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Daily Compound interest
Desperate for help again - My fil is self funding his care home fees but has almost run out of savings.The council's Deferred Payment agreement says that the interest rate will be 1.5% compounded daily. Can anyone work out the cost per month/year if the fees are £850.00 each week,please. If I'm right this could be a lot of…
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student loan overpayment
SLC have contacted me about an overpayment that needs to be repayed separately to the loan balance... I had just been paying it with an extra direct debit a little each month but i closed the account and also as I am an umbrella contractor they are rinsing my main balance repayment based on my inflated umbrella rate so im…
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Student loan, not used, what shall I do
Hello, I have been approved a doctoral student loan for 27k, and I do not NEED it. Sure 8k rather than the full 27k would help with living expenses but I have made changes to my life such that I don’t need the loan after I made the changes. How should I use this effectively? Or do I simply cancel the student loan and repay…
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Looking for Advice - Going Round in Circles
I applied and was approved for a loan with Santander via a third party website (Experian etc). I followed all the steps, eventually received my activation code through the post, logged to the portal, submitted the code and received a message stating that the funds would be released within two working days. A week later,…
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Short Term Car Finance
Hi, first post and I’m wondering if somebody could give me a bit of advice please?? I’ve got a PCP at the minute on a car which is due to go back mid-October. There is around £10k of positive equity in the car so I’m wanted to sell it and settle the finance (we buy any car etc.). I already have a new car in order which is…
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Will the state of the economy affect Loan APRs for the next 12 months.
I'm financing a major trip abroad next year with a £15k loan. I don't need to take the loan until August 2023, but I can take it now if I wish to. Would I be better to take the £15k at the best APR I can currently find and shove it into something accessible like Premium Bonds or possibly FX, or will waiting the 12 months…
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Erudio student loans now over threshold
I had 4 student loans from 97-01 and I've always been under the repayment threshold and have deferred. I'm currently in deferment until next summer. However, as the payment threshold has been lowered for 22/23, I will be about £1,500 over the new limit. With the cost of living crisis this is terrible timing and I have…
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Question about loan APRs
If the interest rate charged on a big loan is less than that charged on a small loan (as is usually the case with any provider), why not take out the bigger loan and just repay the money you don't need immediately? This is the question I'm asking myself. I'm looking for a car loan, but I only need about £4000. However,…
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Erudio and SLC problem - please help!
Hello, I hope someone can help - this is a ‘in a nutshell’ description of an issue I have with Erudio. I have 3 old SLC loans from 94-97. These were always deferred up until around 15yrs ago when there was a mix up with SLC not getting my deferment and trying to charge me. It was never resolved. The loans were then passed…
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Postgraduate loan help please
Hello, I have been accepted onto a Masters degree with a student loan covering the first 2 years. The whole cost of the Masters is £17200 and my loan is up to £11500. I actually don't need to do a full Masters, to get the career I want I can finish after year 2 with a PGDip which would be fully covered by my loan.…
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Self build mortgage not an option - any others?
Hi all, hope someone can help? We are a young family who are moving from the UK to Ireland where I am from. We want to raise money for an alternative home build. It will be built using tried and tested methodology and all plans checked by an architect and ensuring it can be built to regs etc - but the ROI where we will be…
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Equity Release for residential property near commercial property - which lenders are most flexible?
Hi, My ageing father would like to do equity release to purchase a standard construction bungalow on a large housing estate near a large supermarket for probably 40% LTV; the lender we had expected to say 'yes' without difficulty said no due to the proximity of commercial premises (the supermarket). looking online this…
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Effects of not accepting a Loan offer
After a full application and credit check I have been offered a personal loan by one of the major banks. Plans have just changed (contractor delays) and so I don't need the funds until 4 months from now. Will not accepting a loan go against me when I re-apply? i.e. is there a negative effect on my credit score if I do not…
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Partial Repayment
I am no stranger to personal loans, and have often made partial repayments when I can. I am now in a position to make a partial lump sum repayment of about £3k. The loan is with Natwest and I have noticed their practices do seem to be a bit different to other loans I have had. Normally when I have made a repayment, for…
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Student loans 2023 - cost of deferment
My son needs to make a decision as to whether to go to his second choice university now (September 22) or his first choice next year (September 23). Unfortunately he was initially rejected from his first choice but has now been offered a deferred place after an A-level remark. He will be able to borrow the full maintenance…
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HP loan started but not a received car, what are my rights?
I purchased a car from a nationwide online car supermarket. The day of delivery was 22nd but on 19th I was told the car had some cosmetic damage and unfortunately would need to go to the main delearship for repair. Fine. However I was contacted by the finance company stating that the finance agreement takes effect from…
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Myjar and ACI
Hi Received an email from ACI from this company this morning say I owe my myjar £328 from an outstanding loan. I accept I had a loan of £659 I paid off some of this and set up a repayment plan, complained about their ridiculous interest rates which they wrote off reducing it to £400 which I then paid off at £20 per month.…
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Student loan repayment - calculated each month?
Does anyone know if the amount of student loan to be repaid from salary is typically calculated by the employer each month? Someone I know is in a first job after graduating in 2021 - usual monthly pay is under the threshold but latest pay includes a one-off bonus that has triggered a student loan deduction for this month.…
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2nd mortgage or Equity release?
What are the experiences of the group on Equity release? Is it better to look at a 2nd mortgage instead? Are they legit?Don't want to downsize to get money, no mortgage and don't have family to leave to so paying back the ER would not be an issue. Just looking at all the options.Thanks
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Irresponsible lending
I set up a basic bank account with BoS some years ago. I have episodes where I don't control my spending too well, but as I work full time I don't have a support worker etc. I saw a banner on my phone banking offering me an overdraft, I knew it was a bad idea. But I cannot control it. I took out money, and drank it till…
