SECOND CHARGE USED FOR DEBT CONSOLIDATION WITH LOW INCOME
An introducer contacted us with a client who needed funds to consolidate debt that was spiralling out of control. The client was struggling with his outgoings and needed a solution that would allow for one simple payment every month. The good news?… He had a clean credit history. The bad news?… He failed affordability checks based on his sole income.
Using the couple’s joint income would have helped, but the client’s partner was on maternity leave and had already received the full SMP allowance (her income was zero at the time of application). We approached a lender that was able to facilitate the required amount as a second charge loan on the basis that the client provided a reference from her employer, confirming her salary and the return to work date. The lender was satisfied with the affordability checks and the funds were released.