A mortgage lender must check that customers are able your repayments now and in the future. To perform this, information regarding income and outgoings is needed. The lender will also look at what sort of rise in interest levels might affect customers’ capability to maintain up with monthly payments.
9 things you must find out about debt consolidationLooking for a way to cope with overwhelming debt? Credit counseling agencies may offer some relief. Their debt consolidation programs, called debt management plans, will help you get back on the right track – – but they can also be unnecessary and even harmful when done through a badly run organization or for the wrong reasons.
In cases like this the FCA found that RBS breached basic principle nine because it didn’t take reasonable care to ensure the suitability of advice to customers and basic principle two because it did not put things right properly when failings were described .. Continue reading