Saving one customer over £1,000 a month with a debt consolidation second charge loan

The customer story

We were approached by a broker whose customer was looking to consolidate his unsecured debts and reduce his monthly payments, which added up to almost £1,500 a month. He had been declined a further advance with his existing mortgage provider but really wanted to take control of his financial situation. Although the customer was from South Africa, he had permanent rights to reside in the UK.

Applying our insight

We needed to source a lender for this customer which would let him borrow the additional finance he required, despite his low credit score and credit card debts.

In this circumstance, the customer was suffering financially from large monthly payments and we wanted to get him moved onto a new plan as soon as we could.

An ideal solution

With proof of the customer’s permanent rights to reside, the lender was prepared to offer a second charge loan for the full amount of £55,000 on a 2-year fixed rate with no ERCs – saving the client over £1,000 a month!

What we said

“This customer was finding it difficult to meet and manage all of his unsecured debts and wanted to consolidate them so he just had one payment to make every month.

“Because we have access to a wide variety of lenders and products, we were confident that we could help and that’s just what we did. The customer was delighted by just how much he could save every month and is now able to manage his finances more effectively.”