One of the most common uses of secured loans is for some form of debt consolidation and whilst it may be tempting, as the TV adverts used to say, to “consolidate all of your credit in to one convenient monthly payment”, there is more to think about than that.
Part of our adviser roles is to help you understand this so that the solution you get is suitable. For example:
- Do you want to pay off a 0% credit card and replace it with a loan which is interest bearing?
- Do you want to pay off short term credit and stretch the repayments over a longer term to get lower repayments – there are pro’s and cons of doing this which need to be considered and explained.
Our advisers will have your credit file in front of them and will consider your options on each item of credit in the context of your circumstances and stated objectives. By speaking to an adviser your objectives might not change but the manner in which you achieve them may be significantly improved.