Imo if the new loan saves him £150pm in repayments and costs less overall during the term of the new loan then it's a good thing to consolidate all his debts.
Loan...
- Thread starter Shep_Cobain
- Start date
Imo if the new loan saves him £150pm in repayments and costs less overall during the term of the new loan then it's a good thing to consolidate all his debts.
Associate
- Joined
- 22 May 2009
- Posts
- 241
- Location
- Scotland
Seriously man, calm down. Get her to get her backside in gear and take on some of her own things in her name.
Reduce your debts by cutting down on your spending.
Stop taking on loans. Taking on debt to solve debt is such a silly idea. Digging your way outta hole much?
Reduce your debts by cutting down on your spending.
Stop taking on loans. Taking on debt to solve debt is such a silly idea. Digging your way outta hole much?
As has been said, that £150 saved will not be ploughed back in to help reduce the debt further, it'll be frittered away on something shiny.
Soldato
- Joined
- 12 Dec 2002
- Posts
- 2,951
Oh my.
I thought I was a financial retard, I owe 4.5k on a credit card, 2.5k bank loan and 4k on 3% apr finance for my car. I take home 3-3.5X what you do and my debt is always on my mind (well the credit card is). How can you justify your debts? What do you have to show for it? Other than a car which isn't yours by the sound of it as you mentioned being able to give it back I.e contract hire?
I thought I was a financial retard, I owe 4.5k on a credit card, 2.5k bank loan and 4k on 3% apr finance for my car. I take home 3-3.5X what you do and my debt is always on my mind (well the credit card is). How can you justify your debts? What do you have to show for it? Other than a car which isn't yours by the sound of it as you mentioned being able to give it back I.e contract hire?
possibly , but if he controls his future spends then it's better to repay less than more
I got bored and stalked his threads from the past year.
They mostly consist of:
Numerous queries about what car to buy.
Speccing his uber-pc.
Financial queries about loans and finance.
Changing career from estate agent to something at BP.
Family issues.
They mostly consist of:
Numerous queries about what car to buy.
Speccing his uber-pc.
Financial queries about loans and finance.
Changing career from estate agent to something at BP.
Family issues.
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
He can't sell them as they don't belong to him.
Ironically this is the sort of person people shout at us for trying to reeducate in motors...
Soldato
- Joined
- 28 Nov 2004
- Posts
- 16,024
- Location
- 9th Inner Circle
Good advice has been given by some. In summary: Live within your means.
Rule of this forum forbid me from saying what the OP is...
Rule of this forum forbid me from saying what the OP is...
His past history and posts in this thread suggest that is never going to happen.
I'm going to be mega blunt here because you deserve it after that pathetic post.
Wake up and smell the coffee.
You cannot afford to live it up in brand new cars with high end computers. You dont earn enough money - you dont have a good enough job.
Your lifestyle is a sham, it's based on ever increasing credit and you have no right to live it the way you do. The people having a go at you are not people who save for 40 years to buy a house or people who buy cars outright - they are people who live within their means and earn more money than you.
If you want the new cars and the nice PC then get a better job, not a bigger loan. You are everything that is wrong with the financial society in this country. Everything.
When are you going to learn you can't just 'live more than others?'
And to be honest mate, 'living more than others' in most peoples book doesnt involve buying a £500 graphics card or financing the purchase of a totally crap brand new Citroen.
Reality check time. Get rid of the cars. Sell your overpowered PC. Live within your means. There is nothing wrong with using loans to buy things you want provided you have the income and at barely 900 quid a month, you quite clearly do not.
If the OP is being honest that he is comfortable with the debt as it is, then who cares if he spends the extra £150 a month on something other than clearing the debt even faster?
The new loan does make sense so long as you get it fixed with a better interest rate than you're currently paying. It also makes sense to get it sooner rather than later because interest rates are probably already overdue a rise.
Don't take out even more loans to fill up the £160 a month you'll be saving though...
Don't take out even more loans to fill up the £160 a month you'll be saving though...
He isn't being honest though, is he. The whole thing is a mess.
Because what he wants is not for his debt to be cleared faster, he just wants to be able to ***** even more cash on other things.
And the problem (generally) is what? He knows the length of the loan and over the period of time he will spend less than his current loans.
Having extra cash is a good thing, right?
If he was missing payments etc, then i agree he needs to use the money to pay off even more while he can.
Soldato
- Joined
- 7 Jul 2003
- Posts
- 3,283
- Location
- Westergate
[TW]Fox;18264772 said:
So comfortable he comes on to this board and asks peoples what to do!
Go for it its your future, why not put the extra left over money to some use such as an overpayment and get it cleared quicker.
You relise when you try and buy a house they will take you and squeeze the loan out your arse and take off a massive amount you can borrow.