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Debt consolidation loans – we can help you
Consumers who use debt consolidation loans secured on their homes are essentially utilising a mortgage refinancing also known as a remortgage. The idea is to reduce your monthly payments and secure a lower interest rate by having all your debts, outstanding credit card balances and loans consolidated into one easy to manage loan with a better rate.
As this normally involves extending the term of your loans you may increase the total amount you repay.
If you are looking at lenders who arrange debt consolidation loans chances are that you might have credit problems. That is where we come in. Regency Mortgage Corporation specialises in bad credit remortgages. Remortgaging your home for debt consolidation is a short term solution to save money on interest payments from expensive credit cards and personal loans.
To learn more let our expert qualified advisors guide you through the remortgage maze.
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Debt consolidation loans - Which debts to pay off first
Source: The following material is acknowledged as being subject to the Crown Copyright protection and has been taken from the Directgov website and accurately reproduced here for your convenience and further information.
When you’re sorting out how to pay back your debts, you’ll need to identify the priority debts. This will mean you can use your available money to settle the most important debts first.
Priority debts
The most important debts aren't necessarily the biggest ones. Priority debts are ones where serious action can be taken against you if you don't pay what you owe.
Some examples of priority debts, and the consequences of not dealing with them, are listed below.
Mortgages
If you don't keep up with mortgage payments, the mortgage lender can take legal action to take possession of your house and sell it, for whatever price they want. If the price they get is less than the remaining debt you'll still be liable for the balance.
How to deal with mortgage arrears and shortfalls
Rent
If you fall behind with your rent, your landlord can evict you (and still take you to court for the money you owe).
Rent arrears
Tax
Not paying tax can lead to you being made bankrupt or going to prison.
Find out more about tax debts
Utility bills
Gas and electricity companies can disconnect their services to your home if you don’t pay their bills. Even a phone bill can be a priority if you need the phone to help you earn your living.
Hire purchase (HP) debt
Any debt should be seen as a priority if what you’re buying on credit (or ‘HP’) is essential – such as buying a car you need for getting to work.
Learn about dealing with HP debt
Other priority debts
If any of the following debts are unpaid, a court could use bailiffs to come into your home and take your goods away:
• Council Tax or Business Rates
• Court fines
• Maintenance and child support payments
Your goods would be sold to pay what’s owed. If, after this, you still owe money, there’s a possibility you might be sent to prison.
What to do about unpaid Council Tax bills
Let Regency help you get out of debt, make an enquiry today.
Non-priority debts
You may not lose your home or go to prison for not paying ‘non-priority’ debts, but you can still be taken to court and ordered to pay what you owe – often with extra costs on top. If you still don’t pay after you’ve been ordered to do so, bailiffs can be used to seize your property.
Examples of non-priority debts include:
• Credit card or store card arrears
• Catalogue arrears
• Bank overdrafts and loans
• Benefit overpayments
• Money borrowed from friends or family
• Non-essential goods bought on hire purchase (HP)
However, any debt that results in bankruptcy proceedings is the highest priority. Once bankruptcy starts, any leeway your other creditors gave you will disappear as they try to protect their debt from the other creditors - it’s very important to respond to any court claims as soon as you can and get advice.
Dealing with debts from buying on HP
How to respond to a County Court claim
County Court Claims and County Court Judgements explained
Where to get help and advice
Many organisations offer help and advice. It’s important to make sure you choose one that will consider your best interests - check that any advice you seek is independent and free.
Some companies offer to consolidate your debts, but they’re doing this as a commercial service, so only consider using them if you’ve received independent advice to do so.
The following organisations will give you free and independent advice:
National Debtline
This charity has a helpline for people in England, Scotland and Wales, which offers free, confidential and independent advice on how to deal with debt problems.
Find out how National Debtline can help you
Contact details for National Debtline
Citizens Advice Bureau (CAB)
The Citizens Advice service can help you resolve your legal, money and other problems by providing free information and advice from over 3,200 locations around the country.
Find your local CAB centre
Read advice on debt from the CAB
Consumer Credit Counselling Service (CCCS)
The CCCS is a charity funded by the credit industry and provides counselling on debt problems - including personal budgeting and advice on the sensible use of credit.
More about the CCCS
Other organisations
Organisations such as trade unions and churches often provide access to trained debt counselling services that can help you.
Debt Consolidation Loans from Regency Mortgage Corporation
Regency Mortgage Corporation has helped thousands of people with their mortgage requirements. We are a Right to Buy UK Leader and have fully qualified mortgages advisors ready to offer confidential no-obligation advice today. Complete the quick enquiry form now for advice on debt consolidation loans, bad credit remortgages and mortgage refinancing. We are here to help.
make an enquiry today
Other Websites
Regency Mortgage Corporation are not responsible for the products and services offered by the sites listed on these pages but do however review all sites for quality before we link to them. Click here to view.
The overall cost for comparison is 9% APR. The actual rate available will depend upon your circumstances. Ask for a personalised illustration. An completion fee of 5% of the mortgage/loan advance is payable only on completion. You may have the option of adding this to the mortgage advance. The surveyor's fee is to be paid direct by you prior to the formal property valuation. Think carefully before securing other debts against your home. Your home may be repossessed if you do not keep up repayments on your mortgage.
For training and compliance purposes telephone calls may be monitored and recorded.
As a specialist and UK market leader in arranging mortgages for Right to Buy customers, we aim to find the most suitable mortgage available to you from our panel of lenders.
Authorised and regulated by the Financial Services Authority.
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