Loan...

[TW]Fox;18264726 said:
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.
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mate. Do you read anything anyone puts?

I have debt which i am comfortable with. My girlfriend pays for her car and phone bill. IF we split up the car can just be sent back to Citroen as it is on a PCP loan which can be cancelled at anytime. The phone is a month by month rolling contract so can be cancelled straight away.

With regards to my car, i pay more than double the apr i should be and i jumped into it without thinking. I can't legally sell the car as it is financed and i can't give it back either. I have to have it for at least 3 years before i can do that. So if i pay it outright with a loan i can then sell it privately for £9000, take the cash and use that to pay off some of my debt!

You say dont take out another loan?!?!? But i have my car for 5 years anyway so if i take out another loan for 5 years and reduce my payments it makes no difference!!!!!

Some people on here are utter trolls. You say i need to learn a few lessons, i think some of you need to realise we arent all the same and maybe you wouldnt be comfortable with the debt but i am. As for my pc spec you all keep mentioning. I bought that using cash from my eBay buying and selling!
 
Shep_Cobain said:
I have debt which i am comfortable with. My girlfriend pays for her car and phone bill. IF we split up the car can just be sent back to Citroen as it is on a PCP loan which can be cancelled at anytime. The phone is a month by month rolling contract so can be cancelled straight away.
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I thought usually PCP's were harder to terminate early than other types of finance because the balloon payment means the 'half way point' (when half of the total amount borrowed) could be nearly at the end of the agreement? Obviously you can settle it early but on a rubbish Citroen I expect you'll be deep in negative equity.
 
OllyM said:
I thought usually PCP's were harder to terminate early than other types of finance because the balloon payment means the 'half way point' (when half of the total amount borrowed) could be nearly at the end of the agreement?
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That may be the case but with Citroens Elect 3 Finance you can give it back at any time and its a simple process. You just need to keep it for a minimum of 3 months. My uncle had one but took it back when he was getting a mortgage and there were no problems etc.
 
Live to your means dont get more debt its never the answer. The advice people have given is good try and pay back your debt and then move on from there. You dont need new cars get older functional cars and put the money saved into paying off the debt. You say it doesn't bother you but it should. I have only just bought my first new car and have been in the RAF 16 years this year and earn a decent wage. I had to put 5K on a credit card but it will be paid within the interest free period and its the only debt i have..
Re-asses your finances and work out your priorities before getting more debt to pay debt. the only people winning are the banks.
 
Shep_Cobain said:
That may be the case but with Citroens Elect 3 Finance you can give it back at any time and its a simple process. You just need to keep it for a minimum of 3 months. My uncle had one but took it back when he was getting a mortgage and there were no problems etc.
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That seems very unusual. I'd check your termination rights as having looked at the brochure I can't see any mention of being able to hand the car back whenever you want without any charges?
 
But wouldn't you rather be in an enviable position not an ugly one?

Sell the crappy Citroen (I can't believe you bought one brand new) and get yourself a cheap run-around, an 00-01 Ford Focus or Mondeo would be pittance and reliable too.

Work on paying your loan off early and faster, become debt free and then the things you buy you ACTUALLY OWN. It's a great feeling, much better than living on borrowed time!
 
MOOGLEYS said:
Live to your means dont get more debt its never the answer. The advice people have given is good try and pay back your debt and then move on from there. You dont need new cars get older functional cars and put the money saved into paying off the debt. You say it doesn't bother you but it should. I have only just bought my first new car and have been in the RAF 16 years this year and earn a decent wage. I had to put 5K on a credit card but it will be paid within the interest free period and its the only debt i have..
Re-asses your finances and work out your priorities before getting more debt to pay debt. the only people winning are the banks.
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If i don't refinance now the only people are winning is the car finance company i used to buy my car! I rushed into it and wish i could turn back time. I have over 4 and a 1/2 years left to pay £225 a month or i could refinance reduce my overall finance by £150 a month and sell the car for £9000 and have that in the bank. Use that £150 a month to save up and pay of the loan earlier. Hopefully in 2 and a half years (the time i have remaining on my current HSBC loan) i can save up the rest and completely wipe off the debt.

So the question is... which is better?

£454 a month for 2 and a half years
or £297 for 2 and a half years....
 
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Shep_Cobain said:
mate. Do you read anything anyone puts?

