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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'.

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…
MSE News: Scrapping buy now, pay later regulation would spell disaster
Citizens Advice, MoneySavingExpert.com (MSE) and Which? have teamed up again to renew calls for the Government to urgently protect buy now, pay later (BNPL) users... Read the full story: 'Scrapping buy now, pay later regulation would spell disaster, say UK's biggest consumer organisations' If you haven’t already, join the…
Mortgage Broker Value Add?
Hello, I intend to move to a lifetime tracker mortgage with my existing lender, Santander. This was the plan before and after our chat with previous mortgage broker who we got a 2 year fixed with (1.5years ago). I can do this myself online and as far as I can see, the broker is adding no value, but their persistence in…
Loan from Family Business
I jointly own a house with my husband. However, we purchased the house with the help of a large loan from his families business. Repayments are not being made on the loan, I think it’s a tax dodge so if they die it isn’t counted as a gift, but it means that I could be held to repay my share if we divorce. Could anyone…
Capquest & Shop Direct Finance
I have just received a letter from Capquest addressed to my mum, who passed away in Feb'23, advising that her account with Shop Direct Finance had been taken over by Capquest & that there is an outstanding balance (although they haven't demanded any payment). Having been through all her paperwork when she died, finding no…
Litigation finance and Microfinance opportunities. Axiafunder etc.
I am looking for litigation finance service which I can diversify with small amounts. (Like axiafunder.com) Is axiafunder reliable? Are there alternatives? I am reluctant about axiafunder because minimum to invest in each litigation is 1.000 GBP which is relatively high for me. What do you advise? Secondly, I am looking…
Taking out a loan to increase value of home at sale?
My husband and I are working towards selling our house. It has various problems such as bathrooms desperately in need of redecoration, a damp patch, etc., and my husband wants to do the repair work on these as it will significantly increase the value of the house (based on his research it will vastly more than repay what…
Hire purchase costs help for a financial illiterate!
Hi everyone,I am in a bit of confusion. It might sound like a stupid query but even after being a highly qualified scientist, my brain just doesn't work very well with finance. 2 years ago we got a new used-car with hire purchase agreement. There were lots of things going on in our lives at the time, so perhaps that is why…
PCP - Hidden costs?
I'm currently negotiating a new car deal with a reputable car company. They currently have an offer whereby they will provide £2.5K discount if the car is part of their "make the switch" deal - confirmed it is, and also will provide a £5k deposit contribution (advertised is split between themselves (£2000) and their…
Is PCP early settlement really too complicated to explain?
I'd really appreciate some advice from anyone with more experience of PCP than me please.I'm in the process of buying a second-hand car from an Audi dealership.I was intending to pay cash, as I have always done before, but they suggested taking out a 2 year PCP for some incentives and "just get a settlement figure after 6…
Maths help
Hi all I have a new car which is financed at 9.9% APR. My overall interest is £11400 for the amount I have financed including a balloon payment of £25000 after 4 years which I will pay off when I retire. First direct offer loans at 6.4%apr. If I take a loan out off them over 8 years & pay my finance off after 4 years when…

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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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