What do you eat..? I spend around £500 a month and I have three kids and dont skimp on the brand names either.. Are you a little fat....
Loan...
- Thread starter Shep_Cobain
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What do you eat..? I spend around £500 a month and I have three kids and dont skimp on the brand names either.. Are you a little fat....
What do you eat..? I spend around £500 a month and I have three kids and dont skimp on the brand names either.. Are you a little fat....
~10% body fat, I run every day. Average height, but as i'm athletic I'm a bit bigger than average build, obviously.
I like good quality meat so admittedly I do use an upmarket butcher and get them to deliver meats, Waitrose deliver pretty much everything else to my door and I make the odd trip to the deli in the week. I generally eat fresh food, very rare I have tins or frozen food and fresh is more expensive, especially when it spoils at the end of the week and you have to replace it.
I've a varied diet, I guess the biggest cost on single items each week is the meat, a fillet from said butcher is nearly £10, smoked salmon is similar price... soon adds up.
I don't really do take-away food but I do eat out a few times a month.
Even so that's still under £1,000 on his own. I'm sure most modest places to rent (or mortgage) including bills are more than that!
I'm a mega chubster and I only spend about half that
No offence but if that's the case you probably eat a lot of junk (read: cheap) food.
As an example, I don't have any crisps in my house. Whereas I know a lot of people that have crisps as part of their diet i.e. lunch and crisps are cheap.
If you do go ahead and get more credit you should ensure you wait until the new Consumer Credit Directive comes into force in February. This gives everyone the right to make partial early repayments, and choose if those payments go to reduce the monthly payments or the final settlement. This way, you can get out of the debt without penalty once you have sufficient funds, which you can't if the debt is under the old Consumer Credit Act.
http://www.bis.gov.uk/policies/cons...redit-regulation/ec-consumer-credit-directive
http://www.bis.gov.uk/policies/cons...redit-regulation/ec-consumer-credit-directive
No offence but if that's the case you probably eat a lot of junk (read: cheap) food.
As an example, I don't have any crisps in my house. Whereas I know a lot of people that have crisps as part of their diet i.e. lunch and crisps are cheap.
Possibly. However I put it down to lack of exercise. And cheese. I have a big weakness for cheese. Proper cheese of course.
What advice? No one gave you advice. Everyone just told you that you were a penis.
PS Mods - I'm drunk. Don't banninate me.
ROFL.
Not everybody - Shep, you may still have the option of borrowing from your parents to get a runaround and pay the balance of the car finance if you cancel it with them. That'd get your bills down.
Ain't that the truth! 5 years ago - £15k loan Sir? Yes Sir! Shall we bend over too? Or, in my case, twice that. OK, so I earn considerably more than the OP, but that doesn't make it right. I ended up refinancing onto the mortgage in worst case of violating rules #2 and #3 possible (aside from defaulting).
Still, the result was inevitable - £15k debt + £15k loan on that salary = no way Jose! Repayment of the existing debt would simply be the word of the OP (i.e. taken on trust), and banks generally don't do trust now.
If the OP isn't struggling then laissez faire (i.e. leave it alone) might be the best option. We don't know what early settlement charges there are on the loans, and while they should be less than interest, they'd have to be compounded on to any refinance loan - unless of course generous parents forgive them.
If the OP is struggling then parental assistance it is.
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This is an insane amount of debt. For someone who earns so little. I cannot believe you got these loans in the first place!
I would sell the car (which is probably worth less than the outstanding loan on it) and pay off as much of the loan as you can and get yourself a £500 banger that you can replace with another if/when it breaks.
You are not in a position to afford a £10k car the people who lent you this money in the first place are to blame. This ultimately is the reason the world is in recession. Too many financial institutions lending too much money to those who cannot afford to pay it back.
I would sell the car (which is probably worth less than the outstanding loan on it) and pay off as much of the loan as you can and get yourself a £500 banger that you can replace with another if/when it breaks.
You are not in a position to afford a £10k car the people who lent you this money in the first place are to blame. This ultimately is the reason the world is in recession. Too many financial institutions lending too much money to those who cannot afford to pay it back.
Wow, what a great review of the situation.
Soldato
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No offence but if that's the case you probably eat a lot of junk (read: cheap) food.
What is it with this thread? First because somebody doesn't earn a gazillion pounds a month they are deemed to have a "McJob"
Now we have a post where that unless you spend the equivalent of a mortgage payment* on food per month you are eating junk food!
I love the Internet...
* We feed a family of three with healthy food (and a little junk for treats) for a fair amount less than £500
Soldato
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Yes and this kind of favour should only ever be cashed in when it is absolutely essential.
Should be treated as a one shot get out of jail card. Not as a I've screwed up Mommy/Daddy can get me out of this only for me to then buy more shiny things I cannot afford...
so living at home
new car etc
sounds like daddys made loads of money and little johnny never had to "manage" his own money.
My friend lives at home, and has a new TT, nothing wrong with it if you can afford the payments....Which the OP can, he just wants to shorten and ceapen the payments
I'm not so sure it should be that drastic.
He tells em - I made a mistake and got the car, I can't get out of it now because I can't afford the difference between the car and the loan. Could I borrow 3000 from you over 2 years? I'll pay you 150 a month. It gives him 2K for the loan difference, and 1K for a runaround. In 2 years time he's free of the debt, which is 2.5 years faster than if he keeps the car.
3K isn't a huge amount of money and most people should have several times that saved and available.
Except he can afford the repayments
Then why is he looking to reshuffle these debts ?
To reduce them because most probably he cannot comfortably afford to live in the lifestyle he wants to and pay off these debts.
When your earning £14k a year and you take out £10k for a car on top of other debts i really don't see that as being able to afford it.
To reduce them because most probably he cannot comfortably afford to live in the lifestyle he wants to and pay off these debts.
When your earning £14k a year and you take out £10k for a car on top of other debts i really don't see that as being able to afford it.