Test Cases

Scenario A

Mr and Mrs Ahmed were looking to raise an additional £15,000 for home improvements but were tied in with a redemption penalty on their existing mortgage. We organised a secured loan for the clients, avoiding the large redemption penalty, paying the funds to the clients in less than three weeks.

Even though the clients had some adverse credit and Mr Ahmed could not prove his income they could still raise the funds and have a low monthly payment.

£15,000 over 240 months at a rate of 12.3% = £185.09 per month

Scenario B

Mr and Mrs Smith had accumulated £25,000 of debt made up of credit cards, hire purchase and unsecured loans totalling £780 per month.

With a secured loan they could spread the payments over a longer term and reduce their monthly outgoings significantly. The average rate of interest on their unsecured debt was over 14%.

£25000 over 240 months at 8.69% works out at just £235.33 per month, a saving of £544 a month!