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Loans

Discuss all types of personal loan. Remember MSE's stance on loans: 'borrow as little as possible, repay as quickly as possible'.

Credit Score Causing Problems
Hi folks, So I need some help with my credit score via Experian its classed as 'Fair' and as such I cannot get a loan anywhere - no matter how small and its insane - I'm pitching for £5k. I have more than I want to borrow spread across various bank accounts (all with Halifax) but I'd rather have that money work for me and…
student loan mis information
Hi Martin I am a fan but I think by constantly telling kids not to see the loan as a barrier to education you are not acknowledging the infairness of the system. My daughter is in her second year at St Andrews. We are a very normal family. My husband is a police officer and I am a Domestic Energy Assessor . My daughter…
Student Loan Repayment on Company Sale Award
Hi, This is my first post and it's about a bit of an unusual scenario so I'm hoping it's in the right place. I currently don't automatically repay any of my plan 2 student loan as my salary is below the repayment threshold. A couple of years ago, my employer awarded me a number of units in an "Employee Benefit Trust' which…
Credit spring
Ok I know how they work and I know by using them I can boost my credit rating even more. I am supposed to make a £5 payment on 4th November and on 4th November I can get my first £100 but checking today I have this message. “ We are still processing your recent repayment, it will appear on your account up to 24 hours after…
Santander Loan
Last month I requested my settlement figure and than paid the figure I was told. My account showed zero left to pay and I have been waiting for the account to close. I logged in today and it still hasn’t closed but my settlement figure has now stated to show a figure again. Has anyone else experienced this
What do I do?!
Hi, I have £15,500 owing on two 0% credit cards. I BT these every time the full payment is required and pay 1% off each month, about £80 (but I pay £100 off each) that’s £200 per month. Should I keep paying £200 per month forever or consolidate in to a loan, pay £280 per month, and be debt free in 5 years?!
Loans for Students
Hi , My daughter is full time Uni and works PT in NEXT and is trying to get a loan of £750 to £1000 for a car however can't seem to be accepted. How can she do this ?
High interest loan
Hello, i took out a 2nd loan a few months ago from Halifax who i bank with, naively i assumed i would be getting a good rate as my initial one is very good. I did the calculator where it tells you how much interest you save, and for every £10 i over pay i save £5 interest! Other than just ploughing all spare cash into…
British Forces Posted Overseas
Hi there, Does anyone know of anywhere that may accept a loan for a British Forces personnel posted overseas? We're posted in the USA and the main issue we've been having is that we have a US based mobile number, however we could get access to a British number if needed. When we've been enquiring further with a couple,…
Welcome Finance/EOS Solutions
Hi, really need some advice regarding the above. In 2007 I stupidly took out a loan for £2000. I paid several instalments but was unfairly dismissed by a Trade Union and had a little bit of depression following that. In 2009 a Welcome Finance Rep came into my Grandmother's house and asked for payment! I was taken aback and…
Student Loans charged interest based on previous tax year
I would appreciate some feedback / financial support in regards to paying interest on a Plan2 loan based off previous tax year. The remaining of my student loans which was a large chunk was settled in full December 2020. I was charged an additional £500+ which I've now been told is because of the below response from SLC…
Home Owner Loan
Hi all, I'm looking for a bit of advice in regards to borrowing more to do some bits around my house. We moved home last year, porting my existing mortgage and taking out a second mortgage for the additional borrowing - both with HSBC. We intended on doing home improvements on a month to month basis with wages, but long…
Car Purchase
I’m looking at purchasing my first car but really don’t know what kind of finance to opt for whether PCP or HP is best and if HP what interest rates are considered a good deal. I am only after a small car VW Polo, Golf or something of that size and am in a position to perhaps put a £3000 deposit down. Again now sure…
Moved: repossession and secured loan
This discussion has been moved.
Raising temporary finance against a mortgage free house
My daughter and her husband are looking to buy a property with a substantial £350,000 deposit. However in order to have their offer accepted as ‘cash free’ buyers, they are £60,000 short of that deposit figure. This is because they will in fact need to sell an existing property in order to release the £100,000 equity in…
Help with potential vet bill
Long story but due to looking after my elderly mum 24hrs a day I have not worked for quite a while. My wife wages have just about covered the bills and I have managed to pick some part-time work up We were just keeping our head above water when our dog developed cruciate ligament injury. We understand from the vet it can…
Loan Anxiety
Hello My car died on me on Thursday, and is a write off. I have found a really good second hand car, and agreed a deal with the seller, so went home and I applied for a £4,000 loan with Tesco Bank. I did a search on one of the comparison websites and it said 95% likelihood being approved by Tesco, so was expecting it to be…
Early repayment
I’ve taken out a personal loan for a car. I budget £200 a month for the repayment, but the actual DD is £187. Should I set up a standing order to pay the extra £13 a month or pay off lump sums, say £50 every few months… loan rate 2.8% - would it make a massive difference either way? Thanks
Document requests
Hi all As executor of my late father's estate I'm having to contact various institutions for documentation relating to accounts he has held. Very often their response is that they will get back to me "in due course". How long should I reasonably expect to wait for said documents to be sent? And, if they are appearing to…
Write off Student Loans
I have a student loan which was taken out in 93, 94, 95, 96. I have always deferred. On this website it says it should be written off this year. I can't find that information anywhere else. Will the SLC tell me it has been written off or do I have to apply?

