Loan...
- Thread starter Shep_Cobain
- Start date
Nothing wrong with debt if your head is screwed on, Shep has debt he cant control, GF leaves him he has payments he cant afford, he loses his job payments he cant afford, car breaks down with major problem, payments he cant afford.
Cold hard cash, is something people forget to understand.
[FnG]magnolia;18269923 said:What do you do for a job, the Halk, out of interest? When you're not reading Ayn Rand, I mean
I work for a bank in some capacity or other that I don't like to be specific about, nor the particular bank.
Aww no Peter Andre
@OP
I was much like you, although younger, 18 or so. I was using loans to hide the fact I couldn't afford my lifestyle. Luckily i saw sense and got it all sorted out and thats what i think you need to do.
There is nothing wrong with having some debt you just need to keep on top of it, if the thoughts consolidation pop into your mind then generally your are headed down the wrong path.
Perhaps selling the cars and getting cheaper but nice cars would be a better move and start to think seriously about building up some savings to use as a buffer when things go pear shaped.
Man of Honour
- Joined
- 31 Jan 2004
- Posts
- 16,332
- Location
- Plymouth
And people blame bankers for the state of the economy.
I don't think it's wrong at all, if he wants to spend nearly half his earnings on paying off a car loan or whatever then that is his perogative, like I said, that's what finance is for, he is living beyond his means only in the sense he did not have £10k ready cash to buy a car outright, he's paying off the loan he has taken and still has a decent amount of cash left so there's no problem
- Joined
- 26 Feb 2007
- Posts
- 3,322
- Location
- Blackpool
[TW]Fox;18269357 said:
What the hell do you know about me pal? You sit there with your internet cloak on posting ridiculous and pointless comments!
Ill have you know i am in an industry which will never die due to the world we live in and the need for it now and even more so in the future! I can't disclose what it is but trust me its here to stay. I am in training for 3 years and my wage increases £3000 each year. I receive a bonus of £2000 ever April and after year 3 my salary rises to £24,000 - £28,000 depending on my knowledge and how well i have progressed. After that wage increases happen each year at £4000 a go providing you meet your targets set in your review.
- Joined
- 26 Feb 2007
- Posts
- 3,322
- Location
- Blackpool
I 100% agree! The £10,000 car i pay £225 a month for is one of the biggest mistakes i have made in my life. If i could go back in time i would tell myself not to buy it! Its ridiculous! I wish i just bought a £1000 runaround diesel. But i can't go back in time so i am trying to be sensible now by re arranging my debt to fit in with what i earn. Now i could continue to pa £454 a month and not be able to afford anything. Or i could try and get a loan with HSBC today for £15,000, pay off the HSBC loan, pay off the car finance and pay £300 - £350 a month. Then sell the £10k car and say i get £8k for it, buy a cheap runaround thats economically and not unreliable. Using my monthly savings of £100 - £150 put some aside each month and add it to the money i got from selling the car to help pay off my debt earlier
Last edited:
Permabanned
- Joined
- 22 Feb 2010
- Posts
- 1,629
In that case, sod off an get professional help.
We have tryed to help you but you just throw it back in our faces.
I dislike people like you who think your better then anyone else when infact your in massive down hill spiral of debt and may never get out.
Good luck, dont moan when you end up bankrupt cus you were made redundent.
Professional help? Why? He is not in default, or in danger of it.
- Joined
- 26 Feb 2007
- Posts
- 3,322
- Location
- Blackpool
lol, I dislike people like you! Who think you know it all and have seen the world a million times round! I'm not throwing anything back in anyone's faces. But when people personally insult me with regards to my wage and immediately decide I'm in uncontrollable debt or I'm a bad person for not buying the car with cash it annoys me! I disagree with your comments, however I don't think that's the same as throwing it back in your faces. If i end up with the same amount of debt but my repayments are £100 - £150 cheaper then i think its a good idea. If you don't you must be bloody mad!!!! I have said 100 times over, i cannot simply give the car back to the finance company as i need to have had it for at least 3 years to get out of the negative equity period! So the only other way is to reduce the payments, sell the car and pay off the debt early!
Oh, and you have spelt Tryed (Tried) wrong.
I'm not in a downhill spiral of debt and i am not struggling. I just think it would be better to reduce my repayments than it would to keep paying the £454 a month.
Last edited:
Permabanned
- Joined
- 22 Feb 2010
- Posts
- 1,629
In that case, Do something about it.
Get rid of that car, By any meens possible!
its a weight that will hold u down and you dont need it!
Cycle
Oh and:
I cant spell many words as i'm delslyixc and suffer from bad working memory and knowing how words are spelt, i spell them as they sound in my head instead.
I'm sooo sorry
I cant spell many words as i'm delslyixc and suffer from bad working memory and knowing how words are spelt, i spell them as they sound in my head instead.
I'm sooo sorry
It's spelt dyslexic.
Permabanned
- Joined
- 22 Feb 2010
- Posts
- 1,629
Yes and no, consilidation is a good move if you do it the right way. He will reduced his outgoings but £150 and his loan will be paid off in half the time.
But this will only work if he goes on to be good with money from here on. Which so few do. I'm 7 months away from finish paying of a 5 year loan. It was a lot of hard work but i now have some small savings and i hope by 2012 i will have a small deposite for a flat somewhere in London.
Been there, done this, got the T-shirt, several times over. Not with cars, but just about everything else.
My advice: Don't do it. Accept the pain you've brought upon yourself and pay the debts you already have off. It'll be a lesson to you never to get into this situation again.
Why? Because if you do get accepted for another loan, the temptation to spend the extra money you find in your pocket will be too great. And even worse, the temptation to get yet another loan will be there too.
That's what I did, and it got out of control to the point where I'll be paying the price for it for the next 10 years - until it all gets paid off. I finally saw the precipice when it got over £100,000. I still don't have the urge completely under control, but at least my debt level now goes down more than it goes up.
If you really have no other choice than to refinance, then going to your bank is the most likely to succeed. Try to shorten the term though - i.e. pay off the maximum you can afford. If you have enough money in your pocket to get by, then you should be thinking 'how can I pay this thing off in the shortest time possible' - in which case refinancing is about reducing charges so you can repay more capital.
My advice: Don't do it. Accept the pain you've brought upon yourself and pay the debts you already have off. It'll be a lesson to you never to get into this situation again.
Why? Because if you do get accepted for another loan, the temptation to spend the extra money you find in your pocket will be too great. And even worse, the temptation to get yet another loan will be there too.
That's what I did, and it got out of control to the point where I'll be paying the price for it for the next 10 years - until it all gets paid off. I finally saw the precipice when it got over £100,000. I still don't have the urge completely under control, but at least my debt level now goes down more than it goes up.
If you really have no other choice than to refinance, then going to your bank is the most likely to succeed. Try to shorten the term though - i.e. pay off the maximum you can afford. If you have enough money in your pocket to get by, then you should be thinking 'how can I pay this thing off in the shortest time possible' - in which case refinancing is about reducing charges so you can repay more capital.
Last edited:
In that case, what the hell are you doing? You have a pretty decent paying job, either go and see someone how you can reduce your debt properly, or don't bother.
There are several people who have said taking another lower percentage loan out 'could' help, but only if you manage it properly, so either listen to them, or listen to the people saying you're silly for doing it.
Work out your out goings, see what you can put aside, if you really want to save money, either sell the car, or trade it for something more economical that is cheaper. Get the g/f to have the car in her name entirely, so all money comes from her account so it helps you should you need a loan in the future again.
Not everyone here is stupid, a lot of the people here actually do know what they are talking about, from both sides of the fence