Loans

Discuss all types of personal loan. Remember MSE's stance on loans: 'borrow as little as possible, repay as quickly as possible'.

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Useful links within the forum * Credit File & Rating board * Debt-Free Wannabe board Useful links to MoneySavingExpert.com guides * Cheap Personal Loans * Loans Eligibility Calculator * Cut Existing Loan Costs * Cheap Car Loans * Short-term and payday loans * Should I get a loan if I have a bad credit score? * Bridging…
Loans - Important links - please read
Hi folks :) This is the new Loans Board Sticky where links to all current important threads will be kept. Links: This thread is for quick links to threads in this board. IMPORTANT - Problems with debts, payday loans etc? Payday Loan Survival Guide from Govan Law Centre Lending money to friends & family Cheap Credit Card…
Help to calculate how my loan will reduce
A few years ago I took out a loan for £8,500. Original loan term was 84 months. term remaining is now 46 months. I did make a one off lump sum payment at some point but can't remember when this was or how much. Balance now is 2,260.36 I am paying £111.79 per month. APR 2.9% Payments are made on 1st of each month. How do I…
Borrower not able to understand the terms and conditions of a loan
Can you please help me resolve the following problem? My friend's application for a loan was rejected on the grounds of them not being able to understand the rules of the loan agreement. They don't speak English very well. I acted on the behalf of them, but after the provisional deal was agreed I could not proceed further…
Help! Car dealership delay leads to default
Hi, firstly apologies as this type of query has probably done the rounds multiple times (I'm panicking). I've had a finance agreement with the company for 4 years. Coming to the end of the agreement I visited the dealership and agreed to a replacement car. Typically due to stock levels was told there would be a delay till…
Paying provident after death
My father had a payment plan with Lowell for a provident loan of £2200 he passed away 10 weeks away and I have had several letters of Phillips cohen associates asking for full payment. does anyone know if I have to pay the loan as he’s deceased and provident is no longer in business.
Early Settlement of Loan - 58 Days Question
I'm confused. I'd like to pay off an MBNA loan off early. But the wording of their contract is confusing. The first part seems to indicate the full interest for the whole term is due, plus 58 Days. But the rest seems to say I just pay 58 days interest in total when I pay it off. Help! This is what the contract says: - You…
Klarna application
Hello, do Klarna send any correspondence via post at all? Wanting to take some credit but wanted it all done via email. Thanks
Personal Loan
I’m looking to take out a loan of around 8000-8500. I’ve been looking around, trying to find my eligibility. I’ve a 900+ credit score on ClearScore. I can get a guaranteed accepted loan of 7.4% with Admiral, or Ratesetter is around 4.5% however it still has checks to do, apparently. My own bank is showing 70% chance of…
Feeling very cash poor
Have plenty of assets (3 properties owned outright, equity in others) but struggling to keep up personally day-to-day right now. I have a long term view on money, so am tempted to take a loan out to keep everything running, rather than sell property, as I know I’m unlikely to buy another if I do, and I’ll have to pay CGT.…
Brand New Car waiting for a part for seven months
Hi, i was wondering could offer some advise. I bought a brand new renault in November. I had an accident no other cars involved in June. The car has now been in the garage for seven months waiting for a part. Renault can give no date and say they await a bracket and fog light which is on back order. I have been paying for…
HP Car Finance - help to calculate 50% repayment please
Hi can someone please help me to work out when I will have paid 50% of my car finance back so I can get rid of the money pit car I was sold and cut my losses? I have a complaint going through the ombudsman about the car (not holding out much hope though!) and if that fails, I want to hand it back when I have paid 50% but I…
Car Loan
My car has just failed it's MOT for the 3rd year on the trot so I am thinking it is time I eventually get a newer car (not brand new). I am going to wait until perhaps next summer but my dilemma is this. In October next year my fixed rate mortgage comes to an end. If I get a car loan in the summer will this affect what…
REAPPLY TIMESCALE
I applied to First Direct online (my first time as I usually call). Went through the process OK and received message the loan was affordable - decision in <2 days. Then changed my mind as I wanted a longer term. Spoke to FD who advised cancel first application and reapply with longer term. They cancelled 1st application…
Bounce Back Loan - ltd company, ceasing to trade - dissolving (not insolvent)
Hi there, I am a Director of a Limited Company that has stopped trading. I have paid all debts apart from the Bounce Back Loan. Do I need to register as insolvent for this debt to be written off or is it enough to dissolve a company? Any help would be appreciated as finding the dealings with RBS very stressful on this…
Vehicle purchased in good faith that had outstanding finance
Hello everyone, at my wits end here. My son paid by bank transfer for a van to a private seller. Two months later a finance company called Moneybarn sent a letter stating that the van was still on finance and that the bailiffs would be taking it away. (I know, we had no idea there was a site you could access to find out if…
Home Improvements
Hi, I own my property outright and would like to make some home improvements - at present, I've been saving and then doing 1 thing a year - however they have been minor costs. The improvements I am now looking at are going to cost approximately 15k-20k. Firstly - I am over paying on my debts and should be debt free within…
Should I get a Mortgage or wait?
Hi I am 26, live with parents. I have a 12.5k deposit saved up for a mortgage, I earn 40K a year, and live in Manchester. I want to get a mortgage however I have a CCJ from a parking fine when I was young which expires May 2024. I have little debt, only a mobile phone. My question is, should I just get a mortgage now, or…
Halifax car loan
Hi, Does anyone know if you can make additional payment alongside the agreed monthly loan cost without any financial penalties? I know you can settle early. Thanks.
First Plus / Elderbridge saga!
Hi, A bit of advice please. I stupidly took out a “2nd charge” on my property after seeing the Carol Vorderman adverts many years ago. My loan was subsequently transferred into the hands of Elderbridge. I paid both First Plus and then Elderbridge regularly for many years but then fell into financial trouble / arrears over…
Loan analogy by Martin Lewis. I can't find it.
Hi, I have been trying to find an analogy that ML made some time ago about borrowing £10 or something off a friend and something about repaying it and buying him a drink as a thank you was an example of worse than payday loan interest. I can't remember the full gist of it but it was something like, it's a massive interest…
Mis-selling of PCP (Mis-sold PCP)
Hi All I wonder if you can help me here. I see a few feeds re: Mis-sold PCPs etc (Car Finance Agreements) I have a few questions. The first is that I used the template letter on MSE and sent it in good time before my contract finished however just last week the lender (in this case SEAT/VW Financial Services) point blankly…

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