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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'.

Mortgage v Personal Loan
Is there any difference / preference between say a £30k mortgage or a £30 personal loan? I'm looking to buy a property ( small flat for me ), but the main residence will stay on Mortgage - it's not a buy to let. Just wondering - loan would probably be easier to get, but not sure if the interest rate would be that much…
Debt consolidation loan - ue for diff. debts??
If someone had an agreement in principle for, say, a £10k secured loan to pay of a single unsecured personal loan at a lower rate of interest, could they use this to pay off £8k of that loan and keep £2k to pay off an overdraft? In reality, would the lender know, find out or even care, so long as repayments happen as…
NRAM
Hi. My flat was repossessed about 13 years ago due to a divorce. NRAM sold the flat for a shortfall which turned into an u secured load. My ex doesn’t pay on it. But I pay a token amount as it was £69k and I don’t have that kind of money. It’s now approx £58k. I’m still paying a token amount. But I’ve not had any…
Lending Stream threatening CCJ through TM Legal Services for a 10+ missold payday loan
Hi everybody. This is my first post here but am having a stressful time as it is without receiving emails (the latest being yesterday) from TM Legal Services threatening me with a CCJ on behalf of Lending Stream for £433.70 (over 4 times what I borrowed). I borrowed from them during an extremely difficult time. I had just…
Chances on getting a debt consolidation loan & is it a wise choice?
Hi, I'm planning to apply for a debt consolidation loan from a credit union and would like to know my chances and if this is a wise choice. We moved to the UK 5 months ago from Japan and accrued quite a huge sum of initial expenses (visas, NHS surcharges, moving expenses). Currently our net income is around £3.8K monthly…
Black Horse Car Finance - First payments
So the documents I've had from Black Horse so far don't say anything, and I cant setup my online account yet because I dont have my new car yet so I'm not fully their 'customer' yet. But does anyone know when Black Horse Car Finance will take their first proper payment. Obviously they'll get my old car and the rest of the…
Debt consolidation Loan
Hi, when doing soft eligibility checks for a debt consolidation loan, I keep getting "sorry we aren't able to offer you a loan", from numerous lenders including those I already have accounts or credit cards with who are emailing me suggesting I take a loan to consolidate debt. I have approx £15K on credit cards (just under…
Loaned money to a friend
I regretfully loaned money to a 'friend' in April, and he said he would pay me back at the end of May. May has obviously come and gone and now I do not hear from him at all. Prior to me loaning him the money, he had been calling me daily almost begging for the money so he can pay for his wedding, and he said he would pay…
Home improvements - borrow more or get personal loan
We are remortgaging soon and need about 5K for some home improvements (that actually cost more but we already have the funds) Is it better to put this additional 5k on our mortgage or get a personal loan? My only issue with getting a loan is its another hard check what with already remortgaging or does it not matter?
Loans query
First time posting on here but I have a question about loans. Through lockdown maxed out 2 cards and a catalogue account. It works out to £7000. I am now a single parent, I live in a private rented house. I work part time. I receive universal credit and I get maintenance. All my money really goes on paying off my dept. I…
Pay loan off in full
I have the funds to repay a bank loan in full but if I do its approx £300 on the current loan amount. If I pay the loan off minus approx one payment amount the term reduces to one month meaning the next monthly payment will clear the loan meaning I only pay one month interest on top of the current amount. I.e approx £100.…
Daily interest loan
Hi All Are there still daily interest loans about - looking for about 15k
Paying off car loan with credit card? Possible?
I have a loan for my car which comes to an end next year. There will be a balloon payment at the end. To save on interest, I wanted to pay off my car in full now. However, I have more left than I thought! I was just wondering, would it be allowed to pay off a loan like this with a 0% credit card? Thanks
PAYING MONEY TO EU BANK ACCOUNT
Hi all, I need some advice. I have to pay money to and EU bank accout, a loan repayment to a relative over a few years. But I would like to do it the best way, that I dont lose alot in exchange rates I live in NI..I was thinking the best way would be to open in a Bank Account in the Replublic or Ireland. I have a PPS…
Personal loan instead of mortgage
Hello MSE members, I am buying a house with the proceeds of my current house sale, i have £215,000 equity (after estate agents fees and conveyancing etc) . The house i am buying is £230,000 so i will need £15,000 to add and i am asking if its possible to just get a personal loan for the £15k as its easy to apply and i will…
Help on refund of car on HP - claiming related losses
Hello all, first my apologies if this is in the wrong section - please feel free to move. My finance company has agreed (subject to review) to fully refund my faulty car purchased from a national dealer who washed their hands of the car very early on. As well as refund of the cost of the car (deposit & payments made (+…
Monthly mortgage repayments
I have the current interest rate and balance of my mortgage. I can roughly calculate the monthly interest amount. I phoned the mortgage provider (bank) and asked what rate the capital or total monthly repayment amount is calculated but they couldn’t say and the mortgage advisor thought it was strange I wanted to know.…
Looking for help as out of options.
Hi im looking for some advice on how to help my current situation. Back in 2012 my wife an i completed a joint bankruptcy. We were discharged several years later but due to the current cost of living , personal circumstances and a variety of other things we have ended up back in debt. We don't want to go down the road of…
Everyday Loans - conditional approval
Has anyone used Everyday Loans? I received a conditional approval and wondered what happens next.
Car Hire Purchase Financing Dilemma
I've just done a deal on a new to me car. Long story short I wanted to self finance and get a cash price which was nearer my valuation, however I've been persuaded to take a 48 month HP deal @ 12% interest to get some Finance/Dealer contributions etc and to get an early settlement figure after the first payment and pay off…

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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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