Sometimes it might not feel like it, but there are options out there for homeowners struggling with secured loan debts.

It’s particularly hard at this time of the year, with many consumers looking to reduce their New Year debts, but by talking to a financial specialist you may find that your January blues can be solved.

One option is for a secured loan. According to Nationwide, in January 2009 alone, almost 60% of all loans issued were for debt consolidation purposes. By consolidating debt, you reduce your outgoings and give yourself some much needed room to begin saving and move back into the black.

Richard Napier, Nationwide’s head of credit cards and personal loans says: “For those already in debt, the New Year can signal greater money worries. Money worries are made worse if the debt is spread across many sources such as credit and store cards, overdrafts and loans.”

Napier says that with additional mortgage borrowing, existing debts could be rolled into lower and more manageable monthly mortgage payments. So if you already have a mortgage, it may be worth speaking to a mortgage expert to see how they can help you.

Moving debt onto unsecured cards will only lead to more fees, more bills and more financial worries. But by rolling debts into a mortgage, your monthly payment becomes your only outgoing. That means you can save money, can breathe easier and can be safe in the knowledge that your lower rate debts are safe and secure.

SOURCE: Nationwide, 06/01/10

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog

The Government has announced new proposals to ensure that people who are saddled with unsecured debts like credit cards and store cards are given a fairer deal.

Right now, if you have unsecured debt you are at the mercy of the lender. They can change rates and they can even increase credit limits without your consent, both of which could be detrimental to borrowers already struggling with debt and with a bad credit rating.

But that is set to change. Consumer Minister Kevin Brennan says: “Card companies have to get their act together and do more for consumers. The Government is putting forward new measures which we believe will give consumers a better deal.”

Brennan says the Government may enact new rules that mean unsecured lenders cannot increase credit limits and cannot increase interest rates without prior consent from the borrower.

Also, the Government wants to make sure that lenders are not allowed to change the rules that set out the order in which debts built up on a credit card are paid off – most credit card companies make customers pay the cheapest debt off first, but in the future this might be reversed, meaning those with unsecured debts will be able to tackle the biggest debts first. There are also plans to make sure people to pay off their debt faster by banning interest-only repayments – servicing a debt rather than trying to pay it off can means years of unsecured financial problems and thousands in unnecessary interest.

Joanne Garcia, head of credit cards at Confused.com says: “Like it or not, a lot of people depend on credit cards, so anything that can be done to protect them from the credit card companies and themselves, is good news.

“If the credit limit is increased or credit card cheques are issued, some people cannot resist using what is on offer. But this can lead to terrible spiralling problems, especially when the interest rates rise, so this move by the government could potentially give more power back to consumers and allow them to regain control over their finances.”

The sooner people can be clear of unsecured debt, the better. Debt needn’t be a bad thing, but credit card and store card debt is never positive. If these changes do come through it will mean people will be able to pay off debt faster, consolidate easier and will become better credit candidates sooner.

SOURCE: Dep. of Business, Innovation and Skills, Confused.com, 27/10/09

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

It may not be an option to consolidate all your debts right now while secured lending is so tight, but there are things you can do to ensure that your debts don’t stop you accessing secured loans in the future.

The first thing to do is to make a budget plan. Lay it all out – incomes, outgoings, necessities and luxuries – then begin to make some really tough decisions. Look to see where you can cut back and look to see where money is simply being wasted.

After that, look at all your necessary bills and see where you could save money. Could you move to a cheaper mobile phone plan? Could you do without digital TV for a while? Have you tried to compare your utility bills alongside other providers? Have you talked to your mortgage adviser about cheaper insurance packages?

There are so many things you can do to cut back your outgoings so as to start saving and start overpaying on your mortgage. The longer you can do that, the better borrower you will be in the eyes of the lenders in the future.

So when the fog lifts from the UK economy and when house prices have risen once again, the borrower who has kept their outgoings under control and has worked towards increasing the equity in their home will be the borrower who can take out a secured loan. This loan could be for home improvement, for a new car or to help their kids through high education – whatever you need the money for, if you work hard to attain it, it’s yours.

Talk to a mortgage adviser about preparing for better days – they can help you budget, they can help you plan long-term and they can assure that saving is the single best way of becoming a secured loan borrower in the future.

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

No one wants to have to face debt in their retirement after a long working life, but unfortunately that’s the case for many pensioners in the UK – something has to be done now to stop the elderly becoming too indebted.

EuroDebt says within its current client base of those over 60, almost one in three still have a mortgage and the average unsecured debt for these homeowners is just under £40,000.

Kevin Still, director of EuroDebt says: “The big question is what happens to these people if they are forced to retire? The analysis of our client base indicates a worrying trend, as more and more over 60s appear to be getting into serious debt, struggling to cope with the pressures of the recession. For some their savings have been hard hit as a result of the interest rate cuts and for others the prospects of living off the equity of their properties has diminished.

