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Debt Restructure

Loand and Debt Restructure

Frequently asked questions

Our customer service team will explain everything to you, but if you want to check the meaning of a financial term, it should be listed below.

If you have any further questions, either call us on 01902 585 016. Or we can call you back

  1. HOW MUCH CAN I BORROW AND FOR HOW LONG?
  2. ARE THERE ANY RESTRICTIONS ON WHAT THE LOAN CAN BE USED FOR?
  3. CAN MY HOME BE REPOSSESED?
  4. HOW MUCH WILL MY LOAN COST?
  5. WHAT INTEREST RATE WILL I BE CHARGED FOR MY LOAN?
  6. WILL I BE CHARGED FEES?
  7. CAN I FINISH THE LOAN EARLY?
  8. WILL MY ENQUIRY BE TREATED IN CONFIDENCE?
  9. WILL YOU CONTACT MY EMPLOYER?
  10. I'VE HAD FINANCIAL PROBLEMS IN THE PAST. CAN YOU STILL HELP?
  11. I'M WORRIED ABOUT MISSING PAYMENTS DUE TO BECOMING ILL OR BEING MADE REDUNDANT?
  12. CAN I BORROW AGAIN IN THE FUTURE?
  13. I'M SELF-EMPLOYED. AM I STILL ELIGIBLE?
  14. WHAT IF I MOVE HOUSE?
  15. I HAVE NOT BEEN WITH MY CURRENT EMPLOYER VERY LONG. AM I STILL ELIGIBLE?
  16. I HAVE NOT OWNED MY PROPERTY VERY LONG, AM I STILL ELIGIBLE?
  17. HOW DO I COMPLAIN?

HOW MUCH CAN I BORROW AND FOR HOW LONG?

You can borrow any amount from £5,000 to £125,000, depending on how much you can afford to repay each month. The loan can be over any time period from five to twenty-five years.

ARE THERE ANY RESTRICTIONS ON WHAT THE LOAN CAN BE USED FOR?

No, you can use the money from your loan for virtually any purpose. The choice is yours. The majority of our customers clear some or all of their existing credit so as to reduce their monthly outgoings to just one, more manageable monthly payment. (See section on Debt Consolidation). Quite often they also raise additional cash, to buy a new car or carry out some home improvements, and, remember, with cash in hand, you can often negotiate attractive deals when buying.

CAN MY HOME BE REPOSSESSED?

Your home may be repossessed if you do not keep up repayments on a mortgage or other debt secured on it. However this is a costly exercise for lenders which they prefer to avoid. Lenders are expected to take all reasonable steps to help clients to stay in their homes should they have difficulty in making the repayments. This has to be approved by a court. Bear in mind that even with an unsecured loan, lenders can apply to the courts to have a charge put on your property if you do not maintain the repayments.

HOW MUCH WILL MY LOAN COST?

That depends on how much you wish to borrow, and the time period that you choose to repay it over. For an indication of repayment costs, see the loan repayment tables

WHAT INTEREST RATE WILL I BE CHARGED FOR MY LOAN?

It is difficult to say what interest rate your loan will attract, as all loans are assessed on personal circumstances.

WILL I BE CHARGED FEES?

Arrangement and lenders fees tend to be the norm nowadays. In the past, there were large penalties charged when a loan was paid off which is where lenders created income to cover the set up costs. Since the regulations changed, lenders can only charge a small penalty and so reflect the set up costs at the beginning of the loan by adding fees to the loan. You don’t pay these fees up front because they are added to the loan and you therefore spread the payment over the term of the loan which is interest bearing until the loan is paid off.

CAN I FINISH THE LOAN EARLY?

No problem if you can afford to repay the loan before the anticipated completion date. The lender will calculate the outstanding balance in line with the requirements of the Consumer Credit Act 1974. The early payment charge is normally one months interest on the balance outstanding, upto a maximum of two months

WILL MY ENQUIRY BE TREATED IN CONFIDENCE?

Absolutely. We treat every enquiry in the strictest confidence. We pride ourselves in our confidentiality. We are registered under the Data Protection Act (DPA). We adhere to the confidentiality guidelines set out by our trade bodies, as well as the letter of the law from the Data Protection Register and The Consumer Credit Act (CCA).

WILL YOU CONTACT MY EMPLOYER?

No. We would never contact them without your consent. If you have any pay slips and/or a P60, this will certainly not be necessary. If you cannot produce pay slips, we may ask your permission to obtain a brief reference from your employer, purely asking them to confirm your position, length in employment and your annual salary. We will not supply them with any details of your loan Enquiry.

I'VE HAD FINANCIAL PROBLEMS IN THE PAST. CAN YOU STILL HELP?

Our financial expertise means we can even help if you've had problems keeping up payments in the past. We can arrange loans even if you have poor credit rating, have arrears or a county court judgement (CCJ) against you. In certain cases, but not always, an alternative interest rate may be offered. But it costs nothing to find out what we can offer you.

I'M WORRIED ABOUT MISSING PAYMENTS DUE TO BECOMING ILL OR BEING MADE REDUNDANT?

Consider taking out a seperate insurance policy to protect you. It can be very cost effective.

CAN I BORROW AGAIN IN THE FUTURE?

Of course. As long as you've maintained your regular payments, you could borrow more – even if you haven't completed your original loan. Just give us a call and we'll gladly provide a quotation for a further advance.

I'M SELF-EMPLOYED. AM I STILL ELIGIBLE?

Most certainly. Generally, we'd like to see two years' accounts, but even without trading accounts we can often arrange loans.

WHAT IF I MOVE HOUSE?

Loans which are secured on the property are simply paid off from the proceeds of the sale. But sometimes we can transfer the loan to your new property, Just let us know if you're about to move and we’ll let you know your options.

I HAVE NOT BEEN WITH MY CURRENT EMPLOYER VERY LONG. AM I STILL ELIGIBLE?

You are, generally we like to see 3 consecutive pay slips, but even without these we can often arrange loans

I HAVE NOT OWNED MY PROPERTY VERY LONG, AM I STILL ELIGIBLE?

No problem. We are able to help with a private rent reference or even without.

HOW DO I COMPLAIN?

We will always do our best to resolve any complaint you may have to your satisfaction. In the first instance please call 01902 585 016 or write to us at Promise Solutions, 2nd Floor, Fullard House, Neachells Lane, Wolverhampton, WV11 3QG.In addition, each customer also has the right to make their complaint to the Financial Ombudsman Service. They can consider complaints about a wide range of financial matters. They are completely impartial and their service is free to consumers. They aim to resolve the majority of complaints within 6 to 9 months. A customer does not have to accept any decision they make, they are always free to go to court instead. But if they accept an ombudsman's decision, it is binding on both them and the business concerned.

Consumer Helpline

0845 080 1800
mailto:complaint.info@financial-ombudsman.org.uk

Postal Address

The Financial, Ombudsman Service,
South Quay Plaza,
183 Marsh Wall,
London,
E14 9SR

Promise Loans can put you back in control

Customer feedback
"Your team did everything they said they would. It was a pleasure dealing with them and their wonderful staff Dr Patel,Wembley
"We were impressed by the ownership of our case and the regular updates. We were called when you said you would call. A great service which we would not hesitate to use again Mr and Mrs Ashton,Preston