Nearly a quarter (22 per cent) of couples over 40 are keeping debts a secret from their other half, but honesty and a debt consolidation plan could make the future much more rosy for them.
Prudential has found that people in this situation owe an average of £7,800, with half (48 per cent) putting the secret debt down to borrowing for day to day items, while a third indicate they`re still paying off a period of overspending from an emotional event like a previous break up.
Vince Smith-Hughes from Prudential warns that keeping finances secret from your other half can lead to problems in later life. With that in mind and if you are in this situation it may be a good idea to start tackling debts now, so there aren`t any nasty surprises further down the road.
First Choice Finance can help you reorganise your debt using a debt consolidation loan or remortgage, aiming to lower your monthly payments, although you will probably have to pay more interest over the course of the loan. Discover more at firstchoicefinance.co.uk or by calling 0800 298 3000 or 0333 003 1505 from a mobile.
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.