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Family loan gone sour - advice appreciated
Apologies if this is the wrong forum. My wife provided a handful of small-amount loans totalling < £10,000 to her sister's husband over the past several years - some really urgent over-the-phone and without agreements. Some of this has been repaid so far but none in very recent years. Her sister's relationship is now…
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Loan or Increase Mortgage?
I have a decision to make - I need to access approx £20k for home improvements and don't know if I should look to increase my mortgage or get a loan. A loan gives me a secure monthly payment over a fixed period of time Increasing the mortgage means I can pay it back over a longer period. My mortgage deal ends in 11 months…
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Specialist Motor Finance HP - settlement figure more than I borrowed?
Hope someone can advise on this: Purchased a car in January, financed by SMF. Five year term, no balloon payment, £10 option to buy fee at end of term. Made four payments so far however I'm now able to refinance the deal to a significantly better rate. I asked SMF for a settlement figure; which is over £200 more than I…
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Can you use loans for stoozing?
Typically stoozing is done with credit cards. However, with some loans still being around 5% APR, it seems like it's possible to borrow around 20k for 4-5 years and put those money in a 5 year fixed savings which also earn almost 5% now. The loan amount reduces over year, but saved amount is 20k all the time and it's…
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18 year old nephew can’t get car finance
Hello my 18 year old nephew can’t get car finance they keep declining him.. he’s turned 18 3-4 weeks ago now , he’s applied to be on the electrical roll. He earns £1566 a month which is quite good for a 18 year old. Why do they keep declining !
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Irresponsible lending
Hi I am just after advice on a letter I have received from Barclays partner finance (Clydesdale) The letter states they were carrying out reviews from an old loan and have noted my loan may not have been assessed correctly for affordability they have apologised and advised they will do full review and write to me within 8…
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Moving loan to CC, worth doing or not?
Hi all, I've currently got a loan with 4 years remaining, balance of around 18k, 5.9% paying £420 a month. I've got a credit card that has a high enough limit I could do a money transfer from, and the current offer is 18 months interest free with a 3.5% fee. Is it a bad idea to shift it across? I worked out the fee will…
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Default on loan has date change query
Good afternoon all, Following a complaint a default date was changed from 22/7/22 to 9/3/19. About a month later all CRAs updated to reflect this. A few months later the original debt was sold. This loan with the original company showed as fully settled and a new loan appeared with the new company. The new company has put…
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What are payday loans listed as on Credit File.
Hi, there I made a stupid decision and got out a payday loan without realising the repercussions of it effecting my mortgage applications in the future. However when I looked at my credit file, accessed by Experian, it is classed as a loan. I was just wondering if payday loans are supposed to be classed differently. Thank…
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Joint loan rejection
I've just been turned down for a joint loan from Tesco. I expected to be easily approved so it was a bit of a surprise. Could any of these things be the issue? -I've only been in my job for 9months, but my wife has been in hers for yonks and earns more than I do. -We already have a small loan in my wife's name. We could…
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Idem debt transferred to mars capital
Hi, we had a secured picture loan then moved to idem and when we recently asked for a settlement we got correspondence saying that it had been transferred to Mars capital finance. Does anyone have any dealings with them? We were just about to start negotiations with idem for full and final settlement when the loan was…
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Loan
Hi this is on behalf of my wife as we are separating The best way of Loan for £25k please advise which best way
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Overdales - is it a scam?
Hi everyone. My daughter is at Uni full time and lives with me. She doesn’t have any credit cards or purchases on finance. She just has a Monzo debit card for day-to-day expenses. She has Asperger’s and likes everything to be up to date and uncomplicated. She’s received an email this morning from Overdales saying they…
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Release equity from properties to pay off credit cards
Hi, I am new here and came as I pretty much exhausted all possible solutions I could think off. Need advise and maybe one you can come up with something I haven't so far. I have 3 properties in UK. All with mortgage and each with at least 100k equity. During the covid fraud I had extra expenses and was using credit cards…
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Pay Day Loan reclaim help
I hope this is allowed, I am brand new here. I recently used this forum and used the template letter to try and reclaim my interest and charges from payday loan companies. here is a copy of my complaint that I sent to 3 companies (Fundourselves, cash4unow, Mr Lender) “I have had the above account since 2019 but believe it…
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Home owner loan for debt consolidation??
I have about 30k debt, 10k loan 20k credit cards, most the credit cards are interest free at the moment apart fom 4k but the interest free periods will start to end later this year My credit report is ok no late payments or anything bad but i doubt i could get any other cards to balance transfer to or unsecured loans due…
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Low Interest Rate vs Well Known Lender
The lowest interest rate is coming from RateSetter - a company I've never heard of. A slightly higher one is available from Sainsbury's. Borrowing £15,000 for a car (perhaps only £14,000 if the interest charge reduction seems worth it). Should I pay slightly more interest and go with a well known company or go for the…
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Salary Finance won't take my loan repayments!
Hi there. I left my employer last June and notified Salary Finance. I have Direct Debit details on file with them to switch my monthly repayment from salary to DD, and one payment was successfully taken by DD post-leaving. In August 2022 I lost access to my account which took months for them to resolve (with no explanation…
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Apr MILES higher than expected - what to do?
Hi I applied for 10k for a car loan. On mse website it had representative 4.9% and while I know not everyone gets that, I almost keeled over when it came back at 8.9% I've always previously had excellent credit rating. I have in the last 2 months only made minimum payments on my credit card by accident. Literally never in…
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Arrangement to Pay
So I agreed on an "arrangement to pay" on a loan I had fallen behind on the repayments for. I have had no end of issues since this, my credit score has plummeted to the worst its ever been and I cannot get finance for a new car which I desperately need. The issue being they arrangement to pay payments are showing as missed…
