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Moral dilemma: loan for family member settlement
Hi all About two years ago I took out a four year loan at a low APR on behalf of a family Member to get them out of a tight spot. I did this off my own back, I wasn’t asked, and I am able to afford to pay the payments even if the family member did not pay me so there was no “danger” beyond being out of pocket - a risk I…
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Advise needed quickly on interest maximum amount.
What is the maximum interest that can be charged on a loan of £400 over 77 weeks ? The loan company have this on the agreement . . . Interest is charged at a simple fixed interest rate of 207.6% per annum on the amount of credit for the term and is applied to the account, in full at the commencement of the agreement. APR…
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Remortgage, Equity Release, Refinance help
Hi, Are all these 3 words mean the same thing? If not... On a freehold property that is debts/mortgage been paid off on it (cleared), the question is if I want liquid cash from it without selling the whole house then what financial service I go for that has the lowest rates? How does the following scenario works? As we all…
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Additional Mortgage borrowing vs Car financing loan
My 14 year old car is on its death bed, its done 188K miles. I have my eyes on a car around 40k My options 1. use up all my easily liquidatable savings and skimp for another couple of months and buy the car outright 2. Hire purchase/Car finance with high street banks - APR of 6.7% over 5 years(most rates are higher!). I…
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Loan not taking payments
So I took a small loan out in July for a car purchase. I've just checked my credit file and it doesn't look like any payments have been made. Checked my bank statements and they haven't taken any payments. Obviously the right thing to do is contact them and alert them but my question is will they expect me to make the…
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Historical Interest Rates
I wonder if anyone would assist me please. In July 2015 my parent loaned a large sum of money to a relative. Relative took a while to start paying back the money, and I'd say that 90% of the capital has now been repaid. The relative said they would pay interest, and I've calculated that the interest rate offered was 2.4%…
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Self-employed on a low income needs a loaned £3-4k buffer cash to be repaid within 2 years
Hi everyone. I am a single, childless window cleaner. I live in a rented room in a house of multiple occupation and my average monthly income (after NI and zero income tax) is about £860. I have a credit card with a £2,100 credit limit, but I need access to about £3-4k more. I tried to borrow the money via Nationwide, but…
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Personal loan to invest in my business
I need a personal loan to invest in my business. I think I need between £5,000 and £7,000 (I haven't finished working out the final costs yet), but the problem is that I am disabled and on benefits. My yearly income is about £12,000. I have had a credit card and an overdraft since I was 18 (I'm 36 now), and I have never…
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Thousands of Amigo borrowers expected to get back less than half of what they're owed
Thousands of Amigo borrowers expected to get back less than half of what they're owed - but it's more than the payouts initially proposed. Read the full story here. Click reply below to discuss. If you haven’t already, join the forum to reply.
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SLC Postgraduate Loan 2016-17 Interest Charges
In 2016 I received a Postgraduate Loan from the Student Loans Company (SLC) for a 1 year full-time MSc for the academic year 2016/17. This was the first year that such a loan was made available. I graduated in December 2017 and was in full-time employment earning above the minimum repayment threshold in April 2018. Section…
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Right of Withdrawal on Loan Agreement : Credit file query
Hi, I took out a loan but my circumstances changed and luckily I was still within the right of withdrawal before
the end of 14 calendar days from when the loan was taken out. I paid the loan I obtained fully back the next day after I notified them of my intention to withdraw from the loan agreement. How should this be…
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My Address has been used fraudulently for a loan
Hi I opened some post today and found that one of the letters was not for me, but from a debt collection agency called Merligen in another person's name but using my postal and residential address. I have lived at my address for over 20 years and my husband's mother lived there before that for at least 20. No tenants or…
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How to calculate a loan interest precisely ?
Hi All, In 2017 I had a 15K loan from Sainsbury's which advertised for 2.8%APR but they pushed it up to 8.1% for 3 years which they deferred the payment to two months later ( I did not ask for it ) and I thought it was free as they said it's 36 payments ( good trick for my ignorant ) with payment of £474.88pcm.which I, as…
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ICL SCHEME - Payday loan
I only discovered my cheque on 24th May,2021 from ICL after the Ist December, 2021. This money relates to reparations from unaffordable payday loans. The cheque was only valid upto 30th November, 2021. Long story short – they have refused to issue a replacement cheque to cover that amount. They already accepted liability…
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Home improvement finance
Hi, I’d welcome any advice on my situation please. Sorry for the long post, I’ll bullet point as it may make it easier than me writing a novel ! Bought house in April 2018. Always knew the house would need extending and improving. April 2020 remortgaged with a 5 year fix. Intended to overpay each month by £500 for 5 years,…
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Worried about a loan from my parents
To explain I have a trust deed which is due to finish shortly. I cannot get credit for a loan. My parents took out a loan and gave me 6.5k to buy a car. I require a car for my disabled son and there is no way we can survive without one. My wife said we may have declare this for tax purposes. This never crossed my mind and…
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Used Car and Part Exchange gone wrong
Hi, I need advice as my recent car purchase has gone terribly wrong and can i now get a full refund as the main fault in dispute was discovered and reported just before the 30 day period... Just bought a 26K Audi A6 a month ago, on collection day all seemed ok and went well initially until i got home and discovered the…
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Creation Finance
Hi, i am trying to make an online payment to Creation Finance (Currys Purchase) for the past few days, but it says their site are down. I am not on the phone for over a half hour waiting to talk to a representative to see what is going on. Is this happening to anyone else. They are a complete disaster!!
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Creation Finance Nightmare
I bought a new TV on Currys/PC world a few months ago using their finance deal and I've had non stop issues since - Their direct debit system does not work, even though I have everything set up correctly, and if fails to take my money on the due date like it says it will on their own website - and now every month I'm…
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Pre-selected mean sweet FA!
Just been awarded higher rate mobility for PIP. Rather than use my award to get a car I'll never own, I decided to apply for a loan after seeing "You have been pre-selected for a loan of £45000" Applied for £10000 and didn't get it. Do I have any comeback against my bank?
