Secured Loans, consequencies of non payment

Some people can find it very tempting to spend more then they really can afford. They may already have the responsibility of meeting the demands of a self cert mortgage or secured loan but still want to buy more things. They should try to act cautiously as it is very easy with long term debts to fall into mortgage arrears. This in turn may translate into a bad credit rating and then they would not have much of a chance of getting any more credit.

If they still can not help themselves and are not too bothered about the consequences of bad credit and mortgage arrears then best thing they should do is sit down and try to form a personal spending plan in which they should take into account all their incomings like wages or commission or whatever other way they have of money coming in at a monthly rate. They must counteract this against all their outgoings, their secured loans, self cert mortgage, bills and food also at a monthly rate. The amount they have left they can spend on a new loan or put some money aside in case of an unfortunate event.

If they are still determined to get a secured loan then let them go ahead. Sometimes people have to experience the problems of bad credit and mortgage arrears before they start taking their responsibilities to their self cert mortgages and secured loans seriously. Another trouble with defaulting on a loan is that for instance if it was got out to buy a new car, not only do they have a rapidly depreciating car but they may lose their house as well. Lenders are not keen to repossess homes but they have to use this power as a last resort if all other avenues of getting their investment back has failed.

This is a very drastic thing to happen to anybody so before taking any future loans out or any form of borrowing at all a professional independent financial adviser should caution their clients to think about the realities of how they are going to pay off their debts.

We can not promise you a Mortgage BUT we will listen no matter what your circumstances are.

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ABBEY FINANCE

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Actual rate available depends on circumstances ask for personalised illustration. The overall cost for comparison is 7.9% APR. Our representative fee charged is 1.25% of amount borrowed. APR variable and based on a usual case.

YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE