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Personal Loan for a car - offered rate 6.5 times the advertised rate?
Hi, So I have been eyeing to buy a new car and wanted to go down the personal loan route. The sum I have in mind is 20k over 5 years. I am a software engineer with decent salary and not too many expenses (no dependants, mortgage in place for less than 600 a month, have no debts or credit card bills (in fact, the mortgage…
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Drydensfairfax demanding a financial review despite court agreement
Those lovely people at Drydens Fairfax have sent a letter stating "It is important that we contact you regularly to understand whether there have been any changes in your personal situation and review your repayment arrangement" along with their own 5 page "Standard Financial Statement" for me to complete and return within…
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Trying to consolidate 3 loans
Hi, I currently have 3 loans, business loan with about £5,000 left at 6% (business is now closed) a personal loan with around £6,000 left at 3% & the last one is £2,000 at 26% I have tried to apply for a larger loan, hoping to get the 3% interest rate but no luck. Is there a way to get the 3% rate or another way to lower…
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Drydensfairfax/Student Loan ccj - help please!
I returned to UK a year ago from (9 years) overseas and have recently received letters from Drydensfairfax demanding full payment of my student loan. I had student loans with SLC from 1993-1996. When I finished my studies I deferred my payments until I moved overseas in 2012. As the threshold was different if you lived…
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How long does it take to improve Loan Affordability?
Hi everyone, I have taken out many credits between early 2020 and April 2022, from high street bank personal loans to payday loans, with APR from 5% to an insane percentage. But I didn't miss any payments. With the help of family, I paid off most of them this May. My annual income before tax is £40,000. Currently, I have…
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Loan options for £60,000
I am wondering if it would be possible for me to take out a loan in a few months time for home improvements costing £60,000 (loft conversion, move bathroom upstairs, kitchen, garden etc). The mortgage is £396,000 and our deposit was £80,000 (total house cost £475,000). We don’t have any further equity. Our joint income is…
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Payday Loan and FOS
Hi all, I've taken out several payday loans in the last 2 years, and recently I filed complaints to all of them using the tools on MSE website. Two of them offered compensation (Mr Lender and Fernovo), but the rest issued final decision saying that won't upload the complaint. Therefore I escalated the cases to FOS. After 2…
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Secured loan - could it be the right option?
Hi, I understand the aversion to them but I am looking at all options and will also be doing an soa on the DFW board aswell. I've got £24500 of debt built up over 4 cards. Majority is due to go to interest accruing shortly and whilst I'll manage, I won't really make much headway with the balances. I was looking at a…
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Loan or Sell Shares?
I'm doing Home Improvements and need money fairly pronto. I have a lot of shares but they've heavily depreciated over the years and are at -34% of their original value. If I take a loan out now, I'm looking at a 10% interest rate. Over the term I've plugged in, I'll be paying back an extra £1,500 in interest over 4-5…
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Add to Mortgage or Loan?
I guess there isn't a general rule of thumb with this but wondering what's a better avenue to explore? We want to borrow between £10,000 and £15,000. Mortgage is at 2.6%, £110,000 remaining, £625 a month, 19 years left. We could take out up to £14,000 and either pay £710 a month or add some years. Likely to do the latter.…
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Student finance calculation - nonsense or true ?
Finally after two years !! of back and forth and complaining to the CEO my wife and I finally have the income they used to calculate my daughters student finance. They seem to have got my income correct but my wife's income I just dont understand They say she earned £14k as a part-time sales manager which is correct but…
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Help with Loan
Hi My Wife has an outstanding Loan,which she is having difficulty paying. The current amount of the Loan is around £14000. She has been paying £480 a month for a while now, she hasn’t defaulted on the Loan but is finding it hard to keep the Payments up. She currently works part time on a Zero hour contract so isn’t…
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Tesco Loan
Hi, I am looking to apply for Tesco Loan. One of the question it asks totals credit card limit. I have a very large credit limits on several cards. I wonder if anyone applied with too much available credit and still got accepted with Tesco Loan. The acceptance were showing 80% with there eligibility checker. Thanks MS
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Debt Consolidation Loans
Hi folks!Hopefully you can help.I tried to take out a debt consolidation loan through Santander recently but was rejected due to having too much debt to income. Seems a little silly to me as I was applying to consolidate my debt? Question is, when applying (screenshot attached), where it asks for monthly outgoings, I…
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small business family loan
My daughter has opened a small one person business. I have loaned/given her some money to help start the ball rolling. She is not making very much money and just about ticking over which is fine because it is a lifestyle rather than trying to build an empire. She has bought some equipment with the money that I have given…
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Loan Overpayents - how does it work
Hello, I took out a loan a few months ago, and I knew I was going to be in a position to overpay after a short time. My question, what actually happens with the overpayment? I am aware that most loans have the interest front loaded, so at the start of the loan, the portion of the monthly payment that goes on interest is…
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Loan company asks to access bank account
Top company on a MoneySavingExpert loan search-'Rate Setter' asked to access my personal bank account before they would approve my request. Is this normal these days?? I declined & chose a other loan provider.
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To loan or mortgage
Hi everyone, My wife and I have been in the fortunate position of living loan and mortgage free for over 15yrs now. We are wishing to overhaul our gardens and patios etc. and are also contemplating creating two garden rooms. One for my home hybrid office and the other as a craft room. As we've been out of the loop with…
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Earning from a loan
HiMy son has a week left to decide if he wants a 25k loan over 5 years..at 2.9% he will pay back £1886 in interest...however if he put it in a high interest account at 3.45% he will earn £4699..is this legal? Kevin
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Bridging loan requirements
Hello, I am hoping to obtain a bridging loan however I am a little worried as I received a criminal record for fraud over 8 years ago. This was a one off mistake during a difficult time in my life, which I have learned a harsh lesson from. my question is, as the conviction is now spent and was over 8 years ago. Would I be…
