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Loans

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

B&Q 0% via creation - very confused
Sorting out a new kitchen and B&Q now use creation finance. They (B&Q) have told me to apply before hand but when I do I can't see any 0% offer, and they will offer me £5k at 17.9%. I've checked by credit score in clearscore and it's 1000/1000. It can't get better. Considering I have no mortgage and a good salary, I'm even…
Loan for solar panels on house
Sorry if this has been asked before but I wanted to see if anyone has taken out a loan for solar panels and how it worked out. My thinking is to take a loan for £10-15k and what I would have paid for the electric bill would partially pay the loan instead. This time of year my electric bill is approximately £85 per month. I…
End PCP Deal
Hi, I am looking for some advice on behalf of my mum in law. Over the last few months she has went through a seperation, leaving her home and, yeah, changing her life for the better. Unfortunately she had taken out a new PCP in August. She is now worried about this as she really can't afford it and would rather give up her…
Advice required - Debt Collection on old debt I don't believe I owe.
Hi All, I joined this forum for advise. I recently received an out of the blue letter from Resolvecall with threats that they would be visiting my property over an alleged debt of over £1,100 allegedly owed to Lloyds Bank. Attached in the separate envelope was a letter from Intrum advising they had tried to contact me over…
Help - how to get car loan with not so good credit history
We desperately need to buy a car. I tried the MSE eligibility for loans and it said no. Equifax says we are "good" but likely to be turned down on automatic approvals I tried money supermarket and it pre approved HP but looks like we would have to borrow more than I would want to be eligible. I have seen a couple of…
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…
Urgent action needed to stop lenders bombarding people who've missed payments, say Martin + charity
Charity the Money and Mental Health Policy Institute (MMHPI) and its chair, founder and core funder Martin Lewis are calling for the Government to make changes to prevent firms causing unnecessary distress to those already under strain. Read the full story: Urgent action needed to stop lenders bombarding people who've…
Car purchased from dealer, had finance on
Hiya, I bought a car from a dealer back in March, someone wrote it off in September and then it come back it had finance on, basically what I’m asking is can I apply for a county court rit against this dealer ?
Loan Repayments
So I need some advice about a loan repayment, currently I have two loans out and the payments are getting our of hand. please see details of loans below. loan 1 - £104.95 a month at 9.9% interest and 3 years 7 months left on the loan loan 2 - £206.59 a month at 2.3% interest and 2 years 2 months left on the loan. My…
Loans 14 day cooling off period?
If I took out a loan then decided I made a mistake and didn't want to commit to a loan. Could I cancel it within 14 days of signing? If so, do they charge interest for those days or do you just pay the amount they gave you back? How does this affect credit rating? Would it show as settled or wouldn't get reported only the…
Any info on why I would be unlikely to be accepted for loan?
Hi all, I was looking to take out a loan with Tesco in order to purchase a car. Im employed full time, my take home pay after tax is about £2300, and my total monthly outgoings for bills and mortgage payment is about £700 and I have a good credit score. I checked my eligibility with Tesco for a £10,000 loan over 5 years…
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
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…
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…
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…

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MSE News

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.
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 Payments 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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Loans

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