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Loans

Archives for September 2021

Consolidation depression
I have two credit cards, totalling 15k, I am overpaying the smaller one to hopefully get it rid soon, to then overpay the bigger one (think it's called the snowball effect). I have tried to get a loan to pay them off quicker and cheaper. But although on a soft search I get accepted/100% eligible, when I fully apply I get…
Tricky one. I need to raise £60K for a deposit on a buy-to-let maybe using pension?
Hello, I am 51. I recently discovered I have a pension pot from an old job that is worth £62K. I want to use this as a deposit for a buy-to-let house that I have found. The house value is £167k and it already has tenants in place (with a minimum years contract), paying £1100 per month. I thought I would be able to…
Home appreciation loans from the council seem to be a bad idea.
Home appreciation loans from the council seem to be a bad idea. If you are thinking of borrowing money in this way for your home improvements please think very carefully before you sign up. My grandson took out a Home appreciation loan via his local Council 9 years ago. He borrowed £10.000 He was given to understand that…
Advice for a severely disabled couple - secured loan
Hi all Hoping someone could possibly advice me. It appears my Auntie and Uncle who are both severely disabled (deaf mute) were very poorly advised to take out a secured loan against their home in 2007 by their daughter. The loan was for £30,327.00 with a variable interest rate of 9.80%. It appears the loan is interest only…
Car ownership after split
Hi all, Me and my partner of 8 years have recently split. In 2019 he took out a bank loan to purchase a new car for me as our old one wasn't suitable for us anymore (we'd just had a baby). Now I'm in a situation where the loan is in his name solely, he has been making the payments but I'm the registered keeper and have…
Martin: Student loan costs may rise £400/yr
Martin Lewis has AGAIN warned the Government against possible retrospective changes to the terms and conditions of existing student loan contracts. In a new video, the MoneySavingExpert.com founder responds to reports of a possible shake-up to student loans, which could see the earnings threshold you start repaying at cut,…
Hsbc repayment reward
Hi just having a problem with hsbc I had a loan with three that I had 1 payment left I have rang about the reward which I was told about in the branch that they said I would receive they are know saying I will not get it unfortunately I have moved house and can't find the paperwork but I was told for sure I qualified for…
Two year homeowner, bought council house under Right To Buy, paid cash. Unable to find secured loan.
Hi all help or suggestions gratefully received. Two years ago, we bought our council house and paid cash with an inheritance. We are now looking to build a single storey wrap-around extension and require funding for it. We recently had a mortgage in principal agreed but when it came to the application phone call with the…
Early Repayment Of Student Loan (as an expat in the US)
Hi guys, I was just hoping to get a little advice, if possible. I now live in the US and don't plan on coming back to the UK in the near future. I still have some outstanding student loans left in the UK and have left sufficient money in a UK account to cover the cost of the loan repayment. The issue I have is that as a…
STUDENT LOAN FRUSTRATION
I'm not sure this is the correct board but we are getting so frustrated with the student finance loan company Even at this late stage my daughter has been told she has zero grant. There is absolutely no reason for this. Both my wife and I are not high earners and have earnings combined well below any threshold. My son…
Had IVA 2 years ago. Paid off. Options for career change loan (£10000).
Hi everyone, Thanks for allowing me to post in the forum. I'm a big fan of MSE and Martin Lewis. Anyway, my questions :-) I'm a 40 year old would-be career changer learning Software Engineering via a NON-university path that I'm very happy with. I've been doing so for approximately a year and a half whilst working full…
HELP TO BUY
Hello, was just looking for some help as i cant seem to find my help to buy documents. I bought a home 3 years ago, new build through help to buy, the price of the house was £100,000, £5000 deposit, £75,000 mortgage and help to buy equity loan of £20,000, i pay the management fee of £1 per month at the moment, i know i…
118 118 Loan - HELP
I stupidly took a loan of £2000 out with 118 118 back last year. After 10 months of paying £159 per month I called them to enquire about settling the outstanding balance. It was then I was told that to settle the loan I would need to pay £1780. The balance on my account is showing as £2226 however this is including the…
Urgent help please
I am looking for some advice. I have a secured loan through Barclays, which was transferred to Elderbridge after a period of financial worries left my account in arrears. I cannot take any more worry over this loan. So I wrote to them asking for help and to see if they could remove any of the financial penalties on the…
Lantern UK - Help!!
So. A few years ago I was really struggled with money, took a few payday loans out. Which most certainly shouldnt have been allowed as I literally used to put my wage BACK into the loan to pay it off then take it back out. Anyway, turns out I had a sunny account that I didnt clear and have recently received this email. Any…
Natwest approved loan and then rejected
Hi, I've never posted on here before but wondered if anyone can shed any light on this... So , on my online banking I was told I am highly likely to be approved for a personal loan (although I would have a higher APR due to credit score). I am really wanting to improve my score so applied online for a personal loan from…
36m car loan but the car broke down after 14months
Hi MSE community, a friend is 14 months into a 36 month (£6000) car loan agreement with Moneyway. Unfortunately his car broke down due to a major fault with the gearbox which will cost £1700 to fix. I just wondered whether any know if the finance company (Moneyway) has a part to play in the repair?
Repay small student loan?
Hi all, I've read martin's post on student loan repayment but I am not sure how it applies to smaller loans. I have a student loan of £6,834.52 with an interest rate of 1.5% and I started to repay in 2018. My annual income is now currently just over £30,000 before tax. Is it worth trying to pay this in full or continue…
Elderbridge - Urgent help for vulnerable person
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Postgraduate Master's Loan
Hi all- could do with some help! I am still unsure as to whether it would be best for me to apply for/how much to apply for the post-graduates student loan, which is up to £11,000+My situation is slightly different in that my employer is paying 50% of my course fees, leaving me with £4320 course fees left to pay. I am…

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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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