How debt consolidation helped a customer to carry out home improvements and better manage his finances

The customer story

We were approached as the broker’s customer wanted to carry out some improvements to his home. He was tied into a fixed rate with his existing mortgage provider and wasn’t eligible for further advance with his current provider due to bad credit.

He had unsecured credit card debts in addition to his mortgage, meaning his monthly financial commitments were becoming difficult for him to manage.

Applying our insight

We needed to source a lender for this client which would offer him finance even though he has bad credit and credit card debts.

As the customer had a high early repayment charge on his existing mortgage and a good fixed interest rate, it didn’t make sense to move the mortgage and it was decided a secured loan was the best solution for this customer.

An ideal solution

The lender was prepared to offer a secured loan of £40,000 over 28 years which allowed the customer to consolidate his credit card debts of £15,000 and streamline his payments to one affordable amount, which saved him £150 per month. It also allowed him to carry out some much-needed home improvements.

What we said

“This customer wanted to carry out some much-needed home improvements and, to help with monthly finances, consolidate existing credit card debts.

“Exercising our ability to source from a wide range of lenders and products, we have managed to decrease this customer’s monthly payments whilst allowing him to invest in his future with home improvements.”