Loan...

[TW]Fox;18264301 said:
Are you kidding me? Just how many brand new cars did you intend to try and run on a salary which equates to what, minimum wage?!

And that PC?! Heck most of us in this thread earn loads more than you do and would draw the line at spending the money on a spec like that and we dont have 3 different loan/hire purchase agreements either!
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This.

You bought a brand new car together... yet it comes out of your bank account?! Does she not give you any money?

And then... you decide to buy a new car because you need one so you spend £10k on one!! You're 22 for god sake, why didn't you just spend £2k on something or a £500 shed. If it gets you from A to B that's all you need!

She can pay for her own phone bill out of her own bank account. Did she even try getting a contract. Even without credit history she will be able to get a phone contract.

My brain hurts because of this thread. :(
 
I'm afraid I can only agree with the replies in this thread, you need to prioritise your funding and make a lot of cut backs.
 
[TW]Fox;18264348 said:
This guy probably has a better, more expensive computer and newer cars than anyone in this thread, my head is exploding trying to reconcile this.
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I'd feel sick if I got myself in his situation.
 
Give the Citroen back, tell your GF to buy a £1000 runabout.

What is the gap between the value of your car and the finance owed? I'm guessing it is huge as thats usually what happens with new cars...

Arrange some sort of terms with the family member with £10k - If they are amenable to it then use that £10k to pay off the whole of the car loan, then sell the car and give them all of the money (minus £1k to buy a cheapy runabout). Pay family member back as much as you can afford per month until the debt is gone.

After you are clear of this mess, do not take out more loans until you can afford it!
 
Why is everyone surprised that our dear Shep doesn't have much financial nouse?

He lost most of it buying a pallet full of jeans ffs.
 
[TW]Fox;18264348 said:
This guy probably has a better, more expensive computer and newer cars than anyone in this thread, my head is exploding trying to reconcile this.
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Check out the spec in in siggy :eek:

Thats miles better than my comp, and I earn almost twice is wage (not bragging by the way :cool: )

But that all said I most likely have a lot less red attached to my name.
 
lol. Just the response i was expecting.

At the end of the day i am and have always been comfortable with this debt. I can still live and pay off these outgoings. I would rather pay £300 a month out on a nice car etc than drive around in an old car which could have a terrible history and cause me a lot of hassle down the road.

I paid for PC components outright and buy and sell a lot on eBay which covers costs for the lifestlye i have. However this can't be proven as an extra income as it isnt always guarenteed.

Now my original idea was to reduce my monthly repayments of £454 to £300 a month by taking out a loan with a lower apr. But you financial advisors think this is a bad idea and i should continue paying out £150 extra a month for 5 years and get rid of my debt this way.

Love it! Sounds like an awesome idea :D
 
Shep_Cobain said:
lol. Just the response i was expecting.

At the end of the day i am and have always been comfortable with this debt. I can still live and pay off these outgoings. I would rather pay £300 a month out on a nice car etc than drive around in an old car which could have a terrible history and cause me a lot of hassle down the road.

I paid for PC components outright and buy and sell a lot on eBay which covers costs for the lifestlye i have. However this can't be proven as an extra income as it isnt always guarenteed.

Now my original idea was to reduce my monthly repayments of £454 to £300 a month by taking out a loan with a lower apr. But you financial advisors think this is a bad idea and i should continue paying out £150 extra a month for 5 years and get rid of my debt this way.

Love it! Sounds like an awesome idea :D
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You say that now but you're getting into more debt to get out of the old one?

Exactly the mind set of a friend who is currently nearly £60K in Debt by applying the same logic!
 
Shep_Cobain said:
lol. Just the response i was expecting.

At the end of the day i am and have always been comfortable with this debt. I can still live and pay off these outgoings. I would rather pay £300 a month out on a nice car etc than drive around in an old car which could have a terrible history and cause me a lot of hassle down the road.
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Ahhh the problems of the I want it right here right now culture we live in :D

Does no one save for anything anymore?
 
Shep_Cobain said:
lol. Just the response i was expecting.

