We were approached by a young couple from Cambridge who, for various reasons, were struggling with financial debt. Between them, they had accumulated seven credit cards, all with maxed-out balances, multiple fully utilised overdrafts, and a handful of personal loans, all with varying rates of interest and all requiring payments each month. The clients were only able to meet the minimum monthly requirements, so the balances remained virtually unchanged.
Urgent action was needed, but their own bank and several others had rejected their applications for debt consolidation as they failed to pass the tick-box underwriting decision-making preferred by those lenders. UK Property Finance suggested a debt consolidation loan with one of our chosen lender panels and accessed the preferential underwriting we had managed to negotiate. We carefully presented the client’s case to the lender and successfully proved the benefits of repaying the client’s multiple debts with one single, competitively priced loan, which ensured the subsequent repayments would be well within their means.
Ultimately, we managed to shrink the client’s monthly outgoings by approximately 45% by reducing the overall interest charged. This provided our clients with significantly more disposable income and helped them to revert to enjoying life again.
As their consolidation loan was offered in the form of a second-charge mortgage loan secured against their property, we were able to negotiate an unbeatable rate of interest via the preferential rates negotiated by our panel of carefully chosen market-leading lenders.