Debt consolidation case study

The last year has brought a lot of uncertainty to our lives, and now a great deal of people are facing financial difficulties.

Some people have faced unemployment, been placed on furlough, relied on self-employment income support or have even made the decision to close their business permanently.

Government support schemes and payment holidays have provided substantial support to households experiencing financial difficulties. But with these set to come to an end many people have concerns regarding their employment.

At Central Trust we understand that your circumstances can change, sometimes without warning. If you share a similar scenario to the case described below, we might be able to help.

The case study

Last year we were able to help a family that were previously turned down by both high street and online lenders.

Previous lenders did not want to lend due to the 2nd applicant being on their probation period at work, and because of their past account conduct when they missed a payment on their mortgage.

The applicants were looking for a loan to reduce the multiple debt payments they had and raise funds to make essential home improvements. 

Despite the missed payment and one applicant’s lack of job security, we were able to secure the lending that they needed.

The loan consolidated £11,300 of debt that was accumulated due to loss of previous employment and a further £13,700 was raised for them to carry out essential home improvements.

Not only were the applicants able to consolidate their debts, but they were able to reduce their current outgoings by £93 per month, whilst gaining the funding they needed to make their home improvements.

By consolidating their debts and having one loan in one place, the applicants were able to understand their debt better which made it easier for them to budget every month.

They were also given the flexibility and control they needed, with a loan that has no early repayment charges (ERC’S) and just a flat £395 exit fee.

The loan application completed in 13 days from receipt at Central Trust, allowing the applicants to begin their necessary home improvements quicker than anticipated.

Need advice? We can help.

We have years 30 years of experience in helping people find the right type of loan for their circumstances, specialising in secured lending for those who have a poor credit score that had previously been turned down by highstreets lenders.

If you are considering taking out a secured loan to consolidate debts, make home improvements or to simply raise funds for another purpose and would like to discuss your options with a qualified advisor, call us on the number at the top of this page, or complete our ‘Contact Us’ form and we will call you back.

THINK CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.