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Loans

Archives for April 2015

Can a PCP car loan be paid off straight away without penalty??
Mercedes are offering a £1800 manufacturers contribution to anyone taking out a PCP agreement on some of their cars. Can I take out the agreement and then ask for a settlement price straight away or after say a month and pay the balance thus keeping the £1800 discount?
Tesco Loan Question
Hi all, Wondering if someone could advise: today myself and my partner applied for a loan with Tesco Bank to finance the purchase of a new car. We did this via telephone as I am already an existing customer so decided this was the quickest way. Anyway we were wanting to borrow £13,000 and we were pleasantly surprised to…
Old HSBC loan still apparently open
Hello, About a year a go an old HSBC Flexi loan account appeared on my credit report as open and as increasing by £40 each month. As background to this, my current account with HSBC, to which this flexi loan was linked was closed by HSBC in 2007 as a reaction to my having claimed back several thousands in bank charges. At…
Car Loan \ Credit Card \ HP?
Hi All Well I've finally come through the other side of being on a DMP and am now fully paid off. Unfortunately after this I have split from the wife and moved into a new house (I had to take a small £3k loan to afford furniture and deposits etc) with my daughter. As part of the split it was agreed that I would take the…
BOS Loan
I currently have a loan with bank of Scotland and I'm paying 29.9% interest rates and have 30 months repayments left. I took the loans out 2 years ago without thinking of the huge interest rates I would be paying. I'm not struggling to pay this back however I would like to think there is a cheaper way to clear this off.…
Student Loan repayment advice
I have a pre-1998 mortgage-style student loan which, due to the deferral threshold decreasing, I now need to repay. Today I've received a letter from Thesis informing me that they have been notified that I have cancelled my direct debit instruction with my bank and that I need to ring them to provide my bank details or…
Secured to unsecured?
Hi, Can ask for some advice please? I had a secured loan against my house. I voluntarily handed my house back to the mortgage company due to my horrendous financial difficulties during a relationship break-up. I had applied for a shortfall decision from the secured loan lender as there would not be enough equity in the…
Car loan help
Hi guys and gals I bought a car today for £7000.00 I didn't have that cash so agreed to a finance deal. Brought car home which I love, however now looking at the interest rate it's so high. My father has agreed to loan me the money to repay him interest free. My question can I pay off the finance company loan with dads…
Overpaying a Loan: A Good Idea or Not?
Hello fellow MSEs, I've got a NatWest loan which is scheduled to complete in June 2017. The APR is 19% and my monthly repayments are £129.78. I've also been making additional overpayments at £20 a month since March of this year (the loan should've completed in October 2017.) I've been doing my sums and including the…
Turning down offered loan
Hey everyone, Hoping someone can help me out. I recently applied for a loan, was accepted and I am currently waiting for the agreement to come through for me to sign and return. However, I have been offered the amount I needed by my partners parents rather than take out a small loan. If I now turn down the loan, will this…
Applying for different types of credit at same time
I am going to be refurbishing my kitchen and need to take out credit to pay for some of it. Am i better off getting one larger loan or spreading my credit across a smaller loan, the kitchen companys interest free credit option and an interest free (for 20months) credit card? The total amount loaned would be the same in…
loan or credit card?
I am hoping to buy a new car. I have saved a certain amount and will need a further £4,000. Am I better off taking out a loan for this amount and then opening 0% tranfer card/s to pay off this Loan? Or should I use my existing credit cards to meet the £4,000 and then open 0% cards to pay off the credit cards? or should I…
Advice on barclays partner finance car loan
Hi all I'm in a tricky situation with a car loan I have. The loan is not actually in my name its in my fathers, to cut a long story short we were both stupid as we believed my dad was acting as a gaurentor on the loan when in actually fact the loan was taken out in his name. Of course we can't disput this as should have…
Loan/Salary Ratio
Hi guys, so I've been reading up on loans, and see many people saying you can only get one upto 30% of your salary.. I was earning £21,600 last year and got a £14,950 loan from Nationwide, so clearly this 30% figure is wrong or was I lucky? I have had a promotion and earn £40,000 now, lets say for example I get a £25,000…
Loan to buy car, but just moved house
I just moved house, and got a fairly large mortgage (stretched myself on borrowing) but my partner lives with me and pays half of everything, even though I'm the only one on the mortgage (she has a bad credit history due to a bad ex), so it looks on paper as though I've stretched myself, when in reality there is 2 of us…
No delivery on item ordered at Ideal Home Exhibition
Ordered an adjustable bed at the Ideal Home exhibition on 24th March, paid deposit and was accepted for finance over 3 years. Delivery was 2/3 weeks. Heard nothing more since. No response to e-mails (I am deaf and do not like to use the telephone but will try tomorrow). I have a Sales Agreement, but no Finance Agreement so…
Guarantor loans
Worried for my mum! She was emotionally blackmailed into signing as guarantor on a loan by her son (my brother) who has now been defaulting on his payments, he has now been ignoring her calls or texts after she confided these goings on to me. She thought he had changed she thought he was honestly wanting to improve his…
Secured Loan
I'm hoping to borrow £30,000 via a secured loan on a property. First option is via a HMO I own, I owe £169,000 on it and its worth £260,000 according to the recent valuation. Second option would be on my the property I live in, I have about £55,000 in equity but we've only moved in 2 months ago. Has anyone any advice or…
tiny Irish debt now living in the UK
Any advice would be great. I moved to the UK approx 8 years ago, whilst living here I had a credit union loan. I agreed to repay and up until last December it appeared it was paid off. Stupidly I didn't notice the interest was a separate amount. So today I receive a call from the Irish CU demanded payment of circa €1100 or…
HSBC loan
HI Everyone, Can someone help me I have a loan with the above bank and have had a few issues with the above regarding a change of direct debit... anyway it looked like it had been sorted as it was showing as a pending transaction on Friday to clear today so I was quite happy. However I have checked my account and it hasn't…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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