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Over 30,000 247MoneyBox borrowers to receive redress for mis-sold loans this week
Over 30,000 247MoneyBox borrowers, who were mis-sold payday loans they couldn't afford, are to receive refunds of some of the interest and fees they were charged by this Friday (15 April). But they'll get back less than 10% of what they are owed. Read the full story here. And if you haven’t already, join the forum to leave…
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Wonga - repayment of a default
Hi all, newbie to the forum here. I had a Wonga loan (I know, I know) taken out in 2019. I defaulted on it but now with the company no longer existing, how do I pay it back? It is being reported still on my credit report as a default every month. Wonga's site doesn't help Thanks in advanced for any replies.
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Bounce Back Loans and Separation
Hi, I am asking for advise for my sister. Her husband has his own buisness for which she was a shareholder. They have separated and sold the house and agreed he would pay a figure to buy her out of the buisness which has now money has transferred. Apparently she has found out that he took out a bounce back loan for…
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Car finance on mat pay
Hi all! I bought a car two years ago with Arnold Clark and in 6 months I need to pay the full amount which is 9k or return the car. I’ve just started my maternity leave and I’m going to get my salary at 90% for 3.5 months(£2000/month), then it’s the pay from the government (£600/month) so by the time I need to pay the car…
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Provident confirms payouts for borrowers
Provident borrowers who were mis-sold loans they couldn't afford will receive refunds of some of the interest and fees they were charged this July, it's been confirmed. But they'll get back less than 10% of what they're owed. Read the full story here. If you haven’t already, join the forum to reply.
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Salary Finance
I seen a few threads made about it but no real discussion around it. To summarise It's a loan company that provide loans to employees of companies that are signed up to them. It's not a salary sacrifice, just your loan repayments come out of your salary. They claim to offer higher acceptance rates, even people with poor…
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Advice with a credit union
Hi everyone this is my first post so be gentle! I'm quite a bit I'm debt and am finally taking control. I am reaching out to all creditors to reach agreeable payment plans. One of the lenders is planesaver credit union and is salary deducted, I have reached out to them and asked for payments to be reduced over a longer…
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Equity Release/Mortgage
Hi, not sure where the best place to ask this is, but I’ll give it a whirl. I’m under 40. I have no mortgage. I need a LOT of work doing on my house. Is there any way to do an equity release type thing? From what I can see, you can only do that when over 55. Any idea of the best way to release money so I can get things…
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car finance
i have a car on finance that I got in may 2020 and and have 3yrs left to pay it (just over £4k) it has now broken down and needs a new engine (cheapest quote ive had is £1100) which i just cant afford. when i bought the car i was married and the £145 a month was affordable as there where 2 wages coming in now I am living…
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Loan rejected despite ideal circumstances - help
Hi there I recently applied for a loan with Tesco Bank on the basis of an MSE search saying 95% of people in my situation are successful. I applied for £6700 to pay for a course I'll be doing later this year to upskill and support my career. For context, I am in my early 30s, earn 50k+ (my partner c. 60k - we both live in…
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Take a loan at 2.8% and use it to invest
I have been approved for a home improvement loan at 2.8% for 4 years which I plan to use in the next 12-24 months, drive way, internal re-decoration etc. In the mean time is it worth taking this and use it to invest in the stock market. I keep getting emails from reputable companies with headings such as "waiting for the…
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Timing of personal loan for car purchase
Hi, Quick question if people can help, I'm planning on taking out a reasonable size personal loan for a car purchase (likely 2 year old car from a car dealer). Happy on rates, repayment etc, and it just means not needing to change current investments. Would you typically take out the loan in advance so it is sat in bank…
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How will taking out a loan affect my chances of buying a house?
Hi everyone. I don't really want to go into the why's and wherefore's, but I am considering taking out a loan for £7000 at 3.3% over 2 years. The crux is that my wife and I are hoping to buy a house in the next 12-18 months, so I will probably have paid back at least half the loan before we start mortgage applications but…
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Car Finance cash back, how does it work?
Hi, my friend had a call from car shop saying that she could have 3k cash back as her car has 2k left to pay on it and they say the car is worth 5k. Can anyone explain to me how this cash back system works? Are you just adding another 3k to your existing car finance? So in turn giving yourself more to pay off again, thus…
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Ikano loan
Hi I was hoping for some advice. We purchased a hot tub last year for £5000. Initially we placed a £2500 payment down. The outstanding balance could then be paid at any time over the next 12 months interest free. It then accrued interest after this period. The 12 months ended on the 12th March and I paid the balance on the…
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Student Finance Loans repayment
Hello, I'm graduating this year with circa 40K in cash and an additional 10K in LISA stocks and shares. I have a job lined up where I will start on 28k and in 3/4 years will be on 50k. It is the public sector, so I don't expect my salary to rise much above 50k in the long term. £50K from parents/grandparents and working,…
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With the difference in terms and charges, should post-graduate loans be paid off if possible?
My adult offspring have both used student finance loans to cover the fees for their Masters in the past few years. I know that the advise is generally not to repay their under-graduate loans, but I believe the terms of the post-grad student finance are different and so I am not sure if the same advise applies or even…
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House Loan advice please
I'm retired (66) and I would like to move from my flat to a bungalow, I don't have a massive amount to buy a bungalow at their price, but I can put savings into it, and rather than skint myself I would like a loan of about 20k to reach a target price. I can repay a loan of up to about 20k over 10 years, or less, with my…
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Support for old loan
In 2005 I took out a personal loan. Several years later I defaulted on it and it was sold to a 3rd party company, which has changed several times over the years. In 2019 the 3rd party changed again and I have made no payments since . A new company saying that they are acting on behalf of Lloyds have now contacted me saying…
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QDR solicitors
I recently paid off some outstanding debt with a small windfall that I got (was all spent on this). Soon after I received a text from QDR stating I owed them money for payday loans that I did not pay from 10 years ago. They just tried to call me on this. The only thing i have done is log into their website, I have not…
