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Loans

Archives for November 2019

Advice needed over short term loan for debts
Hi all, I just wanted some advice on sorting out my finances. Currently I have about £35k of unsecured debt. Plus £32k mortgage. I have two homes (one with my wife that we live in worth around 175k) and the other a family home that we have recently put up for sale (owned by myself and sibling worth around 400k). I can earn…
Hp caravan loan
Hi. I am going for a voluntary termination on an HP loan for my static caravan. They have said I have to pay a mandatory fee of £30 for it and make sure I write that in the termination letter to them. Is this correct?
Urgent loan advice please.
Dear sir, I really need this loan. Hence, did an online application with my bank. I got approved straightaway and the money credited to my account promptly. However, the rate looks out of order. I asked for £15.000, which I got but i am expected to pay back £22,329 in total. That's about half of the total amount i got to…
Guarantor loan from over 20yrs ago
Morning all, I hope you can help Back in 1998, my grandad was a guarantor for a loan for me for a car, which ended up getting stolen and then it transpired that the garage were corrupt and did me out of money for a GAP insurance policy. The initial loan was with GE capital woodchester. To cut a long story short, there is…
Consolidation Loans, do they even exist?
Hi All, I know that most of you here are against consolidation loans and in favour of being Debt-Free.. I totally get it and respect each and everyone's choice to live a debt-free life. Like everyone else, I am entitled to my own choices and frankly I choose to live my life in the most enjoyable way possible regardless if…
Trying to get a loan
Thanks in advance for any advice. My current state of affairs are: 16k on Credit Cards all 0% and all are going to last for 18-24 months 8.5k personal loan with Tesco ending May 21 CCs and Personal loan was used to renovate house. Mortgage free on a 225k house. Long term I believe my finances are in good enough shape but…
I need advice with my loan
Hi, I’m new on here and would like some advice. I had a loan out with Lloyd’s tsb, for a number of reasons I fell behind on my payments. I had a letter through today from Lloyd’s saying that they have passed on my loan to there recoveries team. The letter explains I need to pay the whole amount straight away which I can’t…
Advice on ex Welcome Finance Loan
A good few year back, approximately 2006, my then partner had a loan with Welcome Finance that he was told was secured againt our jointly owned property. He left suddenly and Welcome were rather forceful and aggressive chasing the debt, I reluctantly agreed for the loan to be transferred into my name as they told me that…
Advice appreciated on loan options
Hello. I will keep this succinct. I’m single, mid-fifties, self-employed, a London home owner (value of property approx £500k with a £23k mortgage remaining). I have v modest savings as I have prioritised overpaying the mortgage and paying into a pension. My work has become v insecure and cashflow is a concern. I intend to…
Past gambling issues debts and one big loan
Hello all this is my first time on this forum so I’m hoping this could be my saving grace ☺️ BACKGROUND Currently 24 years of age who has had big issues with gambling and mental health issues in the past which equated in me getting into my overdraft every month, numerous credit cards all equating too £5000 in total, and my…
In a bad situation
Hi, Basically gonna spew out my life story from the last 2 weeks to explain why im seeking this advise. My mum isnt well, my partner left me and the job im in is refusing to offer support for my mental health at the moment. I have around 700 ish quids worth of bills to be paid by friday, and i need to figure out the best…
Is making overpayments on my car loan going to help?
Earlier in the year I took out finance to help pay for a new car, and I want to try and clear it, but I'm also saving for a house so want to work out whether to just keep the payments as they are for the term I originally took it for & put money into savings, or make overpayments on the loan whilst I'm saving. The original…
Help Please
Hi everyone, I am looking to move house soon but have a few thousand pounds of credit card debt. How will this affect me applying for a larger mortgage? I am thinking of getting a loan to pay the cards off and get rid of them but not sure if it's the right thing to do to apply for a loan just before applying for a new…
Real Issue with Tesco Bank loan - please help! Affecting credit score!
Hi guys, Ive had a bit of a shock with my credit score recently, Im as a default very careful with making sure any account I have are paid off in time and usually have a very good credit rating. I have about 7 settled accounts and 12 open accounts on my credit file. All of those, bar one lender, has never had a late…
Shares as loan security
My in-laws are in a care home and need to sell some shares to release capital to pay for their care. Their share portfolio is pretty low just now and I believe it will bounce back in the future. Can I lend them money to pay for their care and take the shares as security with the loan to be repaid when they die? Could the…
Sofa loan appearing on credit record
Hi all, I was wondering if anyone has an answer for this. So I took out a 0% loan on a sofa from Next with a 12 week lead time. The loan was accepted and I have had an alert that the credit search will be put on my record. However, none of the credit reference agencies have alerted me that the new loan will appear on my…
Car Finance Dispute
Hi, Almost 4 years ago I took a car out with a dealer on finance. This was a monthly payement with a balloon payement at the end if I wanted to purchase the car as my own. This was due in February 2020. 4 months early the dealer called and invited me in to talk about my options where I explained I wanted to part exchange…
About to default on loan
Hi all, I am in dire straights financially and will have to default on a loan on the 1st December. The loan is with Halifax. I also have an overdraft, credit and mortgage with them. My question is if I default on the loan will Halifax cancel my overdraft and credit card? Are they viewed seperately or can Halifax take a…
Loan
hi need to get some help I loan some 2k in 2006 he said I would get 4 k back but he has just say cleared monthly payment which he says started in Jan 2013 and ended on Aug 19 at 50 a month can I ask if he was to go to a bank or building a society what interested would've been charged and would the have waited this long as…
Harrased by debt management company.
Hello. So basically I have defaulted on one of big loan lenders. I spoke to debt compare thinking they could help me repaying that using some repayment plan. The lady sounded geniue over the phone and I signed some online forms before really checking the details... Later on I searched them through google and found out they…

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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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Loans

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