Responsible Lending
Implications of Non Payment
If you are unable to pay on time, each lender has their own policies with regards to fees and interest, and how they collect outstanding debts. Some lenders may pursue you by legal means in the event of repeated non-payment. Most will contact you by phone or letter in order to rearrange payment. Non-payment may result in charges and/or raised interest and may affect your credit score. Please read the charges section of the lenders website before finalising your loan.
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
IF YOU ARE THINKING OF CONSOLIDATION EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF THE DEBT AND INCREASING THE TOTAL AMOUNT TO REPAY.
Warning: Late repayment can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/en
Collection Practices
Most lenders will contact you by phone, letter and/or email in order to rearrange payment. Non-payment may result in charges and/or raised interest and may affect your credit score. Continued non-payment may result in your debt being passed to a collection agency, which would add further charges.
Late Payment
Should you feel that you will be unable to make your agreed repayment on the specified date it is essential that you contact the lender in advance. The lender may offer to extend or renew your loan, please be aware that this will result in additional interest being charged. Lenders may issue a charge for late payments. The amount of the charge will differ by lender so please ensure that you read the terms and conditions before entering into any loan agreement. Late repayments can also have a negative impact on your credit file.
THINK CAREFULLY BEFORE SECURING DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE OR ANY OTHER LOAN SECURED AGAINST IT.
IF YOU ARE THINKING OF CONSOLIDATION EXISTING BORROWING YOU SHOULD BE AWARE THAT YOU MAY BE EXTENDING THE TERM OF THE DEBT AND INCREASING THE TOTAL AMOUNT TO REPAY.
Warning: Late repayment can cause you serious money problems. For help, go to https://www.moneyhelper.org.uk/en
Impacts of Securing Debts Against Your Home
Think carefully before securing debts against your home. Your Home may be repossessed if you do not keep up repayments on your mortgage or any other loan secured against it.
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the term of the debt and increasing the total amount to repay.
Representative Example
Representative Example: Borrowing of £40,000, plus £595 lender fee, plus £3,000 broker fee, totaling £43,595, over 192 months on a 5-year fixed product with an initial borrowing rate of 9.2%, following a variable rate of 9.6%. There would be 60 monthly instalments of £434.49, following 132 monthly instalments of £442.52. Total amount payable £84,577.09, made up of: Mortgage Amount £40,000, Interest £40,887.09, Lender fee £595, Broker fee £3,000, Exit Fee £95. Overall cost for comparison purposes 11.4% APRC. Please be advised that any interest rate fluctuations, during the life of the mortgage contract, will affect the total amount repayable. Cheap Loans is a trading style of TFLI (US) INC, an Appointed Representative of TFLI Limited who is a credit broker, not a direct lender, and is entered on the Financial Services Register under reference number: 723630. The Old Boiler Room, Adelphi Mill, Grimshaw Lane, Bollington, Macclesfield SK10 5JB.
THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.