What exactly *is* a managed loan???

[QueenOfQuotes]

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?

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.

bump

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

Well I think that's what DH said it was

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.

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.