Loan...

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The level of debt some people in here get into is shocking, no common sense

Some of you seem against gettin a loan to help buy a car. In my situation I was running about in an S reg 106 50bhp diesel tractor that leaked on me when it had been raining
When I got a full time job I took out an 8k loan with my bank and bought a clio 182

I took a loan because I didnt want to save for ages and continue driving around in a banger
That was years ago and the car is paid off. I have no debt and a decent amount in savings as I want enough for a 25% deposit on a house
I would like to get a new car, but im being sensible and keeping the 182, its reliable, parts are cheap and id rather use the money to save for a house

If I had the kind of debt that Op has I would be living like a bum for a few yrs and focus on paying of my debt
 
why anyone in here is even bothering to help this kid god only knows.

My advice to the thread, leave this clown to get on it.

People like this wind me up so much no matter how good the advice they are stuck in this tiny little mind set and really don't care what anyone else thinks.
No matter what you say or do it won't get through its a complete waste of time and effort.

Best thing to happen, he learns a tough lesson.
Beans on toast salary living a champagne and caviar lifestyle. Good luck with that.
 
vonhelmet said:
That's the point at which you buy a £5k car.
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True, but why when you are on a 30k salary? And can afford something nicer.

Some people cant wait, some people dont want to buy a car brand new and then sell it....some like to finance, have it for two years, then trade it in for the newer model.

If you can afford it, it doesn't matter

I wouldnt at this current time, as im already poor, and thats with no loans as such
 
neil3k said:
i take home£1500 a month and my missus is about the same and we cant afford to run two cars
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Something wrong there then - most people on their own earning less than £1500 a month take home can afford to run one car, so two people on that each with the savings associated with living together not alone should be able to have one each?
 
[TW]Fox;18267226 said:
Something wrong there then - most people on their own earning less than £1500 a month take home can afford to run one car, so two people on that each with the savings associated with living together not alone should be able to have one each?
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saving for a mortgage and a wedding/honeymoon
 
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Archibald0 said:
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Been reading the rest of this thread since I last posted. But the gif above just made me crack up laughing (or lol if you will :p )

After all this is said and done I am currently planning to get a loan in september to buy a brand spanking new car, however my situation is vastly different. As well I get the loan intrest free (yes really) and the car duty free. However only reason I am getting this as it is a "perk" from my job. I am still wacking 20% towards the loan mind due.

But I mean as people have mentioned math does not lie, and when 50% of your wages a month goes into paying debts generally in my opinion that is not a good sign.

However these statements from Shep:

I don't lie awake at night worrying and i very rarely go out.

And

I'm talking out town drinking and partying. I go out for meals and to the cinema with the mrs and mates but thats just normal everyday life.

I mean talk about contradicting yourself. Surely you have to "go out" to go to the cinema or have a meal.

Have you ever considered that maybe going to the cinema or going out for a meal with the mrs and/or mates is considered a luxury. You need to get into your head that while to you that might seem "normal everyday life" to some that is a treat. You know what happens when you pig out on treats don't you ?

Going to the cinema is freaking expensive, in MK your looking at £8.50 a ticket. Thats not for flashy 3D. Plus if you buy any food and drink, so lets say that is 5quid (and thats cheap its prob more than that) So you have spent 13.50 so far. Petrol getting to and from. Most likely looking at about 3-5 quids worth. £18.50. Lets say you drop friends off home and/or the "mrs" so lets round that to 8quid. £21.50.
So £21.50 for a "normal everyday life" cinema trip.... Even if you do that once a week for 4 weeks thats £86 in total.

Now in all that I havnt even thought about meals out as well. But I bet you its a lot more expensive that 21.50.

See how a "normal everyday life" thing just went from being a small thing to put in the back of your mind to HOLY CRAP £86 a month.

THAT MY FRIEND IS CALLED THE ******* SNOWBALL EFFECT !
Which is exactly what is happening for you and your finances.
 
Adsta said:
The loan is given to me from work. Which er yea :)
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IIRC from my time in the revenue, you might be liable on the interest free loan as a benefit in kind (they make some calculation between the interest rate you are paying and the official rate of interest and base in on that) but it should still be a lot more beneficial than a normal loan ofc
 
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