Loan...
- Thread starter Shep_Cobain
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I regret admitting this but i have a scooter on finance. I can sell it, it just means the finance isn't secured against anything and if i fail to repay they would take other goods.
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I'm not sure how much he'd get for the car though, if it was a 2nd hand car when he bought it then he might come close, but if it was new... then he'd be stuffed. Additionally he needs a car, or at least says he wants a car. Since what he has now is affordable and he's just lookign to make it more affordable it's only reasonable to assume he's going to continue having a car. That means he needs to get £9,300 and a runaround car by selling the car he has... which isn'[t going to happen.
That's why I think he'll be able to settle the HSBC personal loan and get a runaround for what he sells his 10K car for - again assuming it's not on HP.
He'd have to owe the family member the difference and step up to the plate and take some responsibility and make cut backs to start saving to pay it back.
I've been there before. Start going through the house and see what you can sell that you don't need. Get it up for sale on ebay etc.... sell DVDs at computer exchange etc..
Amazing what you think you "need" but in fact don't when you're short of money.
He doesnt need another £9300 car.
He could take the bus and car share with the g/f when possible. All else failing - get a £500 banger like everybody else on minimum wage. Get wheeling and dealing on ebay and use it to pay off his debt to the family member instead of using it to buy several thousand pound PCs.
I've been there before. Start going through the house and see what you can sell that you don't need. Get it up for sale on ebay etc.... sell DVDs at computer exchange etc..
Amazing what you think you "need" but in fact don't when you're short of money.
He doesnt need another £9300 car.
He could take the bus and car share with the g/f when possible. All else failing - get a £500 banger like everybody else on minimum wage. Get wheeling and dealing on ebay and use it to pay off his debt to the family member instead of using it to buy several thousand pound PCs.
From the original post he's just not in that position though. He shouldn't be borrowing from a family member if he doesn't need to...
Sells the 10K car, pays the HSBC loan and buys a runaround and he drops £229 from his monthly outgoings, while still having a car.
I cannot see any better way of doing things.
depends if the finance is secured on the car or not.
that says to me its secured as he bought the car "on finance" rather than got a bank loan.
that says to me its secured as he bought the car "on finance" rather than got a bank loan.
If it is secured on the car then he'll have to come to an agreement with the finance provider on it -
That leaves him 2 options.
Status quo.... or borrow from family to pay the difference and get a new car. But I don't think borrowing from family is an option in anything other than the short term.
That leaves him 2 options.
Status quo.... or borrow from family to pay the difference and get a new car. But I don't think borrowing from family is an option in anything other than the short term.
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I got mine removed from hpi, so maybe
It's difficult to say to be honest. What makes me think it wasn't HP is that he didn't mention anything about surrendering it, while he did about his Mrs car.
But I think we've covered his best options?
Unsecured
A) Sell 10K car. Pay HSBC loan. Buy runaround.
Secured
1) Do nothing
2) Speak to finance comany, see how much the diff between selling price and settlement is, add that to cost of runaround and borrow that from family.
3) Use family members 10K to pay off the finance on the car. Sell the car. Buy a runaround. Pay remainder to family member, repay rest to family member over time - really the same as option 2.
I can't think of any other way around it...
![[FnG]magnolia](/styles/overclockers/avatars/9.png){kind=avatar}
Caporegime
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None of this debate matters. The OP will ignore all advice offered and will instead do what keeps him in his (unsustainable) comfort zone.
agreed
then start cutting down to pay off your family member, and then the bank loan in that order.
Re prioritize your life and realise that taking out another loan is NOT the solution to this. It just extends the period you'll be in debt for.
There is some very good advice in this thread, but the thing that strikes me is why doesn't the op realise why he has been declined a loan by Tesco's?
They try and make a profit wherever they can - but they will not touch the op.
Think about it op.
They try and make a profit wherever they can - but they will not touch the op.
Think about it op.
[FnG]magnolia;18269847 said:
I suspect so. But I don't mind giving him the best advice possible.
I've seen this pattern before though. What happens is he borrows more and more - each time he successfully convinces himself that the new lending is "sorting everything out" and it'll make things better. But 6-9 months later he's short of cash for something he "needs", and has no available savings or revolving credit so it's consolidation time again. Every time he walks away with the right intentions but a few months later he's back dipping in again. Eventually he hits breaking point where he has virtually 0 disposable income (or negative) and he has to do an IVA or some kind of last chance loan from the bank. Eventually he'll default.
But it doesn't always go that way, he can turn around and see everything clearly and sort it out.
We just don't know... and I personally hope he turns around. After all he's only really made one big mistake and that was the 10K car loan. Everything else was perfectly affordable. The minor mistake he is making is with his Mrs not being on any of the debt, she could walk away easily.
Have not read through all posts but the OP topic is disgusting.
The banks/loan companies should not be allowing this. Many people will say it's the persons thought for taking the loan in the first place but there are a lot of thick/naive people out there that are getting taken advantage of.
It's must be like waving money in someone's face with how easy it is to get debt.
I'm just thankful I was brought up where my family taught me to respect money from an early age.
If you don't have the money then save is the best advice you can get.
The banks/loan companies should not be allowing this. Many people will say it's the persons thought for taking the loan in the first place but there are a lot of thick/naive people out there that are getting taken advantage of.
It's must be like waving money in someone's face with how easy it is to get debt.
I'm just thankful I was brought up where my family taught me to respect money from an early age.
If you don't have the money then save is the best advice you can get.
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What do you do for a job, the Halk, out of interest? When you're not reading Ayn Rand, I mean 
What is wrong with having debt? many many people have some form of debt
the op is paying his loans back so what's the problem?
if people don't have the money then they take a loan, that's what loans are for
I believe if you don't have the money (mortgage aside) then you should not be spending it.
"the op is paying his loans back so what's the problem?" - how can you ask what the problem is when the OP is in massive debt, on minimum wage and living far beyond his means.
Do you not even think it is morally wrong?