At the end of the day i am and have always been comfortable with this debt. I can still live and pay off these outgoings. I would rather pay £300 a month out on a nice car etc than drive around in an old car which could have a terrible history and cause me a lot of hassle down the road.

I paid for PC components outright and buy and sell a lot on eBay which covers costs for the lifestlye i have. However this can't be proven as an extra income as it isnt always guarenteed.

Now my original idea was to reduce my monthly repayments of £454 to £300 a month by taking out a loan with a lower apr. But you financial advisors think this is a bad idea and i should continue paying out £150 extra a month for 5 years and get rid of my debt this way.

Love it! Sounds like an awesome idea :D
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:eek:

You do realise that not all £1-2k cars are going to cause you a lot of hassle down the road. I'm sure the motors people will be able to help find you and your gf something that's cheap but nice looking and you'll be fine with for a couple of years.
 
Shep, was the original loan back in the day to pay for the shipment of jeans? :D

The good news is that buying new cars is a sound investment and you will see no depreciation in them at all.

The bad news is your financial decisions have been ill thought through to the say the least. The family member route sounds good but its moving the debt from one place to another.

The family deal will be better in interest I assume?

I would investigate into some how writing the GF's car onto her name so the liability is less on you. Then focus on paying back the amounts of money you are in debt with by paying off the ones causing most interest. If this means family member then borrow that and pay off.

Then arrange a plan with family member to sort something out.

Thats what I'd do. Difficult one really, but I didn't want to lol at your financial ability and run without some form of advice.

Good luck.
 
If you're comfortable with the debt you've taken on and it's within your means to pay it back then ignore people moaning becaure you like to buy things.

As for your loan idea then it's obviously better to pay less back per month but tbh I've no idea how you could go about it.
 
im reducing my monthly repayments by £150 a month. Then in 2 years time when i will be on approx double my current salary i will be in a better situation to look at paying off the loan in a lump sum.

I say this because with my current job i will be on £24k - £28k in 2-3 years time. This is because i am in training for another 1.5 years and my wage increases each year by approx £2k. After the training has completed my wage will nearly double putting me in a better financial situation.

However, i am comfortable with the outgoings i pay now and never struggle nor do i miss payments. Some people like to live more than others hence my lifestyle. I wouldn't be surprised if half of the people in this forum save 40 years to buy their house outright or 3 years to buy a brand new car...
 
Wow, and i though my debts were bad! :O

I owe 4k to Tesco for a loan to get a new car, 1.5k to Optical Express for my laser eye surgery and 1.5k for my credit card. I pay them all monthly and that equates to about £350, but the difference between me and you is my monthly wage is 50% higer than yours.

This year i'm clearing all my debts, it's going to be a tough year as i won't be able to go on holiday or do anything nice, but at least in 2012 i can afford to move out.

Your trying to live the high life on minimal wage like i used to do, but lucky enough i've learnt that you can't do that.
 
Shep_Cobain said:
lol. Just the response i was expecting.

At the end of the day i am and have always been comfortable with this debt. I can still live and pay off these outgoings. I would rather pay £300 a month out on a nice car etc than drive around in an old car which could have a terrible history and cause me a lot of hassle down the road.

I paid for PC components outright and buy and sell a lot on eBay which covers costs for the lifestlye i have. However this can't be proven as an extra income as it isnt always guarenteed.

Now my original idea was to reduce my monthly repayments of £454 to £300 a month by taking out a loan with a lower apr. But you financial advisors think this is a bad idea and i should continue paying out £150 extra a month for 5 years and get rid of my debt this way.

Love it! Sounds like an awesome idea :D
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I've been through the debt transfer stage in my early twenties as well, thinking I was being very clever with my 0% balance transfers and loan transfers to lower APRs.

The reality is that it just buffers your denial, and saw me go from £1k debt at the age of 22 to £18k debt at the age of 25!!!

I've had to take out an IVA, and will now be debt free in 3 years.

As soon as you shave of that £150, your brain will convince itself that you have £150 more to spend on crap a month, rather than actually putting that £150 back in to clearing your debt faster.

You're 22 FFS, you want the things you want? Get a better paying job and stop supporting your gf.
 
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