What can I do about my secret debt

What can I do about my secret debt

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Video transcript

Nearly a quarter (22 per cent) of couples over 40 are keeping debts a secret from their other half, but honesty and a debt consolidation plan could make the future much more rosy for them.

Prudential has found that people in this situation owe an average of £7,800, with half (48 per cent) putting the secret debt down to borrowing for day to day items, while a third indicate they`re still paying off a period of overspending from an emotional event like a previous break up.

Vince Smith-Hughes from Prudential warns that keeping finances secret from your other half can lead to problems in later life. With that in mind and if you are in this situation it may be a good idea to start tackling debts now, so there aren`t any nasty surprises further down the road.

First Choice Finance can help you reorganise your debt using a debt consolidation loan or remortgage, aiming to lower your monthly payments, although you will probably have to pay more interest over the course of the loan. Discover more at firstchoicefinance.co.uk or by calling 0800 298 3000 or 0333 003 1505 from a mobile.

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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.

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