Debt Consolidation

As  you are consolidating debt, I need to make you aware that;

•              I’m not qualified to give advice on the debt consolidation or whether it is appropriate to consolidate. It is your decision whether to consolidate any debts into your mortgage.

•              That it might cost you considerably more to repay the debt over a longer period and;

•              That by securing a previously unsecured debt against your home this could put your home at risk if you fail to make the repayments.

Where the customer has previously had payment difficulties: Whether it would be more appropriate to negotiate an arrangement with creditors rather than take out a regulated mortgage contract.

Where the customer is currently in financial difficulty: The customer cant proceed without written recommendation from a professional debt counsellor. They should be signposted to Step Change or Citizens Advice for debt advice & support. If they are advised to consolidate the debt then we’d need this in writing before proceeding with the application.