Loan...

The thread is packed full of fail.

The OP shows less than stellar financial nous and asks the forum for help trying to get back onto a more suitable financial path. That's fair enough, we all make mistakes and this forum is a good place to ask for help.

Somehow he trips over the alarm that says "OP is to be flamed" and we're now on 300+ posts of "OMG he's an idiot!" and "I hope you learn your lesson!" and "You made your mess!".

Several people have tried to help in the thread, but the posts just get washed away by the wall of text from the mudslingers.
 
The Halk said:
The thread is packed full of fail.

The OP shows less than stellar financial nous and asks the forum for help trying to get back onto a more suitable financial path. That's fair enough, we all make mistakes and this forum is a good place to ask for help.

Somehow he trips over the alarm that says "OP is to be flamed" and we're now on 300+ posts of "OMG he's an idiot!" and "I hope you learn your lesson!" and "You made your mess!".

Several people have tried to help in the thread, but the posts just get washed away by the wall of text from the mudslingers.
Click to expand...

Well when you're the Op and tell people to get a clue when they reply with advice....you only deserve mud.
 
The Halk said:
Rubbish. Show me any kind of evidence that this is the case.
Click to expand...
tell me how is putting your split loans that someone is already struggling to pay into one big pot with an often bad interest rate a sensible thing?

if he ****s up repayment on that one big loan that is a lot of charges to incur! surely in this particular case it is better to pluck away at the individual loans

people seem to think its a quick fix solution - but it doesnt stop debt issue in the slightest. good money mangement, effective budgetting does - not some ridiculous DCL that could potentially land someone with bad money management in more doodoo.
If you look at the OP's case it is pretty clear he is bad with money and chances are he is just going to consolidate into another car!

DCL's go against every rule of effective debt management! yet some people in this forum seem to think its a great way of helping the OP out.
 
Last edited:
What are the OP's other monthly costs?

There is a lot of talk about his salary, but I'm guessing he lives at home and has minimal monthly expenses other than the stated loans and a bit extra for beer tokens. Dont forget that for most of us folk the majority of our monthly salary gets splurged on mortgages/rent/living expenses. In real terms, his net take home before financing costs is probably comparable to somebody earning 3-4x his salary. On the basis that around half his monthly discretionary spend goes on debt servicing, he is not in an impossible situation.

That said, a lot of the advice given thus far in the thread has been good. Girlfriend needs to get on the electoral register, stop spending beyond your means etc etc etc. You're not going to ever be able to move out while your servicing debts of that sort of magnitude. Your focus should be on debt reduction via asset disposal (i.e. the expensive car) first and foremost.

Disclaimer: This is my first encounter with this thread and my brain was starting to hurt from all the acerbity after the first five pages, so I skipped to the end. If the above points have been covered since then then the above is probably going over old ground and can be stricken from the record
 
iamtheoneneo said:
tell me how is putting your split loans that someone is already struggling to pay into one big pot with an often bad interest rate a sensible thing?

if he ****s up repayment on that one big loan that is a lot of charges to incur! surely in this particular case it is better to pluck away at the individual loans

people seem to think its a quick fix solution - but it doesnt stop debt issue in the slightest. good money mangement, effective budgetting does - not some ridiculous DCL that could potentially land someone with bad money management in more doodoo.
If you look at the OP's case it is pretty clear he is bad with money and chances are he is just going to consolidate into another car!

DCL's go against every rule of effective debt management! yet some people in this forum seem to think its a great way of helping the OP out.
Click to expand...


You said they were bad in 99% of cases. I disagree. I think your advice is not only incorrect, but harmful.

Debt consolidation is a good thing in essence.

You need to watch for several things when you do it...

1) That the interest rate is less. In the vast majority of cases it is less.

2) The term - That's a big one to watch. Often the term is extended, people need to be aware what the effect of this is, and anyone giving advice should really start off with payments which match the approx remaining term on the debts being consolidated. This should result in a lower payment and it's up to the customer to decide if they want to reduce the payment further and take the loan over a longer time. It's a particular concern with secured second charge lending.

3) It's not a signal to go do it all again. Just because you sorted out your debts does not mean you can go spend again. At the same time as doing it you need a firm grasp of what your real disposable income is, and put measures in place to allow you to stay within it.

Number 2 and number 3 are the big mistakes that people make, in my experience.

But to suggest that 99% of debt consolidation loans are bad is idiocy. The problem is not the loans, it's the people taking them are serial borrowers, which means they'll come back for more later.
 
The Halk said:
But to suggest that 99% of debt consolidation loans are bad is idiocy. The problem is not the loans, it's the people taking them are serial borrowers, which means they'll come back for more later.
Click to expand...

you have a level of hypocrisy in your argument. LOOK , at the OP's statement on his loans and then LOOK at what you are saying above.

lets get this straight:

In THIS case a DCL is not the way forward for the OP. He is clearly a serial borrower (something you clearly say is bad above), yet you feel the need to argue the point???!?!

That is the main point here for this particular case, anything else is mute - im not really going to get into some sort of messed up typical OCUK massaging ego type argument on the matter.
thats not going to help the OP at all. DCL's in his case will be fail.
 
