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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'.

Secured Variable Interest Rate Loan Question
In 2006 we were struggling and took out a large consolidation loan over 20 years with a variable interest rate of 9.9%.For the last 15 years the rate has stayed at 10.52% and never dropped when interest rates were as low as 0.25%.The loan was originally with Picture Loans but has changed hands several times and currently…
Car finance
I got finance for a work van from zuto, everything went through until picking the van up from the dealer. They kept fobbing me off saying the van needs this doing or that needs doing, so I phoned them to see when I could pick the van up and then again kept happening so I cancelled the finance with moneybarn. I've never…
Loan for deposit l
Hi, I need some guidance with something, please. My wife and I are separating and she is buying me out the house but is also taking back £15000 which her father gave to us as help with the deposit. Her reasoning is that it was her father who have the money and it has nothing to do with me? The house is also not being sold.…
Halifax close and pay off homeowner loan
Well I suppose this is unusual situation - in that I received some good news from the Halifax today, but I am also a little confused as to why. In brief I am about 22 1/2 years into a 25 year mortgage so not long to go. I’m not in arrears nor have I been , nor do I have an outstanding claim with the Halifax over PPI , or…
Family loan
I want to loan £40000 to my brother to help him purchase a property. It would be short term , months not years. I realise it needs to be done legally. Is it just a case of using a solicitor? Do I need my own, or can I use my brothers. Would appreciate any comments from people who have been in this situation? The only…
Car loan from Barclays partner finance
I have been contacted by letter from Barclays partner finance about a car loan I had with them, they are stating that they may not have correctly assessed my affordability for the loan at the time of the application. How would you reply to the letter??
Retired couple - car purchase options
We are both retired with only income being from state and occupational pensions. My wife is looking to get a new (used) car as her present vehicle has just passed it's MOT but with multiple advisories for underbody corrosion. She could afford to pay outright for another car (looking around £8k) but would prefer to hold…
MSE Guide: Bridging loans
This is the place to discuss our new Bridging loans guide. We'd love to hear your thoughts, personal experiences, and general feedback. If you haven’t already, join the forum to reply. If you aren’t sure how it all works, read our New to Forum? Intro Guide.
can't get a loan but own a house
I desperately need to release funds backed by my house (worth only £35k - yes it is cheap - it is Durham) however my past income doesn't come up to scratch. The thing is lenders seem to think I should care that I might lose my property if I can't keep up with repayments, so they won't lend. I don't care, take the house!…
Finance
I took out finance with premium credit for a fitness course, however shortly after my daughter needed emergency therapy & I became pregnant again (not the plan). Needless to say I had to cancel the course as it was extra money that I could not afford to spend. I hadn’t done any of the course but also missed the 14 day…
Can I use Statute Barred - Dryden Fairfax re: Erudio
Hi all, I had a student loan from the 90's. I deferred as my salary was low. In 2016, I started getting debt collection letters from Dryden Fairfax - I had no idea Erudio had taken over the student loan. I never received the letters and the option to defer. I have always responded to Dryden and Erudio via letter, and in…
Nemo 2nd mortgage advice
Hi 13 years ago i took out a loan which has now become a 2nd mortgage apparently, although inittialy i understood it was just secured on my property. The loan was done by the same person who set up our mortgage in our home and was an independant financial advisor who has since been struck off as a professional. It was…
Refused a barclays interest free loan despite never being in debt
I am really gobsmacked. I get around £40k a year from my job of over 26 years at the same company. I have no defaults to my name and have never gone overdrawn. I have a mobile phone db to O2 and another one with Smarty for my first son. Where it perhaps gets odd is that I have mortgage I share with my wife but the payments…
Loan declined - first time ever
Quite puzzled to find that Tesco declined to give me a loan. I did the MSE loan calculator on Monday and it offered me a choice of many 95% guarantee. I applied and rejected. I have had a loan with Tesco before and paid on time every time. Thursday, none of the loan offers were now available. 896 credit score. Homeowner…
Bank transfer, Credit card, or just borrow from my bank?
I need a new roof, my savings won't cover it all. Like many people my age I've never borrowed before, I bought my house with an inheritance. Assuming that I can borrow from all of the above I have no clue which one to go for, despite reading all of the information I understand precious little of it. What does 0% even mean?…
PCP ON CAR
Hi I had the above on my previous car and the finance was settled by the dealership I got a letter to say the agreement is now closed and the account is closed . I then got a letter saying I owed 230 on my old car even though gave the car up on 24 of sept Should not have the finance company checked to see if any debt is…
Car loan
Is it better to clear car finance before selling on any car, motorway etc
Loans for low credit score
Hi there, looking for advice. I am a single mother and currently not working. I am desperate to learn to drive. I am looking for a loan to be able to do this, however I have a poor credit score. Can anyone recommend where to start? I don't want to trawl through and apply for loads of loans as this will leave hard…
Fraud
It came to my attention today that scammers have got hold of my name , address, date of birth and email address + phone numbers. Utility supplier alerted me they tried to verbally gain access to my DD details and failed. Then mobile phone provider sent me a text and email to say they had tried to verbally access my account…
pay with savings or PCP with low apr?
My friend is buying a new car. He has the money to pay it out of his savings and he gets 4.36% interest on that. But he can buy the car for £5300 deposit followed by 47 payments of £319.05. Then a final payment of £15170.59. the interest rate is 2.9%. A total of £35312.94 Which is better? Thanks in advance.

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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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