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What exactly *is* a managed loan???

(7 Posts)
QueenOfQuotes Sun 31-Jul-05 23:22:42

Chances are when DH calls the bank tomorrow morning we're going to end up with one of these, I know that they'll 'downgrade' his account, so we'll have no credit card, and just a standard 'solo' type card (ie no overdraft) but what else does it entail?

Does it bugger his (uptil now) good credit rating for the next umpteen years?

thosepeskykids Sun 31-Jul-05 23:47:50

I've heard the interest you have to pay on one of these loans are very high. Don't know how it affects the credit rating tho.

QueenOfQuotes Mon 01-Aug-05 11:57:54

bump

lydz Mon 01-Aug-05 12:27:22

I've never heard that term (and I thought I was pretty well informed about borrowing money!) - have you been to the Motley Fool Dealing with Debt board? Someone there is bound to know. www.fool.co.uk

QueenOfQuotes Mon 01-Aug-05 12:29:02

Well I think that's what DH said it was

lydz Mon 01-Aug-05 12:44:13

I found a reference here to a managed loan, it seems to be a consolidation loan at a higher rate of interest than usual, but still don't know if it would adversely affect your credit rating. At least it doesn't seem to be a secured loan, which was my first thought.

QueenOfQuotes Mon 01-Aug-05 12:46:55

That's what it is - it's a consolidation loan (think DH has either been or is on his way to the bank as I write).

Higher rate of interest is fine - as long as it's not going to bugger his near perfect credit rating.

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