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Loans

Archives for August 2018

Student loan Plan confusion
Hello everyone, could someone be able to help answer my dilemma please. I originally enrolled/started university on 2011, but due to medical reasons I had to repeatedly suspend my studies and finally graduated in May 2018. During this time, tuition fees loans increased to £9,000 and due to university/student finance rules,…
Best way to repay debt to improve credit rating
Hi Guys, Seeking a bit of advice as you lot have all the smarts.:) My credit rating is less than fantastic due to CCJ because of a stupid oversight with a parking fine. have a credit card debt of 6k @ 20% APR. I recently took out a loan of 7k for a car at 17.6 % I only needed 5k but 7 gave me a better interest rate. There…
Absolutely desperate for advice
I am hoping to find some advice please - I am absolutely desperate - in tears most of the time as my husband and I are in so much debt We have a mortgage of 127000 and have never defaulted on payment we have lived in our property over 27 years but over the years have made disastrous decisions which has now lead us to a…
Wonga on brink of collapse
News reports Wonga is "on the brink of collapse" this weekend following a large number customer compensation claims. Grant Thornton may be appointed administrators as early as next week. https://news.sky.com/story/wonga-on-brink-of-collapse-after-customer-compensation-claims-deluge-11482720 This comes a few weeks after a…
Loan Application & 'Additional Income'
Hi I've recently bought a property with my gf and looking to get a loan to do some home improvements that are needed. Due to my gf's credit rating, the mortgage and bills are in my name but she contributes. When applying for a loan does it ask about additional income, and would I be warranted in saying that her…
Halifax personal loan application to call the advisor
I recently opened halifax current account and on the app it shows me the quote of personal loan so i applied for it. After that there is screen asking me to call the halifax advisor then continue. Does anyone know what it does mean, do i pass their initial assessment? Thanks
Getting a car loan when you've recently had credit
I was recently in the process of buying a car. Took out a loan of £25k through Tesco, planned to pay £10k of my own money (£35k purchase price). When it was time to pick the car up, it became clear that it had been in an accident so the purchase fell through. I paid back the Tesco loan instantly (within the 14 day cooling…
Issue with 118 118 Money
Good Evening All, I hope I’m posting this in the right place. I paid off a loan with 118 Money on 27.7.18 via bank transfer, which was a Friday, I called them on the following Monday to make sure that they received the payment and my account was settled. They confirmed they had and that as far as they were concerned the…
Unsecured loan of 200000£ Against PG
:mad:Hi, I am new to this forum I took a loan of 200000 for the term of 5 years and monthly instalment was 4000£ . They have taken my personal guarantee against the loan. However I invested the amount in clothing business. I paid a few instalments and later the loan went into 91 days deafault . The money went to fashion…
Help Needed Regarding Default on my credit score
Hi everyone, I have been told to come on here for advice which im hoping to get some help. I had a little loan from a company called close brothers finance for around £400, i had 12 payments & i cancelled my direct debit after 10 payments as i thought i had finished my payments. So they have sent my debt to a debt…
Loan fraud ccj
I’m really trying to help a mentally disabled man , he was a victim of pay day loan fraud many years ago. The police at home said it was a civil matter and did no more. After him taking a mortgage out last year the debt turned back up. He has come to me for help . However he has ignored all the letters that were going to…
Barclays Partner Finance
Has anyone re-paid a barclays finance loan early? Can you make an offer? Credit card debts companies make offers and sometimes get 50-75% discount if they pay a certain amount off immediately.
Default Balances on Loans
I'm struggling to understand exactly how a default balance is calculated and why two banks do things differently. I have two loans, one with First Direct and the other with Sainsbury's' Bank. I defaulted on both loans last year as I was out of work due to ill health, but the two banks are treating the loans very…
Settling sainsburys bank loan
Hi I'm about to settle my Sainsburys bank loan but when I rang up I was told the only way was to bank transfer the remaining balance to them. The guy on the phone gave me an account number and sort code. That seemed a bit weird to me so I just wanted to confirm this is the correct procedure and that the following is the…
Voluntary Termination Advice
Loan to pay off mortgage?
I currently owe £16000 on my mortgage and intend to move house this year. My introductory rate ended a couple of months ago and has switched to the SVR, currently 3.99%. Because I intend to move house soon, I didn't bother shopping for a cheaper rate because I would only have to arrange a new mortgage deal to buy the new…
Help!!!!!
I applied for a loan on two weeks ago with my bank HSBC and was successful and the money transferred to my account. I initially had a £10,000 loan with £6,000 left to pay. I needed to borrow £11,000, with the repay of the existing loan of £6,000, so £17,000 in total. The total payback is now £24,000!!!!!!!!!! I asked for…
Car Finance and Loans
Currently I have a new car on finance which I'm looking to settle in order to purchase a preowned car. To do so I plan on taking out a loan. Will having a finance loan at the time of taking out a bank loan effect the amount of money I may get from the bank and/or will it effect the interest rate i'm likely to be approved?…
Right to withdraw Car Finance
Hi there. We're looking at buying a used car from a dealership in the coming weeks. And as such have been looking around for the best way to do so. Ideally we'd just pay cash & get it done with, but I gather there's not going to be much haggle room when paying cash nowadays. And that you'll get offered a cheaper price on…
Pay off car finance or save for a mortgage
Hi, I am new to this so I hope I have posted in the right place?! I would like to know is it better to pay my car finance off or continue to save for a deposit for a house? My final settlement figure is £6700 on my car which is costing me £200 a month. I have £16,800 in savings towards a deposit for a house. Should I use…

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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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