Northern Bath, Shoreditch in London and a few villages in Northumberland may benefit from using personal loans or secured loans loans to reorganise what they owe to lenders after they came out as the top three debt hotspots in the UK if they cannot keep on top of the repayments any other way.
The British Bankers` Association (BBA) has used data from leading banks and building societies to work out just how much outstanding debt we have by postcode, and BA1 9, EC1V 2 and NE66 4 all have more than £2,000 owing per person.
Next on the list came postcodes in Peterborough, Galashiels and just north of Newcastle, while LS17 in Leeds, Redhill in Surrey, M3 in Manchester and PR7 in Preston make up the rest of the top ten, with £1,355 per person being the smallest amount owed on average.
This kind of debt can bring with it a sizeable amount of interest which, if not served correctly, could cause the amount you owe to grow well past the original amount borrowed. If you then have multiple debt sources it can grow into a large monthly outgoing which you may struggle to service.
One way to deal with this if you cannot cope with the payments is a refinancing loan, where you`ll just have a single repayment to make each month, rather than multiple ones for various cards and loans. The amount you pay on a monthly basis will decrease as the idea is to improve your cashflow, although you will end up paying more in interest over the course of the longer loan, so only borrow what you need and pay off what you have to. Look at relative interest rates and pick out which items are costing you the most. These loans can be secured or unsecured depending on your circumstances, the amount wanted and your credit history.
Find out more without obligation at firstchoicefinance.co.uk or call us and speak to the team, its 0333 003 1505 on a mobile or 0800 298 3000 from a landline.
Homeowner Secured Loans
Rates From 7.1% APRC
Representative Example £30,000 over 72 months @ £679.90 repayments. Total payable of £49,949. 20.1% APRC including £2,975 intermediary fee and a £995 lender fee. Loans secured on property.
First Choice are tied to certain loan providers.
Mortgages & Remortgages
Borrow £80,000 over 25 years
At 4.6% Variable, £461.95 for
300 months. Total Payable
£138,585. Total Cost Of
Credit £58,585 (incl £1360 fee).
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 MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT. Security is required on
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
First Choice Finance is a trading style of First Choice Funding Limited of The Old Courtyard, 103 Buxton Road, High Lane, Stockport, Cheshire. SK6 8DX. Copyright protected 2014.
Your questions on?poor credit mortgages?answered by a qualified mortgage adviser at First Choice Finance with access to specialist mortgage plans we may be able to help where the high street banks have failed.