There are so many people scouring the internet as I write this deperatley searching for a consolidation loan. They are struggling with existing credit agreements and believe that having one monthly would solve all of their problems. In their search they are targeted by unethical loan broker companies who charge extortionate fees (normally £69.50) to offer a guarantor loan OR debt counselling!
What they don’t realise is that getting a loan in this day in age (even with a good credit rating) is almost impossible. So if they can’t get a consolidation loan......what can they do?
The answer to this is simple; they can arrange a debt consolidation plan. This a fantastic way to utilise monies already borrowed to their own advantage. All of their unsecured debts (including payday loans, loans, credit cards, store cards, catalogues etc) are added together (like a consolidation loan), you pay Pure Financial Management one affordable monthly payment and they distribute it between your creditors. This means that all the harassing phone calls stop, the nasty letters cease and you are free to regain financial freedom!
Once Pure Financial Management have received up-to-date balances from their creditors they will give an exact term for the plan. This will be the time that it will take to become debt free!
If you would like to have an informal discussion, or a quotation please give them a call on freephone
0800 4 96 95 94 or EMAIL
Applying for a Consolidation Loan may seem like a quick fix, especially when you have numerous creditors and arrears. The truth is if you have arrears, defaults and CCJs these loans are non-existent - many people are taking the desperate measures of paying these so called “brokers” a fee (normally £69.50) in the hope of finding a solution. Once you have paid this money you will normally be issued with an application form to apply for a guarantor loan or offered debt counselling. The Office of Fair trading are investigating these various brokers but in the meantime they continue to take these unlawful broker fees from desperate people!
There are other options available. You may have not considered the fact that a Debt Management Plan (DMP)may be the best option – it can instantly stop the worry and you are paying your debts with one affordable payments as opposed to borrowing more money.
For example, if your total debts totalled £6825 and we were made up of loans, catalogues and payday loans etc and you could comfortably afford to pay £175. This would mean that you would be debt free in 49 months. The amount you pay per month depends on what YOU decide therefore if you could pay £250 per month you would be debt free in 35 months.
A DMP is a convenient way to pay your debts and to stop the harassment from creditors. You pay your monthly instalment to us on an agreed date each month and we distribute the payments between your creditors. We negotiate with them to ensure that the harassing phone calls stop and they stop adding late payment charges and interest.
If you have fallen foul of the “broker” fee we can help! Our debt advisors will assist you in getting a refund within 28 days (although the brokers are allowed to deduct a £5 admin charge). This is all in our service.
If you would like to have a friendly, informal chat about how Pure Financial Management could help you – please do not hesitate to get in touch.
