Frequently Asked Questions
1. How much will my monthly repayments be?
The amount of your monthly repayments will depend on the amount you need to borrow and the loan product you are eligible for. Your adviser will work with you to find a solution which meets your individual needs and means. Wessex Resolutions provides responsible finance and will only approve a loan if they are sure that the loan is affordable for you.
2. Do I need to be in receipt of benefits to qualify?
No, although people on benefits or pension credit are also eligible and their loan product, as with everyone, will suit their needs and means.
3. What are your fees and charges?
Wessex Resolutions do not charge any administration or set up fees/charges for the loan. However, if a loan is offered, a Title Restriction is normally registered at the Land Registry (if your home is registered) and a £20 fee is payable to the Land Registry to register the Title Restriction. If your property is unregistered, other fees may apply. We will tell you about any other fees or costs that you may have to pay if you take out a particular loan.
4. I have a poor credit history and CCJs, will you lend to me?
Each client is considered individually and their unique circumstances taken into account. We will not automatically refuse a loan because you have had CCJ's but we will ask you to explain to us how and why the CCJ came about so we can fully understand your financial situation before considering a loan application.
5. Why are councils offering loans?
To provide long term sustainable finance. Grant funding for local authorities has been cut so significantly that there are not enough funds to support everyone who may need help. Local authorities introduced a loan scheme to recycle the money lent so that every time a loan is repaid the money is added back into the local authority pot to be re-lent again, helping as many people as possible.
6. Do I need insurance, such as buildings insurance?
Whilst this is not a requirement of a loan, many people consider buildings insurance to be an important protection.
7. Can I repay the loan early and will there be any early repayment penalties?
The loan can be repaid in full at any time and there are no early repayment penalties or admin fees to pay. One-off lump sum payments of £100 or more may also be paid into the loan without incurring a penalty.