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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'.

Balance same as settlement figure
I've just paid off 4 loans early and saved myself a lot of money as, obviously the settlement figures were much lower than what I would have paid if I'd let the loans run. These latter figures were also the balances. Bamboo however have told me, with 26 payments left to run, the settlement figure and balance is the same.…
Best Way to Finance New Kitchen?
Hi. We are looking to get a new kitchen and our preferred retailer doesn't offer 0% finance. We have a bit of cash available which will cover things like a new boiler etc., but will need to borrow to cover the kitchen and install. I would imagine we will look to borrow around £10k. What is the best/cheapest way to finance…
Worth borrowing more than you need for a cheaper interest rate?
Hi All An MSE Newbie here. I'm looking to borrow £5,000 for much needed decking replacement. All the interest rates for borrowing this amount are astronomical and I need cash to pay the gardener (they don't accept credit card). I've found a loan offered by RateSetter offering 4.8% interest if £15,000 is borrowed for a…
Everyday loans settlement figure
Hi, Hoping for some advise re a loan settlement figure. I took a loan out at the end of Dec with Everyday Loans for £8000. My credit rating is not so good and needed the funds at the time so went ahead though I knew the interest was very high. Luckily my financial position has changed and I am able to pay of the loan. The…
Large disparity in loan rates
After getting the MSE credit score email I saw I had an 80% chance of a £14k Bank of Ireland loan at 5.1%. But when I did a soft search with my own bank TSB it gave a less enticing 26.9%! Why the disparity? I feel like the latter score is probably more accurate since I’m not a home owner and am registered self employed.…
Worth trying to refinance a loan?
13 months ago i applied for a joint loan online with Tesco bank. I recall the rate agreed when I applied online was pretty good. However when the paperwork came through the rate was higher. When I queried this they said that there was an error on my online application I had mistakenly put mr for me not mrs and therefore…
Tesco Personal Loan
Hi, When applying for a tesco loan it says they could offer a better rate if you have a club card with them does anyone have an idea of what this rate could be potentially
Car Loan Question - Friend passed away (owner of vehicle)
Hello, I have a bit of a sensitive issue I am trying to help with. My friend recently passed away and he had a loan for the car he had. He had no will and no partner, just a could of daughters that are minors. What can the family do with the car? I don't know if he owes more than it's worth or not but we don't know what…
Arnold clark finance
I've applied for a car with Arnold clark and having never been rejected for anything in my life I thought it would be smooth as with any other car I've bought. But I just received a credit rejected email from a finance company, there's not really any reason I can think of as my income etc are good and the car price isn't…
£25,000 secured loan payback £140,000 - Help
Hi has anyone been in this situation before? My husband took out a loan of 25K in 2008 which he then works out to be £140,000. Financial Ombudsman have said we need to find a lawyer that will be able to help us but unfortunately have not had any luck. I can not believe this is legal. Unfortunately my husband was not in a…
Financing Post Graduate Study with an IVA
I recently entered into an IVA after my husband left me in lots of debt. I would like to study for a Post Graduate Certificate to further my career however the cost of this is £3,500. I dont have 'spare' money I'm a single mum of 4 (2 adult children though) my workplace wont finance it as its not relevant in my current…
Which PCP deal is best
Hi, We’re looking to purchase a new car via PCP and the dealer are offering 2 different deals. Deal 1: £3500 deposit followed by 47 monthly payments of £321 and an optional balloon payment of £14,746. This is based on an APR of 6.4% Option 2: £3590 deposit followed by 23 monthly payments of £334 and an optional balloon…
PCP Finance Settled Incorrectly
I have had a car finance agreement for 4 years. I ordered a new car in 2021, which is still not ready, so recently completed the second 12 month extension until my new car is ready. Yesterday I received a letter stating ‘your agreement has now been settled’ and ‘we no longer hold a financial interest’ in the vehicle. today…
The most important criteria for lenders?
What's the most important criteria that lenders look at when judging eligibility? Is it employment status (full,PT,self, etc.), income threshold, home ownership? This question was inspired by my current inability to get any kind of loan from anyone... according to the loan checker on this website. I'm a self-employed sole…
Bankruptcy. Car loan for car registered in daughters name
I may be forced into bankruptcy shortly and hope someone can help please. I took out a car loan for my daughter who was a student at the time about 18 months ago. The car is registered in her name and I do not drive it at all. Can the bankruptcy official seize her car. What can I do? She is now working and has been paying…
First Direct Loan early repayment interest refund
This is just a quick message for anyone who has used (or is planning to use) the early repayment option for a First Direct loan. The way it works is you call and are given an early repayment figure, which is valid for 28 days. This includes one month interest (early repayment charge) plus 28 days interest (because the…
which loan to pay first
Hi i am in a position to over pay on my loans and was wondering which is best to pay as they are over different periods and rates. Unsure of which of loans 1 to 3 i should attempt to clear 1st or just spread payments equally. Happy to keep loan 4 to end of the 5 years due to interest amount. Loan 1: Lloyds was 25k over 5…
Car finance nightmare
In February 2016 I bought a motorcycle for £4600 with a payment plan over 5 years totalling about £6000 over 5 years. After three months owning the motorcycle, it was stolen from my home. The insurance company actually valued the bike at more than I paid for it due to the accessories that were on the bike when it was…
Loan to clear a mortgage
Hi. I've a BTL mortgage, where the fixed rate has just ended and I will move onto 4.34% above base. On 230k my repayments will shoot up from £370 to £1500. I am starting to clear down the capital and should be able to reduce my loan to 20k. I still don't want to be repaying this against my current product (4.34+base). Are…
Loan without paperwork
Hi, Is there any companies who offer loans without paperwork being sent to your house? Like whole process online

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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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