Avoid using loan sharks for debt consolidation

Avoid using loan sharks for debt consolidation

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Video transcript

Debt consolidation loans through lenders and licensed finance brokers could provide the answer to people who are looking to avoid loan sharks, as a number of places in the UK launch awareness campaigns about illegal lenders.

Following on from successes for the National Illegal Money Lending Team in other areas of the country, weeks of action have begun in Sale and Pontefract to inform people about the alternatives they have if they need to borrow money.

If you are approached by what you believe may be an illegal loan lender or believe you are dealing with an illegal loan lender then you can contact your local trading standards to try and get help.
Future generations may not have the same problems with loan sharks, with Tony Quigley from the National Illegal Money Lending Team telling BBC Breakfast that packs will be made available for schools to educate children about how to better manage their money.

The packs are apparently funded by the proceeds recovered from illegal lenders and should help young people get a good grounding in being financially responsible.

If you are looking to raise money on your home for home improvements, a special purchase or for debt consolidation then you can look at secured homeowner loans or remortgaging through First Choice Finance who have 25 years experience in the mortgage and loan industries. Find out more at firstchoicefinance.co.uk or call us on 0333 003 1505 on your mobile or its 0800 298 3000 from your landline.

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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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