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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'.

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…
lending some money to a close friend
hi i am lending some money to a close friend for contribution to down payment for his mortgage loan. to just be on a safe side, given economy outlook, how can i get this is formal writing which is credible evidence. is there a free template/service to use. thanks
Should the credit cards stay or go?
Bought my first house which needs some work doing on it, got some money saved but not enough for the necessary work. I'm looking at applying for a 15k loan over 5years. My salary £37350. My mortgage is £833. I only pay half but it is in my name and comes out of my account. I have two credit cards one with 3k on and another…
PCP offer
Hi all, I am halfway through my current PCP which is 4 years long. The dealership have tried to offer/ sell a new car which is the exact same as my current model but new, for more money and a much higher interest rate. Has anyone had the same experience recently? There are no incentives to purchase a new car as it is the…
Student Loan Concession
Hello Guys I was wondering if anyone knew whether there are any concessions with the student loans depending on your individual circumstances. Apart from the fact, it gets written off if you pass away or hit the retired age. Thanks.
Irresponsible lending
Hi after some advice please so I posted on here few month ago as I received a letter from Barclays partner finance to say they were doing a review of a loan from 9 year ago as they may not have carried out correct affordability checks and as for me to fill out a form stating if received any financial difficulties because…
Mortgage or Bank Loan?
We are 70 yrs old, have a pension pot for drawdown and a few small pensions that mean we can manage just fine. I also still work part time which gives the icing on the cake. Mortgage all paid off and house worth approx. £380k. We would like a small building extension cost around £12k but don’t have the cash to hand so are…
Potential identity theft?
If this is in the wrong subforum forgive me, admins please advise. It seems as good a place as any for the subject matter. I have been the sole occupant of my home for some decades. A few weeks ago I received mail from the NHS addressed to my home but to someone with an entirely different name. I ticked the "no longer at…
Advice needed on loans/finance...
Hi all I'm currently needing to find a lump sum of £8,000 for a major works bill on a leasehold property within a block of flats, which I cannot afford in one payment as, having lost my job a year ago after working all throughout Covid, I am now reliant on ESA benefits. I have exhausted nearly all options from borrowing…
NatWest personal loan question.
I have a NatWest personal loan (I bank with them too). It's at £7-8K remaining balance currently. I have some disposable money left each month and I'm wondering if I should over pay my loan a little each month so it finishes earlier? Or is it better to save up and then make one final payment as soon as I can? Are there any…
Buyback Services, i.e Cash Converters
Hi all! Just a very quick question that is hopefully answerable. Does anyone know if the 28 buyback service shops like cash converters offer is classified as a loan or a sale? Would they have to pay VAT on the premium they put on top of your "borrowed" amount? Kind regards, James a newbie.

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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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Loans

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