What Do You Do When Your Bank Declines Your Consolidation Loan Or Remortgage Application.

July 28, 2009 - PRLog -- The reckless lending in which so many banks and building societies were involved caused much of the present terrible credit crunch. Our economy is at it's lowest ebb for sixty years. Redundancy has been rife, people have been rendered homeless due to their homes being reposessed, sales of cars has plumetted, and the construction industry has gone through it's biggest slump since 1948.
Imagine all this chaos due to crazy, crazy lending practices. There were such practices as self certification of income for the self employed. This could meanthat a self employed person who in truth earned say £20,000 per annum were free to declare many times this to obtain the loan, remortgage etc. that they wanted. This also lead them to buy much more expensive ouses than they could actually afford.
Loans and mortgages quickly fell into arrears as so many loans and mortgages were granted on these false self certifications.Some lenders even accepted self cerification of income for employed applicants, and as such there were shop assistants working thirty two hours a week earning upwards of sixty thousand pounds a year, and no one bothered to query it
This sort of criteria has all but ceased. Banks and building societies have had their fingers burned badly and the UK population has suffered enormously from the fall out Now it is much more difficult to obtain loans and mortgages, and people who were readily granted loans in the past are finding themselves declined by their banks.
If you find youself in this position the best course of action would be seek the services of a specialist  loan broker who is expert in the whole matter of loans of all kinds whether it is personal loans, debt consolidation loans, secured loans, homeowner loans, mortgages and remortgages.You can find advertisements for these individuals in papers, and most certainly on the internet. Go online and type in such keywords as loan, loans, loan broker, remortgage  and you can access their websites. The loan broker will deal with a number of specialist lenders whose criteria is often a bit less strict, and who are still willing to grant loans.

http://www.championfinance.com/debt/debt-consolidation.htm

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Champion Finance are expert mortgage and secured loan brokers. We arrange our loans through a large panel of lenders. Whole of market mortgages arranged with all lenders such as C&G, Alliance and Leicester, Halifax, Woolwich, RBS, etc.etc. Trust Deeds, IVA's and Debt Managrement available.

http://www.championfinance.com