Aug. 23, 2009 -
PRLog -- In the good old days before the credit crunch which oficially started a little over two years ago, although it probably seems longer to those who have suffered seriously, there were two main methods of cutting down on your monthly outgoings. If you did not own your own home the only way of consolidating your outgoings was by means of a consolidation loan.Debt consolidation consists of combining all your loans, credit cards, higher purchase, etc. and paying them all of by means of a consolidation loan and leaving yourself with the one monthly payment, at a better rate of interest than your credit cards.A tenant has never been eligible for a remortge as the remortgage is a homeowner loan secured on a property. Therefore if you were a homeowner you had the choice of taking out a consolidation loan or a remortgage if you intended arranging consolidation of all your debts.There are pros and cons with these two forms of what are actually types of secured loans.Since the start of the credit crunch underwring criteria for remortgages has tightened up considerably, and although still fairly readily available, there is only ready availability fotr homeowners with a good creditt rating. The extremely subprime remortgage has all but ceased to exist.. Cheshire Mortgages do still consider remortgage applications from homeowners with defaults, CCJ,' and defaults at under 60% LTV. homeowner. The demand for consolidation loans has fallen by more than 80%, and after twenty five years in the finance industry, I really do believe that one reason for this is because consolidation loan brokers and lenders who used to advertise heavily in the national press and also on television no longer do so, thus causing homeowners to think that consolidatiin loans have ceased to exist. The general public simply has forgotten about this excellent way of saving money monthly. This lack of applications for consolidation loans has caused many secured consolidation loan brokers to cease trading and secured consolidation brokers have been driven out of business in their droves. Now with newspaper reports that there is now some sign of economic recovery it is to be hoped that those whose financial lot could be helped with a consolidtion loan will rediscover this useful way to save money.
http://www.championfinance.com# # #
Champion Finance has been in business since 1985. They arrange secured loans for all purposes, whole of market mortgages and remortgages. Trust Deeds, IVA's, and Debt Management also available.
http://www.championfinance.com
