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Liverpool Echo

World

Christopher Megrath

Martin Lewis concerned as he sends warning over 'crippling' loan

Martin Lewis advised people to not enter into unregulated loan agreements without knowing exactly what they're signing up for.

During a phone-in on This Morning, Martin Lewis was left concerned about the predicament one viewer found herself in. The caller said: "I'm a guarantor for my daughter and now I'm in debt. My daughter had an unregulated loan of £260,000 from NationWide Finance Ltd.

"I was the guarantor but we didn't know the APR was almost double the normal amount and now, because of our age, we can't take out a loan to pay it off. What can we do?"

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One subscription that gives you access to news from hundreds of sites

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