Last edited:
iamtheoneneo said:
you have a level of hypocrisy in your argument. LOOK , at the OP's statement on his loans and then LOOK at what you are saying above.

lets get this straight:

In THIS case a DCL is not the way forward for the OP. He is clearly a serial borrower (something you clearly say is bad above), yet you feel the need to argue the point???!?!

That is the main point here for this particular case, anything else is mute - im not really going to get into some sort of messed up typcial OCUK massaging ego type argument on the matter.
thats not going to help the OP at all. DCL's in his case will be fail.
Click to expand...

He brought a car he wanted, now realises he spent to much and wants to shorten the pay back and over all cost...not much wrong with it.

He may have BEEN a serial borrower (hell, its easy) but hopefully he realises what he's done and will manage his repayments etc....in which case doing what some suggest is a good thing.

As I said above, my brother did similar things, he downsized his car, paid off the car loan, and managed his money...Yes he didnt have much money for a year or two, but he got out of it sooner, and ended up with more money in savings etc.
 
Last edited:
iamtheoneneo said:
you have a level of hypocrisy in your argument. LOOK , at the OP's statement on his loans and then LOOK at what you are saying above.
Click to expand...



iamtheoneneo said:
In THIS case a DCL is not the way forward for the OP. He is clearly a serial borrower (something you clearly say is bad above), yet you feel the need to argue the point???!?!
Click to expand...

I'm not arguing that point you No personal insults. Keep your argument constructive please.. I'm saying that you're patently wrong to say that 99% of the time they're a bad idea. The OP is not 99% of people, nor do you know what would happen if he did take a DCL.

It is also NOT clear that the OP is a serial borrower. He fits the profile of one at this point, but he's made one serious mistake and one serious mistake only. That's all. You cannot make an accurate judgement based on that.
iamtheoneneo said:
That is the main point here for this particular case, anything else is mute - im not really going to get into some sort of messed up typcial OCUK massaging ego type argument on the matter.
Click to expand...
Good, quite frankly you should take your shoddy advice and sling your hook. 99% of debt consolidation loans are not bad.
 
The Halk said:
I'm not arguing that point you mongoloid. I'm saying that you're patently wrong to say that 99% of the time they're a bad idea. The OP is not 99% of people, nor do you know what would happen if he did take a DCL.

It is also NOT clear that the OP is a serial borrower. He fits the profile of one at this point, but he's made one serious mistake and one serious mistake only. That's all. You cannot make an accurate judgement based on that.

Good, quite frankly you should take your shoddy advice and sling your hook. 99% of debt consolidation loans are not bad.
Click to expand...

mongoloid?
wow that says it all....enjoy, because im playing no part in having a discussion with someone that results to such low qualities as that.
 
Last edited:
Delvis said:
Thread de-railing much?

Less of the insults and nit-picking guys n gals (if there are any)
Click to expand...

It's all very well to ask for that. But when someone posts really bad advice it's only fair to point it out.

It's internet forums, it's inevitable that someone posts something nasty and inaccurate. :)
 
The Halk said:
It's all very well to ask for that. But when someone posts really bad advice it's only fair to point it out.

It's internet forums, it's inevitable that someone posts something nasty and inaccurate. :)
Click to expand...

what you posted was dam right offense and i more then expect a suspension because their was zero need for it.

you can disagree with my advice all you want, but posting insults helps no-one.
 
The Halk said:
It's all very well to ask for that. But when someone posts really bad advice it's only fair to point it out.

It's internet forums, it's inevitable that someone posts something nasty and inaccurate. :)
Click to expand...

Thats fine, but no need for people to start getting faffy over it all

LordSplodge said:
Crazy isn't it? People just coming in here to post insults such as saying the OP has a "McJob"

The OP just wanted some advice...gotta love the Internet sometimes. :rolleyes:
Click to expand...

Indeed eh

The Halk said:
Bah calm down. So I happen to think you're an idiot, and you mindlessly give bad, harmful advice. Don't let it ruin your day.
Click to expand...

I was on a suspension for saying stuff like that so i'd be careful ;)
 
Last edited:
Delvis said:
I was on a suspension for saying stuff like that so i'd be careful ;)
Click to expand...

All joking aside I do feel strongly about bad financial advice. And I think people in a vulnerable position are often marginalised and given bad advice, rather than the help they need to sort it out.

There's companies out there who prey on people in financial difficulty, and the more sound financial advice people get the less these companies will get their claws into people.

In a professional capacity I've helped countless people out of financial distress, and in just about every case I wish I'd managed to have the important conversation with them before it got too late.

So when someone comes out with a harmful sweeping statement, if it means getting suspended to put them in their place about it then so be it.
 
The Halk said:
So when someone comes out with a harmful sweeping statement, if it means getting suspended to put them in their place about it then so be it.
Click to expand...

I agree with that tbh. It was as moronic as to state that he should continue paying and not lessen his payments because that's his bed that he made.
Sometimes people need to be told in no uncertain terms that they are being a **** (shortened for you WrathOfAchilles :p ).
 
You must log in or register to reply here.
Back
Top Bottom