I have debt which i am comfortable with. My girlfriend pays for her car and phone bill. IF we split up the car can just be sent back to Citroen as it is on a PCP loan which can be cancelled at anytime. The phone is a month by month rolling contract so can be cancelled straight away.

With regards to my car, i pay more than double the apr i should be and i jumped into it without thinking. I can't legally sell the car as it is financed and i can't give it back either. I have to have it for at least 3 years before i can do that. So if i pay it outright with a loan i can then sell it privately for £9000, take the cash and use that to pay off some of my debt!

You say dont take out another loan?!?!? But i have my car for 5 years anyway so if i take out another loan for 5 years and reduce my payments it makes no difference!!!!!

Some people on here are utter trolls. You say i need to learn a few lessons, i think some of you need to realise we arent all the same and maybe you wouldnt be comfortable with the debt but i am. As for my pc spec you all keep mentioning. I bought that using cash from my eBay buying and selling!
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I agree not everyone is the same, some people can pull their heads out of their ass and see that while you are "comfortable" with that debt it is not an "acceptable" level of debt, especially in todays climate.

I went to uni only loan i had was £3.5k, i had two credit cards at £500 each and i had an overdraft of lets say £1500. so a grand total of £6k debt after uni which isnt much by todays standards i know, but that kept me awake at night. I could have cried DADDY but thats not who i am. i limited myself to only going out once a month, when i got a tax rebate instead of going to uber PC i put all of it on credit cards and cleared them. I quit my dead end job and got one where i earn more and have potential to get somewhere, i set up direct debits so that as soon as im paid the money si gone to the debt and i never even see it. 1 year later im on my last £500 and that will be gone at pay day this month.

I get that you are "comfortable" but it is only 1 step from comfortable to irritable bowel syndrome.
 
DiCe! said:
I agree not everyone is the same, some people can pull their heads out of their ass and see that while you are "comfortable" with that debt it is not an "acceptable" level of debt, especially in todays climate.

I went to uni only loan i had was £3.5k, i had two credit cards at £500 each and i had an overdraft of lets say £1500. so a grand total of £6k debt after uni which isnt much by todays standards i know, but that kept me awake at night. I could have cried DADDY but thats not who i am. i limited myself to only going out once a month, when i got a tax rebate instead of going to uber PC i put all of it on credit cards and cleared them. I quit my dead end job and got one where i earn more and have potential to get somewhere, i set up direct debits so that as soon as im paid the money si gone to the debt and i never even see it. 1 year later im on my last £500 and that will be gone at pay day this month.

I get that you are "comfortable" but it is only 1 step from comfortable to irritable bowel syndrome.
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lol your clueless.

I havent cired "daddy" and won't do unless i was made redundant which touch wood isnt going to happen as the business i am in and intend to be in for the rest of my life is booming!

I have a pay structure which by year 4 i will be on £24,000 - £28,000. I don't lie awake at night worrying and i very rarely go out. In my life i have had credit cards and have always paid them off on time and comfortably.

I never maxed out anything to pay for my PC as i keep saying. I bought that, my LCD TV, Surround Sound Speakers and Amp, Furniture, Geckos, Fish Tank, Python etc. all with cash!
 
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Lol... Just lol.

I'm sorry OP but you dont understand?

The loan was declined because your in debt, jesus.. I cant get a loan and im only 1.25k in debt with HSBC (Student loan that will be paid off in march).

I cant even get Dell finance on a 1K laptop as i have no income, yet you and others with massive finance debts can go out and get LOADS more debt.

I'm greatfull that Finance companys wont touch me, has stopped me spening far to much.

Take Tesco as a sign, DONT GET ANY MORE DEBT AND ONLY USE ONE CAR AND BUY A BICYCLE!
 
Shep_Cobain said:
lol your clueless.
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Id like to get your comment printed off and framed, then smash it over your head when the bailiffs come for your cars/possessions.

Ignore the sound advice, get another loan, hell get another car for your pet dog and live the "high life and live a little"

cant put into words the level of stupidity on show here.
 
DiCe! said:
Id like to get your comment printed off and framed, then smash it over your head when the bailiffs come for your cars/possessions.

Ignore the sound advice, get another loan, hell get another car for your pet dog and live the "high life and live a little"

cant put into words the level of stupidity on show here.
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isn't going to happen pal...
 
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