Just completed a nice case. My client is a single parent with 2 children. She contacted me to discuss the possibility of using some equity in her property for debt consolidation. She wanted to clear her overdraft debts and her store card as they were starting to worry her.
Although month to month she wasn’t struggling for money, there is no payment structure in place to help people get out of an overdraft or store card debt. We discussed the options and I’ve now remortgaged my clients residential property. This allowed her to release some of the equity that she’d built up to allow her to pay off these debts. This does mean she is taking those debts over a long time scale with the mortgage. However she now has a structure in place to actually clear the debt. Also her mortgage was previously on a much higher interest. Her monthly payment is now actually less than it was before even with the extra borrowing. This is because she now has a much better interest rate.
To top it off this was one of the quickest remortgage cases I’ve ever done – from mortgage application to completion in 17 days. We actually got the offer the same day of the application! One very happy client. Although this wasn’t a particularly large case for me it is extremely rewarding to be able to help someone in this way.
If you have any debts that are becoming a worry and would like to discuss your options Get In Touch.
*Think carefully before securing other debts against your home*