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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'.

Loan refused no explanation
I've been with HBOS for 40 years and in this time had my mortgage, which has been paid off for years now, and several other loans at different times and always repaid as expected. I was looking for a car loan and clicked on the apply for loans part of the online banking and was instantly refused without even asking for any…
Consolidating Debts & Buying a New/Used Car
Hi, So over the past few years, my partner and I have accrued almost £12k in debt across overdrafts and credit cards due to life circumstances, buying a house and the unforeseen problems that come with that. I have never missed a payment, however due to the mortgage being relatively new and an issue with the electoral roll…
Escape HTB loan using a different loan to cap future house price increase (already at £32k increase)
Our house price has currently risen by £32k in 2 and a half years meaning our HTB loan amount has gone from £30k to £35k. We are looking to try and escape the HTB scheme by considering a personal loan to pay off the HTB loan and cap any future rising costs and stop the goal posts from moving. We worked out that we would…
Loan for extension
We need approx £35-40k to finance extension- have around £105k already from equity when we moved and savings, as the plan was to take into account work needed when we moved. Having spoken to our mortgage provider it looks like it would cost us more in interest to get it through them than a personal loan so have been…
Morses club refund
Hi I’ve had 40 loans with morses club over the last 10 years, I currently have a claim ongoing with resolver to claim back interest and charges, has anyone been successful doing this? Thanks
Natwest Unsecured Loan - Something very odd
HI All, I took out an unsecured loan for £35,000 back in Oct 2019, with a reasonable interest rate. What I find odd, is the way the loan is managed. Any other loan I've had, or currently have, have the total shown of amount borrowed + interest, and shows your monthly payments so you can see what is left to pay to the…
Current 'Prove it' letter template
Hi all, I can see a link from 2021 to a 'prove it' debt letter template - can anyone provide a link please for the most current 'prove it' debt letter template? I am struggling to know what to put in the letter. I need to ask for proof of a debt as I have recently discovered a CCJ (2019) for a student loan debt (the…
Lloyds TSB Personal Loan from 2004
First post so go easy on me 😁. In 2004 i stupidly took out a Personal loan with Lloyds TSB together with ppi for 25k. I paid £350ish a month. We bought our first home in 2005 & within 6 months of moving in i was made redundant, Also my Girlfriend (now wife) a few months after that. So within less than 12 months we both had…
Loans2go what a joke
In my absolute vulnerable moment in 2022 January (just after Christmas) to pay my council tax to avoid bailiffs I took out a loan with this company £400 Im shocked to be still paying this company £82.22 per month and so far I have paid them £1,479 and still owe them £164.44. I have written to them with my concerns of how…
Scary Interest Rate
Just seen an advert on TV for an instant loan company with an advertised interest rate APR of 99.9%. Thought I had miss-heard so went back and played it again and sure enough it really is 99.9%.Is that even legal?
Specialist Motor Finance
Oh boy these guys... So I was lucky enough to be able to shift the outstanding balance of my car finance on to a 0% credit card (even the follow on rate is lower than the APR I had on the loan). Obtained a settlement figure, paid the dues, and had the agent tell me I've overpaid. She confirmed this with a colleague who…
Will having interest free payment plans in place affect me getting a personal loan?
Good morning forumites. I am in the midst of renovating my flat and looking into interest free payment plans for new kitchen, bathroom and living room furniture (all with different suppliers). I have a budget but of course if I can spread the cost over a longer time frame it would be very helpful. Not really done many…
Additional borrowing for debt consolidation.
updated on a new thread
approx maximum total loan figure
i have been accepted in principle for two loans, both 25k from tesco and nationwide. my income is around 30k and i have no other debts and a big sum in savings due to not owning property. my question is how much could i borrow in total roughly using personal loans? it looks like ive already been accepted for 50k would that…
Affects of PCP agreement on future lending
Hello, I was wondering if someone in layman’s terms could breakdown how a PCP for a vehicle would affect my lending power for example I am not sure if A) Is the full value of the pcp agreement ( car price + interest) looked at as debt? B ) Is it just the vehicle price that sits on credit file as debt? C) Is it the loan…
Graduate Seeking Advice on Car Finance Options
I’m recently out of university and in need of some advice on car finance options. Here’s a brief rundown of my situation: I just graduated from university and I have a graduate job confirmed that starts in September. The job thankfully comes with a £30,000 salary. I have already signed the contract, so that's…
Is the debt repayment period being changed on my loan?
Hello, I attended University 2007 - 2010. My understanding is that my loan is a plan 1 loan. When graduating I believe the T&Cs of the loan stated that if not repaid within 25 years following the first April post graduation, the remaining debt would be wiped. Is this still the case (?) or have the T&Cs changed, or are due…
Borrowing for home improvements
I'm looking to borrow a relatively small amount of money (about £5,000) to enable me to finish off my home improvements and (hopefully) sell my house within the next year - 18 months. My fixed mortgage period is ending in a couple of months, and my sticking with my current provider is the cheapest option. I've spoken to…
Somewhat confused over options
I'm in the last year of a 3-year personal finance agreement with VW Finance. I've got the 'settlement' figure and had a long talk with a human being there (which is worth noting). It seems that if I pay £5,000 now, I'll reduce the monthly payments from £300+ to only £50 (!) and the final payment will be moved to next June…
Car loans and PCP overpayment
I've ended up in a bit of a weird financial position recently and wanted to seek advise I purchased a used car in 2020, it was a 66 plate astra with 4k miles for £12k. I got a loan to pay for it which I've since cleared in full (had some money from house sale) so no debt on the car. I was glad not to have a car debt, and…

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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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