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Homeowner Consolidation Loan (Homeowners Only)
A secured loan is any loan that requires the borrower to provide the lender with some form of security. In the case of secured loans, the security will be the borrower's property, regardless of whether it is mortgaged or owned outright. Loans secured against property that is already mortgaged are known as second charges, whereas loans secured against a property owned outright with no existing mortgage in place are known as first charges.
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. MISSING PAYMENTS MAY MAKE OBTAINING CREDIT MORE DIFFICULT IN THE FUTURE.
The ABI has produced a consumer guide on PPI together with other financial services trade associations, including the British Bankers Association, the Finance and Leasing Association, the Council of Mortgage Lenders and Protect. The Financial Services Authority and the Citizens Advice Bureau have also contributed to this guide.
For more information visit the ABI website.
The guide aims to be a simple and straightforward first introduction for customers to PPI. The guide is deliberately short and the content is limited to information customers should know before deciding to buy PPI. A follow-up guide with more detail for customers who would like more information is being produced.
The guide is now out for consultation until 30 November 2006. It will also be 'road test' during this period. The ABI would welcome any feedback and suggestions on how the guide can be improved upon to make it more effective.
