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Loans

Archives for April 2022

Constant Loan/Debt Collection Letters To Wrong Address?
Hi All, Sorry if this is in the wrong place but I've recently started receiving letters from a loan/debt company for someone I don't know. (Maybe they entered wrong address details I only realised it was a debt company by the return address on back of letter) I lived at my address for years and this has only just started…
Student loan debt but never attended
This is gonna be a strange question but I thought it’s worth asking anyway. I left college and started Uni in 2011, obviously getting a student loan but I left after a week. Being young and stupid I never officially withdrew as I thought it would’ve worth it to me to keep the grant I got every few months (stupid I know).…
Almost 80,000 QuickQuid borrowers will get back half of what they're owed for mis-sold loans
Around 78,500 QuickQuid and Pounds to Pocket borrowers, who were mis-sold loans they couldn't afford, will receive refunds of some of the interest and fees they were charged at a rate of 53.5p to every pound owed, it's been confirmed. Pay outs are expected to be sent within the next two weeks... Read the full story here:…
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Student loan- should I take it or leave it?
I am entitled to £11k student loan for the past academic year. I did not previously claim the loan as I am working and don’t need the money. So I saw no point in paying interest unnecessarily. But with the cost of living crisis looming I am now wondering if I should take it ‘just in case’. My husband died a year ago and…
Loan help!
This might sound like a daft query - I am wanting to apply for a personal loan to fund a car purchase. Only going to go through with it if they offer me at 2.8% - during the application process it is asking for direct debit details - after completing the application do I have still have chance to reject the loan or are the…
child off to uni sept 2022 - high interest means will not pay his loan off in 30 years - But...
I know martin says that many kids will not pay off their loans - but I did a speadsheet and over 30 years my child will pay back about £130k. The interest means the total is always out of reach - so this is really just a tax for 30 years. However, paying this extra tax in mid life (when he/she may have kids) is not great…
Large Car Loan
I’m looking at buying a brand new car for £39k and not quite sure how to finance it. The dealer is offering 4.9% apr on a pcp deal. I just wondered if it would be cheaper to go through a different lender and not the garage but I can only seem to find car loans online up to 25k. Is that the max you can borrow on an…
Erudio student loan deferment taking ages!
Hi All, Just wondering if anyone has had problems recently with their Erudio student loan deferment, as in the amount of time taken to process? I submitted mine online on 25 March and have still heard nothing back, apart from the 'We have received your deferment application' email. Normally, after I've sent everything to…
Consolidate or sell?
My partner and I are after some thoughts and opinions on what we should do to find the best way forward for our finances. Over the past few years we have overstretched ourselves, much the same as many others. I’m now 50, she is 47, and we are both at the point in our lives with kids grown up and gone that we want to enjoy…
Littlewoods BNPL
Hi, new to the forums. Not sure this is in the correct section - the different topics seem awfully convoluted and bloated so I've just put it in here. I was wondering if anyone who has experience with Littlewoods can tell me how their BNPL system works? I also use Very which works in a way where you simply just have to…
Loan payment made on the 1st, credited to loan balance on 14th - is this legal?
For a Santander loan, we make the monthly payment on the 1st of the month, from a Santander bank account. However on the statement, it credits on the 14th, seemingly incurring two extra weeks of interest every month. When asked, Santander have some vague answer about it ‘taking a while to transfer’ sometimes, which feels…
How to go about a secured £8000 loan on a house that's fully owned.
Credit limit isn't spectacular so can't see an unsecured £8000 loan application being accepted. Fully own a house though and want to secure the £8000 to the house to increase chance of getting accepted for the loan. How would I go about researching this? I can only find loans for people on a mortgage.
Experian Consolidation Suggestion...3 loans
I was undecided between Credit Ratings or Loans board. Anyway here's one suggestion from Experian in suggesting I bring my EV finance+FD30 Admiral loan+Furniture Secure Bank Trust loans together. I'm not posting numbers yet as I have done recently across other mser boards. If I were to take a look at those numbers, what…
What to include on loan application
Hi, I'm about to apply for a personal loan to pay off car finance and credit card at a lower rate. Found the best deal etc, and checked my credit rating and acceptance, so I know I can get the 2.8% loan, through Tesco finance. But I remember last time I applied online, it asks for current credit card and loan balances,…
What documents will they ask for?
If approved for a loan. What documents may they ask for? I’m a little worried as I have been on maternity leave for a year, with no pay for the last 3 months (ended this month and now back at work). My husband has been paying most of our bills for the last 3 months due to this. Bank statement will show his full wages going…
Applied for loan at NatWest…accepted but found lower APR else where. Can we still apply for that ?
Hi all, My husband & I have applied for a 20k loan over 4 years to purchase a car. We’ve never ever applied for a loan before. Stupidly we went with our bank who offered us 7% APR, we applied and we’re accepted. They are sending out paperwork. In the mean time I stated to worry that the apr was too high. We actually used…
Have you had success reclaiming from a mis-sold payday loan?
In 2018 MSE published the guide: Reclaim payday & other short-term bad credit loans: Get £100s or £1,000s back for mis-selling without using a claims firm Have you managed to make a successful claim against a payday loan company? I'd like to hear your stories.
Student Loan Query - Living at Home in Scotland
My daughter will be starting university this autumn and plans to live at home whilst studying. We live in Scotland so tuition is free and given our parental income, my daughter can borrow upto £5,100 a year. We won't be charging her for rent, food etc. but she has a part time job and bus travel is free upto 22 years of age…
NVQ level 2 support loan
Hi, can anyone help please. I'm 47 years old currently working part time. I earn £266 per week. I'm looking to do a part time course which costs around £3000. (Career change) Can I get any fnancial support or learner loan to help me pay for it? I can find plenty of information on getting help for any course that is a level…

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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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