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MSE News

Ofgem proposes new 'no standing charge' Price Cap – but Martin Lewis warns vulnerable customers need to be opted in or it won't work
Ofgem has today launched detailed proposals for a major shake up to its Energy Price Cap that dictates the price over 80% of homes in England, Scotland and Wales pay for their energy bills.
Lloyds, Halifax and Bank of Scotland to cut overdraft rates for millions but hike them for others – here's what's happening and full help
If you're a Lloyds, Halifax or Bank of Scotland current account holder, the interest rate you're charged for using your overdraft could change soon as part of a fees shake-up. The Lloyds Banking Group, which owns all three brands, says millions of its customers will pay less after the changes – but a "few" will pay more.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more low-income households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Martin Lewis: At last a chance to fix Council Tax flaws impacting millions – debt collection, difficulty challenging your band, discounts and more
Major flaws in the Council Tax system in England could finally be fixed in future, as the Government has launched a wide-ranging consultation to review hideous debt collection practices, the difficulty of challenging your band, the overly complex and horribly-named Severe Mental Impairment discount and more. MoneySavingExpert.com founder Martin Lewis, who has long campaigned on these issues, shares his response and analysis.
Energy complaints to be dealt with more quickly and Energy Ombudsman to get new powers under Government plans
If you have a complaint about your energy firm, it may be resolved more quickly in future, as the Government has announced a raft of proposals to strengthen consumer protections in the energy market. The planned changes include giving the Energy Ombudsman new powers to force firms to comply with its decisions – but it's still very early days. Here's what we know so far.
Warm Home Discount expansion confirmed with millions more eligible for the £150 top-up this winter – here's what we know
Around 2.7 million more households, including 900,000 families with children, will become eligible for the £150 Warm Home Discount this winter, as the Government has confirmed it will remove the existing 'hard to heat' eligibility criteria. The extension has only been confirmed for winter 2025/26, with further changes possible for future years.
Base rate held at 4.25% – here's what it means and when it might be cut next
The Bank of England has held the base rate at 4.25%. Below we explain why, when it might be cut, plus what it means for your mortgage and savings.
Applied for South West Trains 'boundary fares' compensation? Act now to claim it
If you applied for compensation from South West Trains before the deadline in January 2025, you now need to provide your bank details to the claim administrator so it can be paid to you. Here's what you need to know.
Winter Fuel Payments to be reinstated for millions – Martin Lewis explains how it'll work, what it means and if it's an improvement
All State Pensioners in England and Wales will receive a Winter Fuel Payment this winter, though those who earn over £35,000 will see it clawed back through the tax system. It means nine million pensioners will get the £200 or £300 top-up. Here MoneySavingExpert.com founder Martin Lewis shares his instant response and analysis, and we include answers to your key questions.

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Loans

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