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One loan or two?
I want to borrow about £50,000. I can try to get one loan from a bank, or I could get two from separate banks with much lower interest rates. This is for a business venture. As backup, I have over £40,000 in savings that I wont touch for the period of the loan, and I haven't touched it for years. I hope to use that as an…
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Consolidation Loan Loop
So over the years I've added up through one way or another a decent debt on credit cards. They are affordable as I have a good salary, I pay more than the minimum each month and I can still afford life but I really would like to just get rid of them once and for all. So basically I thought I'd apply for a loan to…
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Can I get a loan which give one year before repayments start?
Hi all! I have two questions: 1, I want to take out a loan that wont require any repayments for a year. I don't mind paying a little more interest as a result. How can I get such a loan? 2, If I get an ordinary loan from a bank, can I payback the full amount (including all future pending interest) early? Let's say I take…
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Loan for allotment garden
Does anyone know of a lender that will loan for the purchase of an allotment? Most personal loans from high street lenders seem to have a land purchase exclusion. I only want to borrow £7500 so I'm not after a large commercial loan. My mortgage lender have said that they would loan me this additional amount but I'd rather…
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Fraudulent Loan Application
My wife just got a loan agreement in to sign and return from Sainsbury's bank for a loan she never applied for. It has her name and our address on it, but the account number and sort code on the paperwork isn't hers. Obviously she has called Sainsbury's and reported this and they have stopped the application She also got…
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Loans on parent's home
My sister and I are Trustees of our mother's flat via a Deed of Settlement whereby she can live in the flat as long as she wished and when the flat is sold the proceeds are paid to myself and my sister. She has recently moved into a care home and so will now sell the flat. However we need to raise cash in the short term to…
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Nationwide Loan on Mortgage Calculator ' Not Fit for Purpose ' !
Earlier this year I changed my Nationwide mortgage product to another of theirs and saved £114 per month by switching. Now planning some home improvements, so I rang Nationwide to borrow £18,000 over the remaining 18 years of mortgage which would equate to less than £100 per month - less than my mortgage before - and I…
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Will it be cheaper to get a loan with First Direct or use my overdraft with them?
I got my car in August, and whilst I was waiting for a cheque to clear for insurance, I needed to borrow £1000 for a week. First Direct offered me an overdraft for £1000 as it would be cheaper than a loan, and for the week I used it, I was charged around 28p in interest which I find a really good rate. Unfortunately this…
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Unreasonable creditor?
Please let me know if this is covered elsewhere but I have had a good search and can't find anything that's quite relevant to our situation. So my bosses owe £20,000 to one of their (now ex) partners, it was a business loan paid into the business account from her personal one, no formal agreement was made, no repayment…
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Applying for Finance just after accepting another agreement
I've recently been accepted for finance for an item worth £1000 and was wondering if this will have any effect on me applying for finance with another company/broker in the next few weeks? My credit score is fine with no missed payments etc, but will applying for finance in a short space of time (even though accepted)…
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Fraudulent Loan in my name
Hi All, I'm new here and I was hoping to get some advice on a loan that was taken out in my name 5 years ago. First of all, the loan was taken out in 2011 making me 17, I'm now 22 and the legal requirement for anyone to take a loan out is 18 years of age, now to get a loan I'm sure you need credit checks, proof of address,…
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Advertised rates are a con - HSBC
Hye, I applied for a loan from HSBC last week and they advertise a typical APR of 3.3%. First they turned me down (I was very surprised as I have a high credit score and no missed payments on anything), Then I got another email saying they would give me the loan but at a different rate. Came through in the post today and…
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APR rate doesn't add up
Hi, My wife and I recently applied for a loan and were approved at APR 3.2%. We got the paperwork through but the figures don't add up to us! We were expecting interest to be £400 odd (based on 3.2 markup) but the interest being applied is quoted as £1,100 on the paperwork and is above 8.1% based on my calculations. Am I…
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Loan advice (high interest rate...)
Hi there, Erroneously I refinanced a load of debt (overdraft, credit cards and an existing loan) a year ago with my bank (HSBC) and despite being told I'd get a rate of 5% on the prechecks I ended up being offered 16.9% or something ridiculously and stupidly accepted (at the time I was stressing about money and not…
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Amigo Loans Extortionate rates
I was recently asked to be a guarantor on a friend's loan for £5k. He is a very old friend, liquid, he and his wife both work, they have equity in their house etc. Unfortunately, he lost his business 3 years ago and is spending 7 years paying off the debt he'd racked up which has affected his rating. I agreed to be…
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Cancelling a contract that's non cancellable
Hi, I entered a contract that promised to help me with the marketing knowledge to grow my business but then saw no return for it so could not pay for it. I'm considering bankruptcy after taking some debt advice but it seems really extreme that I would take bankruptcy for one debt. I don't know what to do or where to look,…
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Sainsburys Loan
Hi All, Looking for some advice. I applied for a loan with Sainsburys and have been agreed in principle but not at the advertised 3.2 rate. It stated it has been referred for a couple of checks and on some occasions the decision is overturned. Has anyone had this previously? What are the chances my application will be…
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Erudio asking for full payment of student loan
I'm looking for some advice on how to deal with Erudio. I've just received a letter from Erudio saying my student loan has matured and the outstanding balance is due in full, it's just under £2000, the loan was taken out in 1995. I will admit I received a letter in February they sent me but didn't give it any attention…
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Repay or save
I'm in a position where it looks like my current relationship will be ending. We currently share a home and I'm debating what to do with what will be my share of the equity once the house has sold. We have children together and will be able to secure short term accommodation (even if it means going back home for a short…
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Is this loan a good offer?
I have been accepted for my first loan by Sainsbury's bank, but the APR is significantly higher than I had expected (8.5% when I applied with 3.2% in mind). I queried this and told them that I wasn't happy, so they went away and came back with 7.5%, but it is still too much. I haven't accepted or declined yet and was told…
