Secured loans customers 'need to keep addresses up-to-date'
20/03/2008Consumers with personal finance packages such as secured loans need to keep their lenders informed of changes in their circumstances, one expert has noted.
According to a spokeswoman for Moneyfacts Group, an organisation which provides independent financial advice on a range of financial issues, said that keeping addresses up to date is an essential part of being a loan customer.
Samantha Owens, head of personal finance at Moneyfacts, said that credit reference agencies may often be informed of payments that have been missed that are simply a result of lenders having an old address.
"If you are moving you should remember that you do have this debt and you need to keep your providers informed," she said.
She added that in some cases, if bills go to the wrong address borrowers can often find that they are still penalised and that this can be damaging.
There are a number of reasons which people opt for secured loans, one of which is for debt consolidation.
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