Loan...

so calling someone a mongoloid is a joke to you?
do you even know what the word means? or do you just mouth off without thinking about it? just how arrogant are you!!

you give financial advice yet you havent even read the OP properly as you can quite clearly see he is a) living way above his means and b) has made several mistakes with loans not just one. (which you state as only one)

reducing payments is good yes, but look at the profile and what the OP is saying. its debt after debt after debt with him and a DCL is not the way to go. he needs to get himself down to the CAB and start talking to banks properly to lower repayments on existing loans not add an additional £15k+ to potential existing ones.

Halk you sound like someone that actually works for a debt company and charges clients x amount of money they can not afford just to begin looking into solving their problem!
 
He isn't adding £15k, he will be paying off other loans with the money so will not actually owe any more.
He is not defaulting on payments, he is not struggling to pay (apparently).
He is taking action to get rid of the car so that it is not a burden any more.
 
Morba said:
He isn't adding £15k, he will be paying off other loans with the money so will not actually owe any more.
He is not defaulting on payments, he is not struggling to pay (apparently).
He is taking action to get rid of the car so that it is not a burden any more.
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but by taknig another loan out he's just extending the period he'll be in debt. He should be working to get rid of the debt he has by other means. Not by taking out another unsecured loan for 5 years or whatever.

Thing is, its completely pointless. Nobody is going to lend 15k to somebody already 15k in debt on ~ 13k a year.

Think about it, at the point he receives the loan he'll have 30k of debt on 13k a year. Its madness !!!

He says he'll pay the debts off, but given his less than amazing financial responsibility so far, its no wonder the banks don't trust him. The bank refusing his loan was the wake up call he needed. Wake up and smell the coffee, more debt is not the way to solve this.
 
MrLOL said:
but by taknig another loan out he's just extending the period he'll be in debt. He should be working to get rid of the debt he has by other means. Not by taking out another unsecured loan for 5 years or whatever.

Thing is, its completely pointless. Nobody is going to lend 15k to somebody already 15k in debt on ~ 13k a year.
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exactly, why are some people missing the obvious here? adding more money to a debt problem does not solve it. hes not a high earner, he has over half his pay wrapped up in debt and wants more money. id be surprised if the banks agree too it.
 
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MrLOL said:
but by taknig another loan out he's just extending the period he'll be in debt. He should be working to get rid of the debt he has by other means. Not by taking out another unsecured loan for 5 years or whatever.

Thing is, its completely pointless. Nobody is going to lend 15k to somebody already 15k in debt on ~ 13k a year.
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I might have missed it in all of this, but i thought that he was not extending the period of the loan, just borrowing the same amount at a better rate.
 
he'll be taking another unsecured loan out, that will be another 5 years from today or whatever.

Presumably he's already x number of years into paying off his other loan. Taking another out just extends it.
 
MrLOL said:
he'll be taking another unsecured loan out, that will be another 5 years from today or whatever.

Presumably he's already x number of years into paying off his other loan. Taking another out just extends it.
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That depends on the loan agreement that you take out. Nothing to say that it has to be extended, you can have shorter loan terms (though obviously this increases payments compared to longer)
 
iamtheoneneo said:
so calling someone a mongoloid is a joke to you?
do you even know what the word means? or do you just mouth off without thinking about it? just how arrogant are you!!
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All I can judge you on is the quality of your posts, which is lacking. You should not read into that more than what it is, I think what you've posted is of such a high level of stupidity that I question your mental competence.

iamtheoneneo said:
you give financial advice yet you havent even read the OP properly as you can quite clearly see he is a) living way above his means and b) has made several mistakes with loans not just one. (which you state as only one)
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I have read the OP. I do not consider any of the other decisions to be mistakes. As I have said earlier in the thread a minor mistake is not putting his girlfriend on anything, as she can walk away. The major mistake as the OP and everybody else seems to agree is the 10K car loan. The rest is perfectly acceptable.

iamtheoneneo said:
reducing payments is good yes, but look at the profile and what the OP is saying. its debt after debt after debt with him and a DCL is not the way to go.
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No it is not debt after debt. It's a small amount of easily servicable debt, plus one large mistake of a loan. A DCL loan would be the way to go if he could get one at a decent rate. I don't think he will be able to. I've suggested very viable alternatives.

iamtheoneneo said:
he needs to get himself down to the CAB and start talking to banks properly to lower repayments
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He has no grounds whatsoever to do this. CAB are incredibly busy with people who really do need the help and you sending him there is going to help nobody and potentially stop someone who really does need help from seeing them.

iamtheoneneo said:
on existing loans not add an additional £15k+ to potential existing ones.
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Additional GBP15K+ to potential existing ones? What are you talking about. Are you saying that he shouldn't consolidate his lending because he can't be trusted not to ***** the 15K on magic beans on the way home?


iamtheoneneo said:
Halk you sound like someone that actually works for a debt company and charges clients x amount of money they can not afford just to begin looking into solving their problem!
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I'd find that deeply offensive if it came from someone with an opinion I placed any value on.
 
