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Loans

Archives for October 2020

Pre-approved Loans & Poor Credit
Hi, I've been repairing my credit now for nearly 2 years. I'm still in the 'very poor' category. But one of the online tools I use (clearscore) has offered me a pre-approved loan via 118118 Money. I am considering applying which will pay off an even higher interest loan and give me some money to move home. My question is:…
The best loan deal
I have a delema all be it a rather nice delema.. I've been left an inheritance. I'm going to use it to pay off my help to buy and mortgage, but it's going to fall short by approx 8k. However, I should be getting some more early next year. This will make up the shortfall. I need to pay both off in the next month. Its not an…
Applying for a new loan
Hi there I'm new homeowners,I was really in need of money, I applied for a personal loan 2 days ago, with RateSetter. got approved and got the money in my account today,but noticed the interest rate is a bit high, is 6.99% , just checking with sainsburys bank, their loan interest rate is much lower, (2.99), I checked my…
Student Loans will start repayments whilst still a Student: University forced end date change
Hi there,So here's all the information. If you get to the end, and have any advice to offer, then thank you. Also, if you want to say something sassy and judgemental, I get it, I've not made amazing choices. But please be as gentle as you can muster, I'm human, I'm learning. My instinct about everything below is to just…
How can I use some of the equity in my flat before selling it?
Dear Financial Whizzes, all suggestions very gratefully received from an ignoramus... My situation is this: I am currently unemployed and extremely cash-strapped. However, I own my flat and have a very small mortgage - about 31k left on it. I need to sell the flat as the leasehold (a subject for another thread another time…
Is it written off??
I defaulted on a couple of loans and was paying them back through stepchange, however I got this email from one of them that was going into liquidation. I was wondering if after the 6th this debt could be passed onto another agency or is it written off ? Thanks
At Wits End With Honours Student Loans
I have a pre 1998 student loan now with Honours Student Loans, though deferment applications are still processed by the Student Loans Company. I have not been able to get this deferred properly for several years now because SLC keep advising that my deferment application is incomplete. I am a company director though on a…
Car - Loan vs PCP vs Lease
I have had my car for over 10 years and has reached mileage of 184k. I am very bad at changing stuff, but i think it would be better than to pay for frequent services. Plus, the bodywork has started to wear off. After searching at various places, I required your help on the following 1) Autotrader vs local dealer? 2)…
Car hp early settlement figure query
Hi, I have a hp agreement with first response finance Im only 3 months into. Car amount £4000 Paid £250 deposit Interest £3270 Full amount £7050 Over 49 months. Paid 2 payments of £143 so far. I got a surprise bonus from work and am looking at getting this paid off asap. I phoned first finance and they are saying £4000 to…
Affordability Check
Ive just applied for pcp car finance on a bmw that i CAN afford the monthly payments on happily I have recieved a request from the finance company to have access to my banking to do an 'afforadbility check' in which they say they will look at outgoings and income In the past couple months i just so happen to have spent…
tesco loans
complete shocking of a company, appliged for a loan and got it, forms have to be signed in person (how out of date) , 5 days later still waiting for docs to sign, called them up and asked if i could electronic sign them and they said no, so i said when will the funds be in my acc at the earliest and ans was prob early nov,…
Which of these 2 loans should I reduce/pay off?
I have these 2 loans: - Hitachi, £16,234. Total left: £14,611 (90%). - Tesco Bank, £7835. Total left: £5,006 (64%). Both have the same interest rate and same monthly payment. I have £5K I can pay towards either of them: should I pay off the Tesco Loan or reduce the Hitachi loan? Does it make a difference to the credit…
business loan / poor personal credit
i know this is a long shot ..........Currently setting up my business to be open in January but due to covid had to rebuild parts of it so need a business loan but i have poor personal credit and don't own my own property, has anyone else found a way to get a small loan for business, i have business assets it can be…
Two jobs at same time
Is student loan payable on the 2nd job? When I use salary calculator (www.thesalarycalculator.co.uk) it does not show any deductions for student loan repayments on the 2nd job? I understand that is because the 2nd job is under the threshold. Apparently that is OK unless you have to fill out a self assessment for HMRC - in…
Consolidating Credit Cards
This discussion was created from comments split from: Unsure whether to consolidate - please advise.
Car finance & Personal loan help
I bank with Lloyds and they offer Car finance for cars under 10 years old, as well as personal loans. I'm in a slight predicament and I am not sure what to do, any financial advice would be really appreciated.. I am currently being offered a £7000 car finance loan at 3.8% APR and a personal loan at 14%, I am 23,…
Natwest Loan break options
I received my email about extending my payment break. I had 3 options and have decided I need a further break. I submitted the form like the email said and I got an email back to say they can't extend my break as im still in my current break. My loan payment is next due on 1st November. Is anyone else experiencing the same…
Best way for early repayment for a loan
Hi I have a couple of loans and i am now able to pay them back in full, i was just wondering if i pay back in full or would it be best to make a large overpayment so the following month the direct debit would be the final payment. I only ask to see what is best for saving on interest. Thank you
Postraduate Career development loan
Hello :) I had applied for a Postgraduate Career Development Loan 2 years ago, to try and better myself and get a Master's!I have now finished uni with a Masters, and have a professional job which I have started in September. I'm due to start the loan payments in November at 9% interest rate over 4 years. I was always…
Guidance regarding a loan with bad credit rating
Hello, I don't know if this is the right thread to use, to give a bit of background:- I have had a number of years of financial, family and health issues, three years ago my daughter and I moved into my mother's home ( from a rental property) and during that time I set to paying my debts and training in order to secure new…

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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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