Secured Consolidation Loans

What is a secured consolidation loan?

With a consolidation loan, your debt is restructured into one low, affordable amount that you agree to pay.  The new loan is secured against your assets, normally any property that you own.

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Is a secured consolidation loan right for me?

  • Yes, if you need a reduction in monthly outgoings, to settle an Individual Voluntary Arrangement (IVA), to speed up repayment of several debts with one creditor or if you could change lenders for better interest rates.
  • No, if you have used a consolidation loan unsuccessfully before, to consolidate an old consolidation loan or to free up credit and store cards that you intend to continue using as part of your normal monthly budget.

The concept of packaging all your debt repayments into one affordable monthly repayment to help you keep on top of your commitments and make your situation more manageable can be very appealing. However, making the assumption that a consolidation loan will solve all your money problems could have serious financial implications, unless you set your budget and stick to it.

In the right circumstances, a consolidation loan will clear your debt faster than several smaller repayments, but it can be all to easy to over-commit yourself to the size of your monthly repayments. Over time, many people find themselves back at square one, with their creditors on the warpath. If you use your property to secure a loan, it will be at risk if you don’t keep up with the monthly repayments.

As with re-mortgages, we are able to introduce you to selected financial institutions to advise you on the best loan available for your particular circumstances. These companies are obliged to be completely transparent about their rates of interest, their charges and any penalties that may apply for early settlement etc.

Call free on 0800 088 7505 to find out more or get help with applying for a Secured Loan. Alternatively you can read the Secured Loan FAQ's.