June 13th, 2008
As many consumers tried to get debt consolidation loans tacked on top of their mortgage, the result was the popular 125% loan. However, as property values fell, these debt consolidation loans that were tacked on by banks were considered to be liabilities. Now, negative equity is a very real problem for thousands of home owners that did get this type of debt consolidation loan. Unfortunately, it does not appear that housing values are going to go back up, and it may take years for the problem to reverse.The marketing and business development director of MForm, Francis Ghiloni says: “The Lloyds TSB offer is a good move and should be looked at seriously by most of Northern Rock’s 180,000 mortgage customers. However those people with loans up to 125 per cent of their house’s value are genuinely between a rock and a hard place. The price of their house may have fallen and they won’t have built up enough equity to secure a better deal.“Unsurprisingly Lloyds TSB is not keen on taking on people with high loans-to-value and is focusing on the most creditworthy. Borrowers should take a similarly hard-nosed attitude. What is best for them is usually to shop around.”
Related reading : Debt Consolidation Loan
June 4th, 2008
As debt rates continue their upward climb, experts are stating that it is more important than ever to get a debt consolidation loan. Consumer spending appears to be getting higher and many people may find that they are caught in a trap that can only be alleviated with a debt consolidation loan. However, if they […]
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May 29th, 2008
For consumers trapped in a spiral of mounting debt, experts are encouraging them to seek a debt consolidation loan before it is too late. It is very difficult to get this type of loan with bad credit, so it is important for consumers to act quickly before they start defaulting on their payments and ruining […]
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May 24th, 2008
Recent studies have shown that an increased number of Brits are declaring bankruptcy in an attempt to clear their debts. Just a short three months into this year more than 25,000 people have already experienced insolvency.In fact, today alone close to 300 people will declare that they are bankrupt or insolvent and almost 74 homes […]
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May 15th, 2008
According to USwitch, a company that specializes in helping consumers find lower utility rates, the rising energy costs in the UK are forcing many to have to consider getting a debt consolidation loan just to be able to keep current on their payments. Since most homeowners require energy, this has meant taking a hard look […]
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May 8th, 2008
As more students struggle to find lenders to give them debt consolidation loans, they are quickly finding out that the amount they owe is skyrocketing. Analysts believe that this generation is going to have to face more debt than other previously and that if the availability of debt consolidation loans continues to shrink, a larger […]
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April 30th, 2008
One of the largest banks in the US announced today that they would no longer be offering debt consolidation loans to students. JP Morgan informed the public that no new debt consolidation loans would be offered from their subsidiary Chase, and that although current customers with debt consolidation loans are fine, those seeking new ones […]
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April 23rd, 2008
A new trend is emerging from Britons who are in trouble with their debt consolidation loans. These households are falling into delinquency with their energy companies, as they try to keep up with higher payments on their debt consolidation loans as well as rising utility prices. If the problem continues, many Britons may be left […]
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April 16th, 2008
As homeowners try desperately to hang on to their homes, experts are encouraging these embattled consumers to seek out a debt consolidation loan before it is too late. “Consolidating your debts into one personal loan which charges a lower rate of interest can mean that you could save hundreds of pounds in repayments,” says Steven Baillie, […]
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April 14th, 2008
As more people try to pull themselves out of debt, experts are noting a trend that is mirroring one that occurred in the 1980’s in Japan. This refers to the time when the economy bubble burst left many scrambling to find ways to get out of massive amounts of debt. James Malcolm with Deutsche Bank […]
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