rate Loans From £5,000 To £150,000 - Release Your Equity With An Equity Release Plan

Video transcript

The amount of people seeking help as a direct result of problems caused by payday loans has apparently doubled over the past two years, suggesting maybe some of these consumers need to consider a longer term solution to cash flow problems.

It`s emerged that 37 per cent of the Debt Advisory Centre`s new clients this year (2103) are having problems with the short-term, high interest loans, compared to 18 per cent in 2011.

As a proportion of their debt, payday loans now account for 15 per cent of the total, compared to seven per cent two years ago.

Multiple borrowing through any loans can lead to a slippery slope of debt, but taking decisive action over your finances and being diligent about your spending thereafter could turn things around.

You may look to do this with a debt consolidation loan, using it to pay off your existing unsecured loans & credit cards leaving you with more money in your pocket each month.

Please be aware that interest payments will probably be larger over the full period of the new loan and you will need to control your spending to within your new budget going forward.

Find out more at firstchoicefinance.co.uk, alternatively telephone 0800 298 3000 or from a mobile dial 0333 003 1505.
 

Return to the video homepage


Homeowner Secured Loans
9.8% APRC. Representative example: Borrow £50,000 over 180 months. 60 months at 8.1%, £497.83 pcm fixed at 60% LTV. Then 120 months at 10.1%, £539.89 pcm variable. Total payable £94,656.60. Total cost of credit £44,656.60 (including: £795 lender fee, £985 broker fee & £42,876.60 interest). First Choice are tied to certain loan providers.

Mortgages & Remortgages
8.4% APRC.
Representative Example: Borrow £120,000 over 25 years at 5.99%, £778.86 pcm fixed for 3 years at 60% LTV. Then at 8.75%, £974.86 pcm, variable for 22 years. Total payable £286,416. Total cost of credit £166,416 (including: £985 broker fee, £999 lender fee & £164,432 interest)


Unsecured Personal Loans
REPRESENTATIVE 49.9% APR (VARIABLE)
First Choice are tied to certain unsecured lenders.


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 ANY OTHER DEBT SECURED ON IT.
Security is required on immovable property.



Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk

Established In 1988. Company Registration Number 2316399. Authorised & Regulated By The Financial Conduct Authority (FCA). Firm Reference Number 302981. Mortgages & Homeowner Secured Loans Are Secured On Your Home. We Advice Upon & Arrange Mortgages & Loans. We Are Not A Lender.

First Choice Finance is a trading style of First Choice Funding Limited of 54, Wybersley Road, High Lane, Stockport, SK6 8HB. Copyright protected.

First Choice Finance - Reviews

Read Our Genuine Reviews


This website uses cookies. Find out more

Loan Plans