“The prospect of retirement should be a happy and relaxing time, after a lifetime of work. But our figures reflect that not only are some older workers going to stay on in their jobs for much longer, but for those forced to retire there are real concerns of managing their financial commitments.”

EuroDebt says the figures for debt in the over 60s has gone up quite considerably since the recession really took hold – this age group is really struggling to keep on top of finances as their income has dropped and cost of living has risen.

If you are worried about your debts as you look to retirement, the sooner you can begin sorting them out, the better chance you have of being debt free by the time you leave work. Talk to a mortgage adviser about your secured loan, remortgage and equity release options. Your home is your most important long-term asset, but it’s also your best chance of getting out of debt.

SOURCE: Eurodebt, 07/10/09

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

The recession has pushed many Brits to the absolute limit as they struggle to meet bills and debts without credit and without any opportunity for wage increases.

In fact, according to Bright Grey, 39% of people would be in trouble if they had to find just £50 extra each month – this is worrying because just one credit card payment hike or one extra bill may tip those past their limit. Also, as many as 12 million Brits are currently struggling to cope with their monthly bills as it is. If bills were to increase by £50, this could rise to 18.8 million.

The average Brit spends £1,378 each month on essentials – equating to 68% of their average individual income. But more than half the population would find themselves in money trouble if their bills rose by just £100 a month, according to the insurer.

Roger Edwards, proposition director at Bright Grey says: “The report reveals the average Brit is just £155 away from a money meltdown. The frightening truth is that many Brits are already struggling to afford their monthly bills – and all it would take is a small increase in bills or drop in income for people to find themselves in trouble.”

These figures are not a great deal in the grand scheme of things, particularly when you consider how low interest rates are at the moment and how they are expected to rise again. But only just scrapping through the month not leave a lot of leeway if bills were to increase, and it certainly doesn’t give borrowers much chance to begin repaying debt – for many, their situation can only get worse.

That’s why consolidation loans could be so helpful to Brits who just can’t keep up. By using their home’s equity, they can take out a secured loan and pay off all of their debts in one go, leaving them with just one manageable loan at a lower rate. They can then begin to save rather than spend and work towards paying off their debts.

SOURCE: Bright Grey, 24/09/09

To keep up with the latest news and comments on current financial affairs please visit the Secured Loan Blog.

The UK population is falling increasingly into the red, often from a variety of sources. If you find it hard to keep track of your outgoings then you may find it easier to get a debt consolidation loan. This can allow you to pour all your debts into one and make just one repayment each month. Below we have listed some of the reasons why people may look at a debt consolidation loan and how they could help you to repay your debt. Read on below to find out if a debt consolidation loan may suit you.

Learn more about the Debt Consolidation Loan

Turn on the TV or open a newspaper and all you will see is news of debt and spiraling personal financial problems – the UK is swimming in debt and everyone wants to get out of it. According to the latest figures, Brits are in debt to the tune of over £1.4 trillion* – that is a lot of debt in a lot of directions. As a result, the debt consolidation secured loan industry is booming and can give real benefits to indebted Brits. If you are one of the millions who are stuck in personal debt hell, then consider a debt consolidation secured loan as a way of making all those debts into one, manageable loan. Using your home’s equity as a way of alleviating debt could be your answer to a happier life.

Find out more on the Benefits of a Debt Consolidation Secured Loan

[tags]debt consolidation secured loan,secured loans,consolidation loan,bad debt loans[/tags]

Juggling finances with a full-time job and a family isn’t easy. If you’ve got lots of outgoings such as school expenses, large grocery bills not to mention a mortgage, credit cards and store cards, it can be difficult to plan ahead. It may be that your family need a well-deserved holiday, but you simply don’t have enough spare cash each month. If this is you or your family a consolidation secured loan could be an option.

If you are interested in taking out a secured consolidation loan, it’s worth arming yourself with a few facts first before taking one out. A consolidation secured loan can help free up the monthly finances of homeowners who need to raise some extra cash, whether it’s for paying off debts, taking the holiday of a lifetime, making home improvements, or even unexpected long-term expenses.

Learn more about the Consoliation Secured Loan

[tags]consolidation secured loan,debt consolidation,loans,secured loan[/tags]

If you are searching for information under the term debt consolidation loan uk this article is for you. Debt consolidation is just one of the many ways you can make paying back your debt easier. There are also options between taking on a secured debt consolidation loan or an unsecured loan. You can also look for a debt consolidation loan if you have bad credit.

Read more about the Debt Consolidation Loan UK

[tags]debt consolidation loan uk,debt consolidation,loans,loan[/tags]

A consolidation loan is designed for people who are juggling more one debt and would like to reduce their outgoings to one monthly payment. A consolidation loan could prove useful for you if you have multiple debts, or are paying off loans or credit at a high interest rate. If you’d like to take better control of your finances and debt repayments, and are interested in ways to make the process easier but also possibly cheaper, then a consolidation loan could be the answer you’re looking for.

Find out more about the Consolidation Loan

[tags]consolidation loan,debt consolidation,debt refinance[/tags]