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Does it make more sense to pay off student loan or overpay on mortgage?
I was hoping someone could help with the maths on this one. I was wondering which I am better off doing, paying off my student loan in full or overpaying on my mortgage? Currently securing a 227.5k mortgage at 4.39% on a house, hopefully moving in in the next 12 or so weeks. I also have a plan 2 student loan of £7025,…
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Best way to borrow £40k?
I bought a house in May 22 with the view of doing much needed remedial/building work on it ASAP. At that time, the mortgage was happy to loan me an additional £60k when the work was ready to begin. Quotes done, builder appointed, planning granted...all took their time. Mortgage company are now only going to lend me an…
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Car finance help!
I bought a car on hp less than two years ago. Its been nothing but a money drain! Within the first three months of having the car, it broke down with a system failure and was without the car for a couple months while it got fixed. Then last year it needed a new clutch and now it's broken down again and I've been advised it…
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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.…
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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…
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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…
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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…
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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.…
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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…
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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
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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…
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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…
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£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…
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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…
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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…
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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…
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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…
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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…
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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…
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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…
