Debt Consolidation
You won't be surprised that the majority of our clients use our loans to pay off all their credit cards, store cards, personal loans and other debts replacing them with one lower cost payment each month from us.
| BEFORE - Existing unsecured credit | |||
| APR | Amount | Payment | |
| Natwest Bank Loan | 15.4% | £3,000 | £103.13 |
| Barclaycard | 17.9% | £2,300 | £69.00 |
| Goldfish Credit Card | 17.9% | £2,900 | £87.00 |
| TOTAL | £8,200 | £259.13 | |
| AFTER - New secured loan | |||
| New Loan (over 10 years) | 8.4% | £10,000 | £121.98 |
| Reduction in monthly outgoings | £137.15 | ||
| Plus cash lump sum of £1,800 | |||
| Source: Money Supermarket 19/08/2003 Payment on credit card 3% of balance outstanding. Payment on loan assumes 3 year term | |||
Below are further calculations for Illustration purposes only based on a £20,000 loan:
| BEFORE - Existing unsecured credit | |||
| APR | Amount | Payment | |
| Clydesdale Bank Variable Rate Loan | 16.4% | £7,000 | £243.63 |
| Natwest Bank Loan | 15.4% | £3,000 | £103.13 |
| Barclaycard | 17.9% | £2,500 | £75.00 |
| Goldfish Credit Card | 17.9% | £3,500 | £105.00 |
| TOTAL | £16,000 | £526.76 | |
| AFTER - New secured loan | |||
| New Loan (over 20 years) | 7.9% | £20,000 | £163.18 |
| Reduction in monthly outgoings | £363.58 | ||
| Plus cash lump sum of £4,000 | |||
Our goal is to cut the cost of debt for all homeowners in the UK. In our view too many people are paying too much for expensive short term credit. By replacing such credit with one of our loans at a lower interest rate spread over a longer repayment period you can significantly cut your outgoings and improve your lifestyle.
In doing so both you and we are helping the economy. More available income means either more savings for investment in British industry or more spending power to help keep the economy afloat and people in jobs. So you see it makes sense at all levels.
For further details, or for clarification on our loans, please apply on-line straight away. When our experienced underwriters contact you, they will recommend the best solution to meet your requirements.