This is a pointless discussion anyway because he will never get approved for another unsecured loan with that sort of %age of income borrowed anyway - how will they know that the money would actually pay off the existing borrowing?
Loan...
- Thread starter Shep_Cobain
- Start date
Don't consilidation loans provide the money to clear off other things to the other lender? Or does it go to the person requesting the loan to manage it?
![[TW]Fox](/data/man-of-honor/2009.png){kind=avatar}
You honestly don't see the problem with his situation?
Soldato
- Joined
- 28 Nov 2004
- Posts
- 16,024
- Location
- 9th Inner Circle
Links for the lazy (or in my case working)?
[TW]Fox;18264301 said:
I certainly wouldn't dream of spending that on a PC whilst I had the weight of those debts on my back. Any extra money made would be ploughed into savings.
I purchased a 27" iMac last year to do some video editing work and replace my old computer. I put the money into an extra savings account and even then felt like I should have put that money into the main savings.
I have one car that me and the wife share, a mortgage and a small credit card debt (<1k and on 0% a card) and earn significantly more than the OP and would never dream of having so much debt.
Sadly the by-now pay-never culture and people trying to emulate lifestyles beyond their reach in a vague pursuit of happiness seems to be the norm.
Things don't equate to happiness.
All the personal loans I've ever seen will just pay the money in to your bank account. They won't go and pay off other creditors like a credit card balance transfer would.
[TW]Fox;18264826 said:
With his, completely. I'm talking in a more general fashion that everyone seems to think that reducing the loan payments is a bad thing. It's not, not in all scenarios. It cannot be covered with a blanket statement.
I agree fully that he should be nowhere near the assets that he has based on his confirmed income, its terrible! quite how he has got so much credit already shocks me given places are meant to be quite tight about who they lend to.
Wow, thats bad. You could get the money for a consolidation loan and just **** it up a wall or something then!
[TW]Fox;18264726 said:
And because it just would not be you were you not.....
Joking apart, your right Fox, he is living way beyond his means....
And yes, I can appreciate your head struggling with this, I do myself, check my sig, yet I earn more than 3 times what he does!
I can only assume the OP does not have a house, child, bills & all the other comitments the rest of us can't avoid......
Not yet I assume but when he does have them/want them at this rate he'll be up diarrhoea creek without a suitable means of propulsion.
105% mortgage anyone?
He's 22, has no mortgage or kids, but 2 cars.
Erm, is the OP joking. STOP BORROWING MONEY. If you cannot afford it then don't buy it. Its that simple.
Give the cars back and buy something cheaper. You can by loads of cars second hand for almost no money. Get a car for less than £2k. Then concentrate on paying off the other loan.
I can only assume you live at home as most of your money is being spent on loans that are worth more than what you bought with the loan.
If your spending around 75% of your income on loans how do you survive the month?
Give the cars back and buy something cheaper. You can by loads of cars second hand for almost no money. Get a car for less than £2k. Then concentrate on paying off the other loan.
I can only assume you live at home as most of your money is being spent on loans that are worth more than what you bought with the loan.
If your spending around 75% of your income on loans how do you survive the month?
This is a good question.
He says he is looking to be earning more in the future.
That's all well and good, but you cannot do current financial planning based on what you think/hope things will be like in the future with regards to your earnings, as you cannot guarantee that it will pan out that way.
But having the safety net of a family with money is always enough to cause a financial responsibility lobotomy.
and I thought I got it harsh when I mentioned I was thinking of declaring bankruptcy.
Trouble is, when you are in such a mess you can't see the wood from the trees.
Open your eyes Shep, you're on a slippery slope that will lead to you owing money you cant repay. You think you can handle it now, but in five.. ten years time you wont be on the last month of repayment. You'll be waking up one day and realising the £800 odd pound a month you are throwing at the loan companies wont be paying anything off until you are 75 years old!!!
Get off the treadmill while you still can.
Do you see an uber gaming PC in my sig... No because I had to sell it
Do you see me posting in Photography any more... No because I had to sell it
Do I drive around in highly modified car... No because I had to sell it.
Do You think I like living at home, taking the abuse about being here at my age.. never going out, not going on holiday, not living the lifestyle I used to live, not having new gadgets to play with every few months.... I hate every minute of it.
BUT
One thing I did know is it was the right thing to do if I wanted to free myself from that ****ty trap of credit card and loan debt.
Trouble is, when you are in such a mess you can't see the wood from the trees.
Open your eyes Shep, you're on a slippery slope that will lead to you owing money you cant repay. You think you can handle it now, but in five.. ten years time you wont be on the last month of repayment. You'll be waking up one day and realising the £800 odd pound a month you are throwing at the loan companies wont be paying anything off until you are 75 years old!!!
Get off the treadmill while you still can.
Do you see an uber gaming PC in my sig... No because I had to sell it
Do you see me posting in Photography any more... No because I had to sell it
Do I drive around in highly modified car... No because I had to sell it.
Do You think I like living at home, taking the abuse about being here at my age.. never going out, not going on holiday, not living the lifestyle I used to live, not having new gadgets to play with every few months.... I hate every minute of it.
BUT
One thing I did know is it was the right thing to do if I wanted to free myself from that ****ty trap of credit card and loan debt.
Soldato
- Joined
- 7 Jun 2010
- Posts
- 2,730
- Location
- Kent
I have a similar income to that and I'm still iving with my parents, have a car that is pretty cheap to run and I save money before I buy things. The only loan I have is my student loan and I'm 22 too. Learn to save your cash as you do not need so many loans and expensive cars.
Listen to this wise man.
Then go ahead, live your life way beyond your means, end up in financial ruin then shout "DADDY!". Seriously, you don't live in the real world do you?