Secured Loan FAQ

Q1. What can I use the loan for?
Our personal loans are for any purpose. Our clients use their money for debt consolidation, home improvements, new car purchases etc.

Q2. Can you help if I have got a poor credit history?
Yes. Many of our clients have CCJ's, loan or mortgage arrears and even bankruptcies. In most cases we can help.

Q3. How much money can I borrow?
We will assess your income and the equity in your house and provide you with options for loans ranging from £3,000 to £250,000.

Q4. I am self employed. Can you help?
Yes. Whether you have certified accounts or you have to self certify your accounts, we have a wide range of products available.

Q5. I have no equity in my home. Can I still get a loan?
Yes. We can arrange loans with 125% loan to value. So if you have a £100,000 house with a £100,000 mortgage, this means that we may be able to arrange a loan of £25,000.

Q6. I am a tenant. Can you still help? Yes. We have a range of loan products and debt consolidation services for both tenants and homeowners. 

IVA FAQ

Q1.How much per month will I have to pay ?
An advisor will go through your income and outgoings and work out your net disposable income you can afford per month after you have paid your essential household bills, this is the amount you will pay for a period usually 60 month (5yrs).

Q2.What is the process ?
1. You submit your contact details.

2. On receipt one of our consultants will contact you in order to talk through your application.

3. If your details meets our standard criteria you will accepted onto the IVA programme and need to sign return our letter of engagement.

4. Our proposal team will draught up your case details and sent it out for you to agree amend and sign.

5. In order to legally protect you from your creditors a form of legal protection called an "interim order" is granted. This is a process which enables full protection from your creditors.

6. Once the Interim Order is granted no legal action may be bought against you. Having an interim order means you are fully protected from creditors issuing or continuing bankruptcy proceedings.

7. The company voting on behalf of the creditors usually KPMG , PWC or TIX then prepares a statement called a "Nominees Report" which portrays a professional opinion as to whether the IVA is a bonafide offer.

8. Shortly afterwards a meeting of creditors is held. In theory this meeting consists of all the creditors gathered in a room to discuss the IVA. In practice, however, creditors rarely attend because all voting is done prior to the meeting.

9. Once the IVA is approved you are legally contracted to keep up your monthly IVA payments. Once accepted your creditors can never bother you again. This monthly payment will be easily affordabe because it is based on your disposable income.

Q3.Will my home be safe?
You will not usually have to sell your property when in an IVA. If you do own your home, you need to take reasonable steps at the end of the IVA to make any equity available to your creditors (usually by re-mortgaging). This requirement is also true for bankruptcy, except that bankruptcy often means you do have to sell your home.

Q4.What if my creditors don't agree?
At least 75% of votes (in value) at your creditor meeting must be in favour of your IVA proposal. Creditors can suggest modifications to your proposal and you can choose whether to accept them or not.
If your creditors don't vote in favour you will still have the option of an informal arrangement with your creditors, or of bankruptcy.

Q5.Do I have to pay any costs?
We don't charge you any fees since these are agreed with and paid by your creditors as part of the IVA. Providing you keep to the agreement for five years, any debt you can't afford to repay will be written off by your creditors. In summary, you pay only the affordable monthly amount you and your creditors agree to under the terms of the IVA.

Q6.Will I ever be able to get credit again?
Yes.

During your IVA you have agreed not to obtain further credit. When your IVA is completed, it is likely to remain on the credit reference databases for a further year. During this time you will probably still find credit difficult to obtain. However, when your IVA concludes successfully, your credit rating is likely to be repaired more quickly than if it fails.

Generally, you are better able to obtain credit once your debt problem has been resolved. When considering entering into an IVA, the last thing you should be thinking about is more credit! There are many lenders who will look at your ability to pay, and successful completion of an IVA, rather than just your credit file.

A successfully completed IVA is an excellent example of a good payment history.
For FREE ADVICE and an IMMEDIATE DECISION act NOW and Apply Online.

Mortgage FAQ

Q1.What size loan can I apply for?
The most important factor in determining the size of loan you should apply for is affordability. Your personal circumstances will determine how much you can afford in monthly repayments, and it is essential that proper consideration is given to your budgeting, to ensure that the monthly repayments do not become unsustainable. Take independent financial advice if you are unsure.
Other factors will include the amount of equity available within your property, and other borrowing against it. Your income will have an impact too. Depending on these factors amounts are available from £1,000 to a maximum of £500,000.

Q2.What time period can I use to repay my loan?
Your loan's term will be decided by how much you borrow, and how quickly you want to pay it back, but most repayment periods are between 3 and 25 years.

Q3.How much can I reduce my monthly payments by?
Reductions in monthly payments can be as much as 75% but this will depend on how much you are paying at the moment and how long you want to make tour repayments.

Q4.Can my repayments be protected if I cannot work?
Optional Payment Protection Plans cover repayments if you can't work due to accident, sickness or involuntary unemployment.

Q5.What if I decide I would like to move house?
You can pay the outstanding balance by requesting a settlement figure from the lender. Alternatively, it may be possible to use the new property as security, assuming sufficient equity is available. Read the small print and be aware of any penalties you could incur due to early settlement.