First Choice Finance - Mortgage Broker First Choice Finance Compare Home Owner Loans
First Choice Finance - Mortgage BrokerCompare Home Owner Loans


One Third of Brits may fib to partners about debt

One Third of Brits may fib to partners about debt

 



Video transcript

A third of Brits aren’t keen on letting their loved ones know the true extent of their debt problems, according to research from a UK comparison site.

Honesty in relation to finances and debt is a complex area and it difficult to discover how honest people are with their family, friends and significant others when it comes to their bank balances and financial situation. However apparently a third of those in debt have masked the real amount they owe.

When considering debt results by gender it appears that women may bend the truth more when it comes to how far in debt they are, with almost two fifths having told porkies about their financial situation compared to 29 per cent of men.

Overall, the report revealed that almost a quarter of Brits in debt hide it from their family, while 18 per cent keep it a secret from friends and 15 per cent remained tight lipped with their partners.

On top of not being open about the their level of debt, many understate the amount they owe to their loved ones, with partners being the most kept in the dark. On average, Brits tell their significant other that they owe £8,687, but in reality the sum is almost twice this at £17,481.

Those keeping it a secret from their family claim to be in debt to the tune of £5,192, when in fact they owe £9,926. Friends are told the sum is £8,292, but it is actually £11,896.

Money Super Market believes that Brits lie about debt or conceal how bad their financial situation because they feel guilty or ashamed of how serious things have become. Two fifths claimed to feel this way, while 21 per cent said it has made them feel stressed.

One in ten claimed that they had bent the truth with their partner, family and friends because they believed their loved ones would be angry or wouldn`t approve.

While many feel the need to conceal the extent of their situation, the majority of those in debt have no intention to confess any time soon or at all. Two-fifths are not planning on telling friends and 23 per cent aren`t considering revealing all to their family.

First choice have been helping people deal with debt with practical real solutions for a goodly while, but before anybody can get a grip on their debts or finances they need to face the facts of their scenario. The support of loved ones can be a big help and if you are looking to use property you both own to get on top of your debts then you will need them to totally buy into sorting the relevant finance and loans out. The first step is to write all your outgoings and income down and see how your cash flow is, after all it may be that your debts are coming down and you are in positive cash flow, in which case you may not need to do anything at this time.

Even without looking at borrowing for refinancing some basic changes, such as eating out less, transferring your credit card to one offering an interest free period or moving your mortgage like for like to a different provider at a lower rate, can make a real difference.
 

Homeowner Secured Loans
Rates From 7.1% APRC Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property. First Choice are tied to certain loan providers.

Mortgages & Remortgages
4.5% APRC
Representative Example: Borrow £80,000 over 25 years At 4.6% Variable, £461.95 for 300 months.
Total Payable £138,585. Total Cost Of Credit £58,585 (incl £1360 fee).


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.



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

First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.


  Best Deals & Latest News

Debt Consolidation Remortgages & Loans

Release Equity Via A Remortgage or Loan

Mortgage & Remortgage LTV Calculator

Reasons Why Mortgages May Be Rejected

Remortgage With Bad Credit

Online Home Loans
Secured Loans and Remortgage Advice
Loan or Mortgage Application

Loan Plans

Mortgage and remortgages - Best Buys

Bank Consolidation Loans

Reduce your monthly outgoings with debt consolidation loans from First Choice Finance helping you consolidate existing credit cards and loans into one manageable monthly repayment.



Equity release