Britons should determine what their disposable income is before approaching a lender for a secured loan, debt consolidation loan or other such borrowing, it has been claimed.

James Falla, managing director of Thomas Charles, suggests that a key consideration is the amount an individual can afford to repay each month.

This could drive some Britons to seek out debt consolidation loans, which can lower overall monthly repayments by collating all borrowing into a single loan.

Mr Falla contends that consumers need to undertake an analysis of their existing monetary standing in order to accurately inform their lenders of what they can afford to repay.

"They should have quite a good idea in their own mind about what they think their income and expenditure and disposable income look like," he explains.

Recent research conducted by Thomas Charles found that 15 per cent of Britons are in debt of £10,000 or more.

Secured loans could be one way for consumers with assets to find themselves on a more tenable financial footing.ADNFCR-1287-ID-18373419-ADNFCR

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