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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 moneyadviceservice.org.uk

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 moneyadviceservice.org.uk

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 £18,000 over 120 months, with a fixed borrowing rate of 6.5% per annum for the first 60 months, followed by 60 months at the lender's standard variable borrowing rate of 4.95% above Bank of England Base Rate. There would be 60 monthly instalments of £227.38 followed by 60 instalments of £221.71. Total amount payable £26,945.40 comprised of; loan amount (£18,000); interest (£6,920.40); Broker fee (£1,530); Lender fee (£495). This would result in an overall cost of 9.1% APRC