Secured loans could reduce debt stress

Secured loans could reduce debt stress

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Video transcript

The vast majority of us have been worried about our debts at some point, but taking out a secured loan may be one way to help relieve that stress.

Figures from the Debt Advisory Centre show that more than three-quarters (76.9 per cent) of borrowers have concerns about paying back what they owe every so often, while 15 per cent are worried about this all the time.

The survey also showed that a third of people felt that the relationship with their relatives became strained when they were fretting about their debt and 15 per cent had similar concerns about how they got on with their friends.

This comes after the Children`s Society and Step Change indicated that close to 2.5 million children are a part of families that are struggling with `problem debt`, with the stress leading to more arguments and emotional distress.

You can try to get back in control of your unsecured debt through various routes such as budgeting better, avoiding using credit for purchases, cutting back on expenses or taking our some form of debt consolidation loan. One of the latter is a personal secured loan for homeowners. This can enable you to borrow sufficient money to pay off your unsecured loans, such as credit cards, store cards and loans and spread the payments over a longer term to reduce your monthly outgoings.

Please be aware you should always think carefully before securing other debts against your home and be extending loan terms you`ll end up paying more in interest payments over the course of the secured loan.

Discover more about how secured loans may be one way to help you relieve your debt stress by visiting firstchoicefinance.co.uk or calling us for on 0333 003 1505 on your mobile or 0800 298 3000 from a 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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