Bad Debit Situation

You need to be very careful doing this. While it improves cash flow you end up paying well over the odd in interest. Some of these providers are delighted to see you coming in. You are paying a hugh amount in additional interest.
You need to see what the APR is on each loan. Any additional cash should go to paying off the loan with the highest APR first.

Thrifty said:

Hi Observer, i don't easily take offence but i did to your comment that there is an undercurrent of hosility to the original poster. If you have issue with something said then state it specifically instead of making sweeping remarks which are insulting to anyone who has posted before you. I for one one gave advice that i thought was helpful to the poster. It's very easy to say go out and get a loan but it appeared he was having difficulty getting one. I post questions myself and welcome the variety of answers, opinions and ideas which it can generate. They may not all be suitable but it gives me a wider choice and options.

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The last thing I want to do is engage in one of those tedious "cut and paste every single sentence and reply in detail" exercises so I don't intend to forensically analyse every single post to "prove" my thesis. It was simply an impression, no more no less. It may be right or wrong but ultimately it is simply my opinion. Surely I am entitled to post on that basis? I didn't make sweeping remarks - I specifically said "some" posters, surely that couldn't possibly insult all previous posters???

For the record, I agree entirely about the variety of answers and helpful hints one gets when posting a question here and I have found much profitable information here for which I am very grateful. I try to put something back by answering as helpfully as possible when I have some information to contribute. In that spirit, I think all queries deserve a reasonable response but sometimes some responses tend towards being a bit patronising. (Again, my opinion only)

BTW, I think your posting in response to the original query fell into the helpful and useful category. Some other contributors' posts didn't. That's all I said. No offence intended!

Just a warning about MoneyPenny. Not only are they likely to charge a premium on rates on offer elsewhere but they have also been guilty of misleading advertising in the past. My complaint about some of their newspaper advertisements which purported to look like official notices to council tenants on behalf of local authorities was upheld by IFSRA and they were obliged to withdraw and change them. In fact these advertisments had been subject to a previous warning from IFSRA but were resurrected and run again in spite of this. Unfortunately IFSRA did not react unilaterally to this reappearance and it required a complaint from the public to prompt them into dealing with it. I would be worried what a company guilty of misleading advertising might do in other areas of their business.

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Just to clarify, moneypenny are brokers, so they are not charging a premium rate, the lender who they place the business with is, ie Start Mortgages or GEM.
If someone is looking for a lender to refinance any debt that is in arrears then a higher rate of interest is applicable. The fact is your high street lender simply will not refinance debt that has accumulated arrears.

to expand on that, If you remortgage with moneypenny with a high street lender, ie PTSB, IIB, FA etc then you certainly do not pay a higher rate, you pay the rate available from that lender... No association with Moneypenny, just thought Clubmans post may infer that all remortgages with moneypenny incur a higher rate of interest.