Shep_Cobain said:
i am currently paying this off and have another 2 and a half years to go......

If i take out a £15,000 loan at 7.4% over 5 years i can get my repayments down to approx £297saving me over £150 a month.
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looks like he is extending the period then, not good.
 
Exactly.

If he finds a way to get rid of all the debt on the car without another loan. Then bus / walk everywhere and car share with his GF (he says he's getting rid of the car as he doesnt use it enough)

then he can be debt free in 2.5 years.
 
MrLOL said:
he'll be taking another unsecured loan out, that will be another 5 years from today or whatever.

Presumably he's already x number of years into paying off his other loan. Taking another out just extends it.
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Possibly more than 5 years. And that's where debt consolidation loans have the potential to not help.

He should look to take it out for no longer than the 10K finance loan - 54 months or so. Since the other loans finish sooner he'd be best advised to start with a 4 year term when looking at figures.

I just don't see him being able to whack all the loans together, I don't see that being approved - so it's probably not worthwhile debating if it'd help or not. My personal opinion though is that it could help, but he'd need to get his head screwed on right when it happens and keep on top of things.
 
Can't we all just agree that the OP will ignore anything we say and try his best to get a loan of 15 grand?

I mean, the rest is just arguing for arguing's sake, right?


Arguing's doesn't look like a word so I'm going to bed now.
 
that much we agree on at least. OP is blatently not interested in listenning to any advice other than "Stupid banks, they should have given you the loan" because thats what he wanted to hear.
 
MrLOL said:
Exactly.

If he finds a way to get rid of all the debt on the car without another loan. Then bus / walk everywhere and car share with his GF (he says he's getting rid of the car as he doesnt use it enough)

then he can be debt free in 2.5 years.
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You were saying that last night and I told you last night why you were wrong to say so. Why on earth when he can afford what he has already should he give up his car? He said he's getting rid of his car and getting a very cheap one instead. Just because he would like things to be cheaper doesn't mean you should leap to the conclusion that he can't afford it. There's a huge difference.
 
he says he's getting rid of it because he isnt using it enough.

Perfect excuse to sell the car, and get rid of over half his debt in one go.

If he needs a car, then fine, do what i and most others on that salary did and run a sub £1000 banger.
 
MrLOL said:
he says he's getting rid of it because he isnt using it enough.

Perfect excuse to sell the car, and get rid of over half his debt in one go.

If he needs a car, then fine, do what i and most others on that salary did and run a sub £1000 banger.
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But he can't get rid of the car and the debt at the same time. He'll need to find (we're guessing) 2k to do that, which he doesn't have.

That's why I suggest he somehow borrows the 2K plus the money for a cheap runaround so that he can get rid of the 10K loan and have a 3 or 4 K loan instead.
 
he's already said his parents can bail him out of all his debt if needs be.

Time to fess up to what he's done, and call in that favour.

Pay them back everything he gets from the car sale, maybe minus £1000 or so for a car, then start busting a nut to pay them off.

Keep up the repayments on the unsecured loan et voila, debt free in 2.5 years.

If he takes out a 10k unsecured loan, he won't be able to turn around and pay 8k 3 weeks later when he sells the car leaving him only 2k which he can pay back after a year or less. Thats not what loaners wnat you to do. They want you to stay in debt for 5 years and pay lots of interest.
 
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Well, you're finally matching my advice from last night :p

He does though need to do a proper review of his finances if that happens though, to make sure he doesn't slip back.
 
only he knows if he really needs a car or not.

i'm just suggesting he tries without it on the back of his comment that he doesnt use it enough :) Not out of some spitefull thing saying he can't afford to run a car on his salary or anything.

Some families manage fine sharing one car. Thats another possibility depending on their working patterns / locations.
 
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