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Asset-Backed Debt Consolidation · Case Study

Private Client

Type of loan

Asset-Backed Debt Consolidation

Client

Private Client

Asset

Patek Philippe World Time

Loan amount

£42,500

Key points

Multiple existing borrowing commitments
Single asset-backed facility
Eligible debts settled directly where agreed

Background

Client E had several existing borrowing commitments and wanted to consider bringing eligible obligations together into a single facility. They owned a valuable luxury watch that could provide security for the required borrowing.

Solution

A £42,500 Asset-Backed Debt Consolidation facility was secured against the eligible watch. As part of the agreed arrangement, eligible existing debts could be settled directly from the facility, with the remaining balance transferred to the client's nominated account.

Outcome

Client E used an eligible asset to bring existing borrowing together into a single asset-backed facility, simplifying the process of managing those obligations.

Representative APR: 69.0%

Representative example: If you borrow £20,000 over 6 months at a fixed annual interest rate of 60%, you will make one repayment of £26,000. The total amount payable is £26,000, including £6,000 interest. Total charge for credit: £6,000.

Your asset is pledged as security for the loan and securely held for the duration of the agreement. If you do not repay the amount due under the agreement in accordance with its terms, your asset may be sold.