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Loans

Archives for September 2020

Loan in arrears - interest help
I’ll try to keep this short but hopefully be as clear as possible.... I took out a £20k loan in Oct 2017 for 7 years. I made all the contractual payments in full, on time, each month until Aug 2019. My financial situation changed which meant I was unable to pay the contracted amount so I contacted CAB. They helped me out…
car finance
So my husband took car finance out with a well known German car dealership two years ago. Within about 5 month of payment they made a massive !!!!!! up unknown to us and settled our agreement in error. My husband doesn't check his bank account so didn't realize payments were not coming out we had a few odd letters from…
Loan in my dad's name
Hi guys need help. I have a loan in my dad's name that's still got years left on it, I'm struggling to manage payments and wondered what help is out there for me to reduce or get rid of the loan ?
Remortgaging and personal loan
Hello Im currently awaiting remortgage completion on the 2nd of November. All paperwork had been signed and returned more than 3 weeks ago, offers accepted, nothing outstanding, and all I’m waiting for now is for the new mortgage to kick in in November. I want to apply for a personal loan and I was wondering whether it…
Is a debt enforceable if the terms of the Consumer Credit Act 1974 are breached?
I took out a £12K loan Start Up Loan from a lender in 2018. I got into difficulty paying the loan back and entered into a reduced payment plan to prevent the account being defaulted. However, when I contacted the lender 9 months after paying the agreed reduced repayment plan each month, they told me that they had defaulted…
Statement
If you have a fixed term loan but have never received a statement is that legal, can we claim interest etc? We've always made payments on time but only ever received one statement that we requested.
Amigo refund
I have put in for a refund had a reply as it was over the 8 weeks and I am bit confused We are currently in discussions with the regulator regarding a particular aspect of complaints and therefore, we have paused the investigation of certain complaints until discussions are concluded. The discussions centre around our…
Nationwide loans confused
I am confused hopefully you can help. I am on a payment holiday with nationwide for 2 personal loans , ending this month. I called them to clear the arrears I had before the payment hoilday, they said they can’t see this at the momment (there’s no defaults or payment plans) They said arrears will stay on my credit file for…
Is Safety Net Credit Representative 68.7% APR correct, charging 0.8% per day
I have taken a few short-term loans, some of which daily charges are 0.5% per day but their representative %APR is higher than Safety Net's, which charges 0.8% per day. I was reading about the regulation about Representative %APR states that: ‘the rate of interest, and whether it is fixed or variable or both, expressed as…
Help
I am currently on mayernity leave and have sold my to lower monthly outgoings. Me and my partner are renting a house but looking to buy in a years time. I am due to go back to work in June and need to buy a new car for my job. We can’t afford to pay outright for the car, what is our best option which will have the least…
Advice
I have a outstanding loan with hsbc. I was with step change but my account closed. I have tried being in contact with hsbc metropolitan services, using online chats, written two them and ringing them. I have had no response by these methods at all. I have received no letters from them either. What do I do now.
Refused a loan
I am a little confused and need some clarification. I recently sold my house and now call a narrowboat my home. i cleared all my debt and of course have no mortgage so of course, Debt free😊. i have put some money away for a rainy day but was told to keep a good credit rating so I have applied for several loans to purchase…
Northern Rock De-linked loan causing a charging order on property.
I am hoping someone can shed some light on this Northern Rock issue that's been stuck with me since 2009. I currently have a charging order on my property which got put on in 2009 after a court order. Me and my sister got a Northern Rock together mortgage in 2004 when we bought a property together and with this together…
Loan Advice - Pay in full now or continue monthly payments?
Evening all! I currently have a personal loan with my bank with an interest rate of 27% APR. I have another 17 months left of repayments to pay off the loan. However, I now have the money to pay off the loan in full. If I were to pay in full now I would save around £250 in total. My credit rating in the past has been poor…
car finance
my son and his partner purchased a car 2 years ago on finance it still has 3 years to run, the finance is in my sons name. His partner has now left him and taken the car with her leaving my son to carry on paying for it. My question is can he hand the car back to the finance company even show he doesn't know where it is,…
Halifax Clarity Loan
I took out a clarity loan with Halifax in 2017 for £1000, with the high interest rate I still owe £745. Would I be better getting another loan to pay this one off?
Advantage Finance - Car Loan Settlement Issue
I have a loan with Advantage Finance, my settlement was slowly going down and in march it was £6.3k, and I was getting close to being out of negative Equity. I took a covid19 payment holiday (3 months) as marketed on their website to the impression that it will not incur any charges and will not cost me any more money from…
Student Loan - Very mixed up and court hearing imminent
I am very mixed up about the Student Loan I took out from SLC in 1997 when I was aged 33. I can not make sense of the MSE student loan guides and there are circumstances in my case that are not covered. I took the loan in Northern Ireland, in 1997. I believe there was a change to the loan system then so i also have 2…
Post Office Loan Early Redemption, Redemption amount increased through lockdown
Hi guys I am really hoping you can help. I took out a loan with post office for £25,000 for some home improvements back in May 19 (at interest rate of 11.9% over 7 years, went through MSE credit club and it was indicated it would be 3.2% and when i put the application through it went upto 11.9%, and as it had already hit…
equity
does any one know if you can claim interest paid in the equity you have taken out on house

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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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