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When you take out a loan, you repay the initial amount you borrowed plus interest charged over the whole period of the loan, plus fees and charges and insurance if you sign up for it.
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Getting Value for Money
- Make sure you completely understand the interest rate and other charges associated with the loan before you decide to take it.
- The length of the loan should also be worked through.
- Do not be afraid to shop around for a loan.
- Always make sure you compare like with like. It is difficult to compare, for instance, the cost of an overdraft with the cost of a loan as they may have different charging structures.
- Similarly, interest rates on a long term secured mortgage are going to be much lower than on a short-term crisis loan for someone with a previous bad credit history.
I want help and advice on managing my finances
Consumer Credit Counselling Service
- Free independent advice on handling debts.
- Freephone 0800 138 1111
- www.cccs.co.uk
Credit Action
- Provides resources and tools to help you stay in control of your money.
- Call 0207 436 9937
- www.creditaction.org.uk
Citizens Advice
- Helps people resolve their legal, money and other problems by providing free information and advice.
- Telephone 0207 833 2181 for the National Association, or your local telephone directory for your nearest centre.
- www.citizensadvice.org.uk
The National Debtline
- Phone helpline for people with debt problems.
- Telephone 0808 808 4000
- www.nationaldebtline.co.uk
Further information
The Office of Fair Trading has a functionality on its site where you can calculate your repayments
The Association of British Credit Unions Ltd provides information about credit unions, and how they work. There is also a search facility to find one which you could join.
Consumer Credit Counselling Service
- Free independent advice on handling debts.
- Freephone 0800 138 1111
- www.cccs.co.uk
Credit Action
- Provides resources and tools to help you stay in control of your money.
- Call 0207 436 9937
- www.creditaction.org.uk
Citizens Advice
- Helps people resolve their legal, money and other problems by providing free information and advice.
- Telephone 0207 833 2181 for the National Association, or your local telephone directory for your nearest centre.
- www.citizensadvice.org.uk
The National Debtline
- Phone helpline for people with debt problems.
- Telephone 0808 808 4000
- www.nationaldebtline.co.uk
Further information
The Office of Fair Trading has a functionality on its site where you can calculate your repayments
The Association of British Credit Unions Ltd provides information about credit unions, and how they work. There is also a search facility to find one which you could join.
Related Links
In debt and need help?
Call a CCCS counsellor on 0800 138 1111.
