Debt consolidation

SECOND CHARGE USED FOR DEBT CONSOLIDATION WITH LOW INCOME An introducer contacted us with a client who needed funds to consolidate debt that was spiralling out of control. The client was struggling with his outgoings and needed a solution that would allow for one simple payment every month. The good news?... He had a clean credit history. The bad news?... He failed affordability checks based on his sole income. The Solution Using the couple's joint income would have helped, but the client's partner was on maternity leave and had already received the full SMP allowance (her income was zero at the time of application). We approached a lender that was able to facilitate the required amount as a second charge loan on the basis that...

Overdue Tax bill

OVERDUE TAX BILL FINANCED WITH A SECURED LOAN A broker approached us with a client who needed funds to clear an existing second charge loan and pay a tax bill. The case was declined by a high street lender due to the high LTV (95%), the client's overdue tax bill from previous years and his unprofitable business. The Solution We managed to place the case with a lender who was able to offer the full loan amount after taking into consideration the fact that the client had gone into a full-time employment. The loan would improve the applicant's financial situation by clearing his tax bill and consolidating his existing debt.