Champion Finance
Champion Finance are financial brokers. Champion Finance have been established for over twenty six years and deal in all financial products that are available to homeowners. Champion Finance have access to all secured loans lenders. Secured loans can be used for all most any purpose but over the years many have taken out secured loans for debt consolidation.
Before the credit crunch many secured loan lenders were lending up to 125% of your property value but the best situation is 80% for employed and 75% for self employed.
Champion Finance also arrange remortgage and have access to the whole of the remortgage market. Champion Finance do not give advice on remortgages. Champion Finance can give you a choice of remortgage products for you to make your own decision and choice.
Who are Debt Management Plans Suitable For?
A debt management plan is a new repayment agreement between a borrower and their unsecured creditors. It involves re-arranging how outstanding debts will be repaid, if the borrower can’t afford to keep up with repayments as they stand. The new agreement could include the creditors accepting lower monthly repayments and/or freezing interest, although creditors are not obliged to accept any changes to the original repayment agreement. This idea is to allow the borrower to repay their debt at a slower, affordable rate. However, it is important to note that agreeing to repay debts over a longer period of time may increase the overall cost (due to interest). Plus, a debt management plan will show up on the borrower’s credit report for 6 years, which could affect the cost and/or availability of credit for this time. Like any debt solution, it’s important to consider the alternatives before entering a debt management plan. It might be the case that a different debt solution (such as a debt consolidation loan or an IVA (Individual Voluntary Arrangement) could be more appropriate.
Who are Debt Management Plans Suitable For?
A debt management plan is an informal (not legally binding) arrangement between a borrower and their unsecured creditors that involves reorganising how their debts will be repaid. The aim is to allow the borrower to repay their debts at an affordable rate, making sure they can afford their repayments towards their unsecured debts as well as their essential costs of living. Repaying debts over a longer period of time, however, may increase the overall cost of the debt (due to interest). The new agreement could involve the creditors accepting lower monthly repayments and/or freezing interest – but please note that creditors are not obliged to agree to any changes to existing repayment plans. Furthermore, a debt management plan will remain on a borrower’s credit report for six years, which means that during this time, further credit could be harder and/or more expensive to obtain. Finally, as with any debt solution, it’s important to consider the alternatives before entering a debt management plan. For some people, a different debt solution such as a debt consolidation loan or an IVA (Individual Voluntary Arrangement) may be more suitable.