Will consolidation help millions in debt

Will consolidation help millions in debt

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Video transcript

Debt consolidation could be one option to help some of the millions of people who a new report has found to have serious debt problems.

The Money Advice Service indicates that close to nine million people have real concerns about their finances, with the issue particularly acute in Hull, Nottingham, Manchester, Knowsley and Liverpool, where more than 40 per cent of the population are struggling with debt.

The Indebted Lives survey indicated that 74 per cent of the people with serious debts are unhappy with their situation, with 83 per cent wanting to sort them out as soon as possible.

Fortunately, almost half own their home, meaning that debt consolidation through a secured loan or remortgage may be an option.

At First Choice Finance, we specialise in helping people who are looking to consolidate their debts through taking out a single loan to pay down their debts and are intent on then keeping to their new budget.

There are many ways to look at getting a grip on your debts, look through your options and seek some help before you decide what to do next.

If you would like us to look at a loan solution to refinance your debts then visit firstchoicefinance.co.uk or call us on 0800 298 3000 from a landline 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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