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Personal loans 'should not be kept secret'When taking out a personal loan, it is best to share that information with loved ones, according to the Consumer Credit Counselling Service (CCCS). A spokesperson for the CCCS said that "many people" do not tell their partners that they have taken out a loan or have accumulated debt. However, he recommended that financial issues be shared with loved ones, as not doing so could lead to stress and unhappiness. "There's a lot of stress associated with keeping a serious debt problem secret and by sharing the problem that stress is relieved somewhat," he explained, suggesting that "a problem shared is a problem halved". Recent research by Abbey Loans revealed that up to 1.35 million unsecured personal loans taken out by Britons have been kept a secret from partners and family. Abbey Loans estimated that the value of these hidden loans was around £7.7 billion.
Source:-http://www.moneynews.co.uk/4204/personal-loans- |
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THINK
CAREFULLY BEFORE SECURING OTHER DEBTS AGAINST YOUR HOME. YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT A fee between 0% and 10% of the loan may be charged on some plans depending on credit history and ability to prove income. Example: Loan of £15,000: 120 monthly repayments of £204.66, 10.4%APR variable. Loans secured on residential property. |
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