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Money Draw Down
HiHave a property which I bought around 6 years ago. I'm assuming it's worth between £110000 to £115000, at the moment. Its owned out right. I paid cash when I bought it. I'm trying to work out the easiest and cheapest way to draw down some money. I'm 67 and my Wife is 62. Any advice would be most welcomeIan
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Struggling to pay business BBL
Hi all, As the title says, I'm struggling to repay a BBL I took out. I was self employed and I had to close my business due to the pandemic and ill health. I have now missed one payment and I really don't want it to spiral out of control. I've read that missing payments on a BBL won't affect my credit, is this true? Is…
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Loan debt
I'm being chased for a loan debt by a third party, the letters state that its a second mortgage. However I know for a fact it was a personal loan and the company has gone bankrupt. I took it out in 2005 and was miss sold it and made a claim against the company before it went bankrupt. I don't have any documents but I did…
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Family loan gone wrong
My parents helped out my cousin, and they have now defaulted on any type of repayment plan. Around 12k, we have proof of repayment (sporadic) Option one: Forget about it...don't get the money back, irrepreble damage done Option two: Court, get the money back (hopefully) but irreprable damage done My question is (before I…
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Writing of student loans - mortgage style
I have mortgage style loans from 1997 onward. The 1997 first one taken out matures in October this year. It is listed in my Erudio account as 4 separate loans, am I able to write off each loan individually or do I need to wait for all of them to reach 25 years?
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Consolidating debt with mortgage - refused
I don't want to get into how I got here but basically I'm in too deep on 3 credit cards totalling £27k. We have a Nationwide mortgage of £90k on a property worth £300k with few outgoings other than the humungous CC's so with such a low LTV I thought it would be no issue consolidating but Nationwide said no. Call me cynical…
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Trying to understand whether a personal loan or car on finance is "better" for remortgaging...
Hi all, Apologies if this is very obvious, but here's my situation. TLDR at the end. I've been on a fixed rate mortgage on my own this last year, a 2 year fix, ending next year. During this year due to a combination of buying essentials for the new house, getting out after the pandemic and overspending as a bad way of…
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Affordability Criteria for Landlords' Income
Dear Forum, I receive a standard Govt pension of some £10K and - as a self employed landlord - also receive a comfortable £25K to £30K net income (ie net of mortgaging and other costs) from five (5) B2L properties. I subscribe to MSE's Credit Club which gives me a "999" credit rating but only a "Very Weak" affordability…
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Consolidation Loan Basic plus Commission
I've just applied for a consolidation loan with Nationwide, but they've informed me they'll only consider my basic income and not my commission. I earn around £2k basic wage, but more than double that in commission per month. Are there any unsecured personal loan providers that consider total income? My mortgage provider…
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Settlement figure more than original loan
I took a loan of £22,600 from Post Office Money in November of last year. I was in a bad position at the time and signed up for the loan with an APR of 17.9%. Since then I have got more organised and saved a few thousand with the idea of paying down the loan or refinancing to get a better rate. I was surprised when I…
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MSE News: Amigo borrowers one step closer to being refunded after High Court approves redress scheme
A compensation plan put forward by Amigo Loans to return at least £112 million to borrowers it wrongly mis-sold high-interest loans to has today (23 May) been approved by the High Court. The move is a significant win for borrowers and follows a previous proposal that was rejected by the Court... Read the full story: 'Amigo…
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Natwest not allowing partial overpayment
Hi all A couple of days ago I used the Natwest app to try to "get a quote" on partially overpaying my personal loan - I was hoping to get new monthly payment if I do this without reducing the term. In the app, above the "Get quote" button, there was an FAQ - Can I make partial overpayments? Yes, you can make a partial…
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Small(ish) student loan
I returned to uni for a year postgraduate course in 2016 and took the available loan for the year (I honestly can't remember how much that was, about 18k?). The balance is now standing at about 15k and my student loan repayments are around £1.5k per year at present, and rising when I move jobs soon. I think this puts me in…
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CCJ with Lowells but orig lender now agreed irresponsible lending
Hi, i have been paying a ccj with lowells for 3 years and fighting provident in the meantime, i have finally had notification that it was indeed irresponsible lending. So my question is, provident say the debts are to be written off and compensation is to be paid to me BUT Lowells have the debt and i have a ccj, where do i…
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Provident refund to be paid to debt collection company
Hi I recently was successful in claiming compensation from provident for missold loans but they are applying the compensation to one of the loans still held with a debt collection company - surely if I was missold the loan I wouldn't still be liable or would I????
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Haven’t received guaranteed pre-approved APR Rate
Hi, I’ve recently been looking for a loan to consolidate an existing loan and carry out home renovations to the sum of 15-18k and settled on a pre-approved 100% guaranteed apr of 3.9% with rate setter over 4years yet when I’ve accepted this, submitted my docs the rate jumped up to 19.8% when they’ve asked for my signature.…
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Newly Self Employed - Help with Loans
Good Morning, My husband has recently changed employment to self employed. For his work he needs to upgrade his van to a larger transit. He is finding it difficult to get loans due to his working circumstances. Based on this - we can either top up our joint loan or remortgage (we have lots of equity). However when…
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Increase of Student Loan repayment from review of UK RPI / Price Level Index for people in Australia
Hi My daughter, living in Australia, has had her monthly repayment figure increased by £41 because of the annual review of the UK RPI and the Price Level Index (which I understand relates UK and Australian costs / prices) In my daughters case this is a 100% increase ! This seems harsh because a) RPI changes are usually…
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Account issues.
If your bank closes your account and the balance reads nil, can they reactivate at a later stage or is it written off?
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Amigo borrowers have until 5pm today to vote on their preferred redress scheme for mis-sold loans
Thousands of Amigo borrowers who were mis-sold loans they couldn't afford are being given the opportunity to vote on two different redress schemes: one that will see borrowers get back an estimated 41p per £1 owed and allow the company to continue operating, and one that will see borrowers get back 33p per £1 owed but will…
