Consolidating Debt

SioNeoN

SioNeoN

SioNeoN

Associate
Joined
12 Dec 2018
Posts
3
Here to seek views on what the best course of action would be.

At the moment I have a loan for a car and a financed car too (one car is mine is the Mrs).

The car finance has 18 months to go on a 3 year agreement and my plan is to buy it outright at the end of the term, this would be a loan too.

When the finance was taken out money was more free, savings were good but now I'm at a time where a child has turned up, savings have had to be used and pay isn't keeping up with the cost of living. I would really like to build up the savings safety net again.

I'm looking at the idea of combining the loan and with the car finance and making one loan payment a month. Currently this works out at roughly £470 but can get this down to around £250 combined over 6 years.

If i did nothing at the end of the finance agreement my combined amount would be £200 over 5 years.

Any thoughts and advice appreciated?

Also, I know hindsight is 20/20
 
To be fair i think these forums have evolved well away from computers/overclocking. I dare say the majority of people posting in the "life" section haven't posted in the hardware section for years, if at all.

A lot of new posters just come here because it's a fairly busy forum with a good spread of topics, and there have been a lot of financial advice threads.
 
Marvt74 said:
To be fair i think these forums have moved well away from computers/overclocking. I dare say the majority of people posting in the "life" section haven't posted in the hardware section for years, if at all.
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Guilty myself but i would imagine most of them at least did post the hardware section at one point. It is just odd that people are signing up to OCuk to ask for serious advice on GD. I wouldn't ask for serious advice on GD if it was about computers let alone something off topic to the entire forums.

I always assume posters like this are spam or market researchers
 
I joined OcUK specifically for advise on building a new desk top PC - I think it's 5 yrs now and still pleased - I most certainly wouldn't join for financial advise - not then and certainly not now - What I have noticed is when doing a google search for anything OcUK has come up in the search results whether it's finance or motors or what ever.

The yuth of today is certainly different to mine - we put every penny on the house and used grannies wishey washey hand ringer washing machine for years - my car was LHD 2CV import because it was cheap - we had been married 15 yrs before we could afford a new car - Most of all we never had loans if we could help it - Before I got married I had a loan for £450 for my car and my Dad had to act as guarantor for the loan and I paid it off as quick as possible.

I would certainly heed MUGnolias advise knowing what I know now after 45 yrs of marriage :D
 
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Can't help with the particular situation however the UK Personal Finance Subreddit has a lot of very knowledgeable people who would be able to help you if you don't get what you need from here.
 
It may have to do with the large volume of random threads asking for similar advice, I wouldn't be surprised to see OcUK coming up on a google search for such things.
 
OcUK is now a fountain of sage advice. Many travel for months to reach the temple of OcUK and sip from from the pool of knowledge.
 
LiE said:
OcUK is now a fountain of sage advice. Many travel for months to reach the temple of OcUK and sip from from the pool of knowledge.
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This is truth...Ive never built a PC or brought PC parts individually.... I came here for the gym rats section and haven't left!!
 
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