There is nothing wrong with a loan or debt as long as it is manageable. 50% of your take home pay as debt is not sensible in most peoples eyes.
Loan...
- Thread starter Shep_Cobain
- Start date
There is nothing wrong with a loan or debt as long as it is manageable. 50% of your take home pay as debt is not sensible in most peoples eyes.
Soldato
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No chance. I have a 5* credit rating and would probably struggle to get that APR on a 10k+ loan.
Soldato
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Brilliant. The issue here has nothing to do with his job at all, yet you wade into the thread with a demeaning and pointless comment.
Reminds me of that Two Ronnies commedy sketch only that was comedy you really are looking down your nose at others.
I'd really like to help Shep get this sorted...
Shep there's been loads of suggestions but a lot of them hinge on a few details.
The biggest one for anything I suggested was the nature of the 10K loan - Was it just a personal unsecured loan that you used to buy the car, or is it some form of Hire Purchase/specific car finance?
Shep there's been loads of suggestions but a lot of them hinge on a few details.
The biggest one for anything I suggested was the nature of the 10K loan - Was it just a personal unsecured loan that you used to buy the car, or is it some form of Hire Purchase/specific car finance?
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Hiya Halk, erm it was a car finance company that Ford use. It lasts for 5 years and at the time i wanted the car so bad i didn't even look at the figures. Foolish i know and believe me, i have learnt from this mistake! Im never going to stretch myself this far again. The problem is i can't simply take the car back to ford as the agreement states i need to have had the car for at least 3 years. I probably could give it back but would have to pay something like £2000.
Yeah, you should find that out then from Ford - how much would they need + car to cancel the agreement.
Then you add that to the amount you'll need for a runaround car, and that's the amount of money that you need to find.
Either by rescheduling your HSBC loan - I don't know what rate you are on, find out before you do it and don't do it if the interest rate change is huge - or by borrowing from your relative a smaller amount - maybe £3k?
As far as HSBC accepting the lower amount - where does your Mrs salary go? Is it mandated to an HSBC account? If you have a joint account and you're very clear and careful and honest about your outgoings in an app then it's possible you may be accepted. The 15K loan is a bad idea though, and out of the question anyway.
Then you add that to the amount you'll need for a runaround car, and that's the amount of money that you need to find.
Either by rescheduling your HSBC loan - I don't know what rate you are on, find out before you do it and don't do it if the interest rate change is huge - or by borrowing from your relative a smaller amount - maybe £3k?
As far as HSBC accepting the lower amount - where does your Mrs salary go? Is it mandated to an HSBC account? If you have a joint account and you're very clear and careful and honest about your outgoings in an app then it's possible you may be accepted. The 15K loan is a bad idea though, and out of the question anyway.
Soldato
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Remember this lesson from the school of hard knocks the next time you are tempted to spend money that you don't have on shiny things.
Oh and learn a little humility and listen to older wiser people who have given good advice.
The bit that annoys me is the PC, it must have cost a fair bit, from eBay money etc...that money could have gone towords paying the debt off, and i think thats the problem....how have you learnt the lesson if youve just got a very good gaming pc? you havnt.
Listen to Halk, speak to some debt advice people and know ALL your options before you go in for anything.
Listen to people and dont give large because they are being a bit harsh on you because sometimes...its needed.
Hope you get it sorted. Hope you learn a lesson.
Listen to Halk, speak to some debt advice people and know ALL your options before you go in for anything.
Listen to people and dont give large because they are being a bit harsh on you because sometimes...its needed.
Hope you get it sorted. Hope you learn a lesson.
Soldato
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If you are not struggling, then dont restructure your debt with more debt, keep paying the £454.
Theres no reason not to do this if you are not struggling with the payments.
You can normally terminate the contract early, but yes it will require a fee....then again i think it depends on the contract, so you'd either have to read through it or just ask them.
If you cant end the contract...You could always try and downgrade it with them
Or do what you originally wanted to do...and do what my brother did...Get a seperate loan that is cheaper in the repayments and overall payment and pay the car off in one...but then you could still be paying more money back than if you paid the cancellation fee for example
Hahaha!
There's plenty of reasons, like what he said in the first post... trying to save money.
He has already said buying the car was a mistake and he wants to do what he can to get back from that mistake. One way is to rejig his debts. I've suggested a sound way to do so.
Soldato
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consolidating loans is not the solution either - it gets you in more debt 99% of the time!
Rubbish. Show me any kind of evidence that this is the case.
What a stupid comment. Would you be happy paying more than you need?
Of course, I forgot that 99% of consolidation loans leave you in more debt....
Depends how big the loan is...if you take out enough to pay off what you owe on the other loan, then you have nothing else to spend...
You just pay back with the other loan