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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 Repossession advice
Hi need some advice - took out finance on a car back in march 2021 with oddly car finance. Car was £28,600 + oodles interest total amount £42,209. Monthly payments were £702 per month. Mid 2023 i was diagnosed with some medical conditions and had to have a considerable amount of time off work (8months). I still kept up…
VW Financial Services PCP - Negative Equity
I am around 3.5 years through a 4 year PCP on an ID3 electric car. I've managed to save the final payment to settle the finance of around £11,900 but if I value my car on any of the online valuation tools it says I'd get around £9,500 depending on the website. I also went to my dealer to test drive a new car and they said…
Barclays First Plus Loans interest rates
After 10+ years of campaigning against Barclays FP loan clause fairness the FOS has done a complete U turn and there is now a willingness to find in favour of complainants and for the above to negotiate settlement terms for customers who complained over the interest clause. I have contacted the FOS asking them to review…
Was this loan apr quote reasonable?
Unfortunately daughters old banger died so she needed to get a newer, reliable car. Went through all the sensible budgeting things and found she could get a very nice little car for £15,000, for which she would need a £10,000 loan. She is 20, full-time employed, no debt at all. Did a loan quote with her bank which came…
Merchant Financing Loan
Hi, As a small business owner, I was in need of some money to enable us meet some quick obligations and I applied through my bank and a Merchant Financing loan was approved. I have now quickly gotten the money back and looking to refund the loan in 7 days but the company are insisting that I had to pay all the fees. I…
Swift….ex welcome loan
Swift have been chasing a welcome finance debt that was taken out in 2007. It was a secure loan Last payment made was I believe was when welcome went bust 2011 I requested information they held on us, which they still haven’t sent They are saying last payment was Dec 2014 And now issues court papers for June 26 for…
First time Car Finance: Figures provided feel too good to be true
Afternoon, I was wondering if anyone would mind having a look at my figures and help me believe what I'm seeing. It all feels too good to be true, as last time I checked, my banks were offering me APRs 12% and above. Friends and family keep reminding me that PCP is more expensive overall, which is what has me confused. I'm…
Default removal.
Hi, Lendable wrongly issued me a default , they emailed in writing and said they’d compromise and remove within 30 days if I made payment in full which I did. It’s now been nearly 3 months and still no progress . I’ve emailed 3 times and keep getting told they’re liaising with their internal teams. Can anyone advise next…
Quick £200-£250 payday loan
I am looking for a website probably payday loan where I can get £200 with a credit score of 260 points. I have never had any loans and I know that my credit score is quite low. I have checked many sites but every payday loan refused to give me a loan. It seems to me that these sites exist only to steal personal…
Template for a loan between friends?
My son and his gf split up (fairly amicably) a couple of months ago however she owes him around £20,000. He feels confident she will pay him back in the next couple of months (bank loan or loan from her parents) but I feel it would be a good idea to put something in writing, dated & signed, ie some form of guarantee. Is…
Premium Credit email scam
Just got an email from Premium Credit telling me my annual statement is ready, I have never heard of or used them before, is it a scam or is someone taking credit out in my name? I have not replied or clicked on any link as I was immediately suspicious.
restons hfc hsbc mfdp added high collection charges
HSBC HFC RESTONS I had a loan with HFC bank, When I got into difficulties because of serious illness, it was passed on to restons for collection, Restons added between £4000 AND £5000 to the account, for collection charges, I have read that these charges were illegal and should of been removed by HSBC , I have been getting…
Loan offer has interest rate much higher than advertised
I need to get some repair work done on my home and I applied for loan that said I was Guaranteed to be accepted at a rate of 6%. But the offer has came in way higher than that amount, its 13.5%. There is no way I am accepting the loan at that rate. I just got an email saying go to this URL and sign the agreement but there…
Personal Loans Shopping
Hi, Martin Lewis is saying the advertised Interest rate is not what you get. So how do I soft search all the loan providers and will the rates from the comparison search results be the rates I get? If not then that means I have to do hard searches to know the real rate that the loan provider will give me? What it is I have…
Next 3 Year Interest Free Credit Decline
I have a perfect credit score with Experian yet I was declined the advertised 3 years interest free credit by Next when wanting to buy a sofa recently. Next have have either been unable or unwilling to give me the reason for my decline despite my formal complaint to them. Experian said they knew no reason to decline. I…
Who gets best loan rates
I may need a loan next year for home improvement, hoping not but if we exceed the budget may need to. I did two sift check eligibility quotes for 20k over 5 years. One came to 9.1% the other 8.94% so very similar. My affordability on the mse checker is very good, i do have 20k at zero percent deals on credit cards with a…
Have I just been missold car finance?
Hi, I’m hoping someone may help as I’ve never taken out a loan/finance before in my life and I’m certainly of a certain age! I bought a car just over 2 weeks ago and had the funds to pay in full. However, I was encouraged to take out £5000 on finance as that was the only way the dealership could give me any kind of…
New MSE car refinancing guide
Got car finance? Test our new guide & tool to see if you can refinance to save £100s or £1,000s? We're testing a new guide, to see if people on PCP or Hire Purchase deals can save by Car Refinancing. It's brand new territory for us, so we wanted you to go through it, see if you understand it, whether you think the guide…
Car Finance
Hi have a ballon finace on my car with VWFS would i be able to swap for a cheaper repayment option with other company for a lower rate ? as car is 25 plate
Post Office Loan transfer
Hi,Hopefully someone can give me some advice.I had a Post Office loan which ended last year and received confirmation that it was paid off. Today I got a letter stating that my loan has been sold and my account details are being transferred to the new loan company.I am not happy that my details are now being sold to a…

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
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.

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