Debt concern from tax hike suggestion

Debt concern from tax hike suggestion

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

A major international organisation has suggested that taxes may have to go up after the next election, which could lead to more squeezed homeowners looking towards debt consolidation.

The International Monetary Fund (IMF) has said that tax rises and spending cuts `should be explored` by the next government so that Britain`s finances can be balanced before the end of the next parliament.

This will come as a blow to hard pressed Britons who are already suffering the pinch from years of wages not keeping up with the speed of inflation on the things that they are buying every day.

This can lead to the temptation of using credit cards to make up the difference between what you earn and what you spend. While plastic can be a great way to buy things, if you`re constantly using it with little idea about how you`ll settle your bill, you may want to avoid using them and adjust your lifestyle instead. If you are already indebted and not able to get those pesky credit card balances down you may want to think about debt consolidation.

Using a debt consolidation loan could let you pay off your unsecured debts such as credit cards, payday loans and personal loans in one go and leave you with a single repayment to make each month. This will be for less than you`re paying now to help your cashflow, normally because you`ll be paying the money back over a long term.

As this does mean that you`ll probably face greater interest payments, you should work through the numbers first and check it is what you want to do to get back on top of your credit scenario.

Find out more about how debt consolidation loans could help ease the pinch on your finances by contacting us today at firstchoicefinance.co.uk or by calling our finance team on 0800 298 3000 or 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