Main Menu Button
Login

Norton simplify loans for debt consolidation

Norton simplify loans for debt consolidation

As part of a lowering of their interest rates, Norton has changed the way they treat Debt Management and IVA plans making it much cheaper for consumers to pay them off using a debt consolidation loan.

This change followed a review on loan completions which required a debt management plan to be paid off and it was found in many instances the defaults were over 3 years old or less than £300 pounds so as a result these borrowers could qualify for lower rates. The fact they were in an IVA or DM plan has been deemed insufficient reason on its own to require a higher interest rate and the new criteria helps ensure customers are treated more fairly.

Other changes in the criteria update included a drop in interest rates on all plans as well as the launch of a brand new set of products which allow up to four units of adverse. Maximum loan amounts have also increased to £75000.

www.promisemoney.co.uk

01902 585052

Share This Page



Find a mortgage

Enter some details and we’ll compare thousands of mortgage plans – this will NOT affect your credit rating.

How much you would like to borrow?

£

Type in the box for larger amounts

For how long?

yrs

Use the slider or type into the box

Do you own property in the UK?

About you...

Your name:

Your forename:

Your surname:

Your email address:

Your phone number:


By submitting any information to us, you are confirming you have read and understood the Data Protection & Privacy Policy.

2 out of 3 borrowers get a lower rate than our representative example of a regulated secured loan below:

Mortgages and Remortgages

Representative example

£80,000 over 240 months at an APRC OF 4.3% and a discounted variable annual interest rate for two years of 2.12% at £408.99 per month followed by 36 payments of £475.59 and 180 payments of £509.44. The total charge for credit is £39,873 which includes a £995 broker / processing fee and £125 application fee. Total repayable £119,873.

Secured / Second Charge Loans

Representative example

£63,000 over 228 months at an APRC OF 6.1% and an annual interest rate of 5.39% (Fixed for five years – variable thereafter) would be £463.09 per month, total charge for credit is £42,584.52 which includes a £2,690 broker / processing fee. Total repayable £105,584.52.

Unsecured Loans

Representative example

£4,000 over 36 months at an APR OF 49.9% (fixed) and an annual interest rate of 49.9% would be £216.21, total charge for credit is £3,783.56. Total repayable £7,783.56.


THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME

REPAYING YOUR DEBTS OVER A LONGER PERIOD CAN REDUCE YOUR PAYMENTS BUT COULD INCREASE THE TOTAL INTEREST YOU PAY. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


Written terms available on request. Loans are subject to affordability status and available to UK residents aged 18 or over. Promise Money is a trading style of Promise Solutions Ltd. Promise Solutions is a broker offering products which represent the whole of the specialist second mortgage market and is authorised and regulated by the Financial Conduct Authority – Number 681423.