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Loan disappeared!
Hi, strange one this. I took out a 17.5k Post Office unsecured loan for home improvements in sept 2019, over 6 year period, so due for loan completion in sept 2025.I have just noticed that the last payment taken by direct debit was Jan 2023, though the DD is still open. Ive never defaulted on a payment DD request.On…
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Commerical loan for small business
Hi, Does anyone know if I will be required by a lender to hold professional indemnity insurance to take out a commercial mortgage on my business premises? Thanks
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Car Finance - paying off HP amount early
At the beginning of this month I purchased a brand new vehicle using mostly my own money plus £5k on hire purchase over 18 months at 7%. Without the HP I could not have made the purchase. With the HP I benefited from a manufacturers deposit contribution of £1k plus two services. I am now fortunately( and unexpectedly ) in…
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Logbook loan advice - Mobile Money
Hello, I wonder if anyone can help.. I took out a logbook loan in 2015(!) (aware this was silly but I was very young and stupid) I defaulted on the loan and at the time I wasn’t really that bothered about my credit rating so I let it fall into default and they just disappeared, I had to scrap the car about 2 years after…
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how to calculate the interest according to an old instruction (40 years ago)
Hello Would someone please show me how the interest is calculated according to the far below 'paragraph 1'? The initial amount (outstanding balance) is 10,000 GBP as of 08Nov2024 today. Would you show me the working for the interest and the resulting total amount payable in one year time 08Nov2025? Please give me any…
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Starting a business (personal loans)
Hello all. I am looking to start a business and I wonder is it possible to take out personal loans to do this. Will lenders allow you to do this? What options do I have? Thanks
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Car finance - gift
My patner has recently purchased a 18K car through finance. He has said he wants to gift this car to me as a birthday present. I already have a car that I own out right and do need not comfortable accepting this gift as it’s not in my name and I will have no right of ownership, so I’m risking my security of a car. We do…
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Car finiance changes.
https://www.theguardian.com/business/2024/oct/29/santander-uk-delays-results-car-loan-ruling-bank *** This looks expensive for many financial institutions. Plus getting quick car finance at car dealers could be slow and even more expensive.
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Cancelling direct debits
Hello, I am looking for advice please. I have a joint current account with my ex partner which she still has 2 of her personal loans coming out of (she is saying I should pay them as I have had the money!) she is not paying her half to the joint mortgage or joint loan so the overdraft is getting bigger each month. I have…
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Missed payment
How bad is 2 missed payments recently on a loan, on your credit file, compared to a default or is it just as bad.
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Loan to clear Credit Card debt?
Hi everyone, over the last 10 months my wife lost her job and I had to support her and all bills/expenses and ultimately I pilled up my credit card balance to £15,700 (at an average APR of 37.4% - I know it's high). As a result, over the last 18 months my credit score also went down significantly. Even though I'm not at…
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£20k loan/gift from elderly parent(s)
Hi, My mum (83) is going to give me £20k to cover the final part of my divorce settlement, it's a big number. We haven't fully had the discussion about payback and if I do it as a loan I will be in a position to cover it over the next two years. My dad is also still around at 87 and I have two older brothers and the three…
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Loan application rejected, credit report wrong
Hi. Just wondered if anyone had advise or experience on this. After doing various eligibility checkers I was receiving 90% chance of loan. I did the application and it was rejected - thought that was odd so logged into Experian. My credit file was blank as it didn't have my current address (almost 3 years here) - there was…
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Personal loan from friend - terms changed
A friend was able to loan me 4k about a year and a half ago so I could avoid hefty interest on a bank loan, we had a written agreement I would repay £300 a month, and all was fine. Recently things have broken down between this friend and I and they are demanding I repay the loan in full. I am not in a position to do that…
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credit broker or lender
if i want a commercial mortgage what should i prefer
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Debt consolidation loan
I am debating whether to take out a debt consolidation loan as there are mixed reviews. I have 2 personal loans 1- £1790 2- £1200 credit card 1 - £1100 credit card 2 -£850 credit card 3 - £500 a lot of my interest free plans are up soon. Would it be good to get a debt consolidation loan or just attempt to pay what I can
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Equity release - no management company
Hello, I have a question around equity release. My mother has an interest free mortgage which is due to come up in 2026. We have been looking for an equity release solution which will pay off the capital and leave her with cash in the bank. We started the process by engaging with an Independent financial advisor, who told…
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Changing car finance?
Needed a new (or second hand car in this case) about 3 years ago. Went to a local dealership and, at the time, with my less than perfect credit record, I got finance with 24/7 money. No issues paying each month. Never missed a payment etc. I'm paying around £381 a month, which is probably a lot more than I should be…
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Litigation Loan and Divorce
I've been a victim of one of these litigation loans for divorce, and have been contacted by a number of other people who are also victims. The MO is you go to a solicitor for advice on marriage breakdown, and they pressure sell a loan with a loan company you will never have heard of, these loans charge up to 25% interest,…
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Divorce Loans - FOS have found "unfair business practises" and pressure selling by solicitors....
Two recent FOS decisions have found "mis-selling", "unfair business practises", failure to check affordability, in excoriating decisions which look a lot like those made against payday lenders. It is not enough to say "a solicitor would never..." because clearly these solicitors DID.... Nor is it enough to say the…
