Loan...
- Thread starter Shep_Cobain
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the interest rate on the original loan is over double.
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Right so it isnt that you can't afford to run two cars, you choose not to so you can save for two expensive purchases instead.
Not really the same thing is it?
NopeWork pays for that
I have it all in writing.
They're paying the tax on your beneficial loan? Good work!
Re-read the OP to yourself in Gordon Brown's voice, and then shout "AND I COMMEND THIS BUDGET TO THE HOUSE!" at the end.
Soldato
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So is the original loan more than 30 percent?
hehe yup
But I can only buy a car with the loan and have to provide an invoice of the purchase.Read the original post.. and I have this if it helps. I have not read every post... sadly there's too many "me too" posts :/
The reason for the 14.9% is because it's a debt consol loan. Debt consol default rates are enormous in comparison to home imp/car purchase loans.
You were declined by Tesco due to your over-extended current credit history, and because your girlfriend has no credit history.
Credit scores used to be based lots on payment history. They're now not weighted anything like as much in that direction. It's a lot about affordability. Your credit history will show you to be a serial borrower, which means you'll pay high APRs if you get any lending.
If your car is on finance you may be able to hand it back and cancel the loan. Check your T&Cs.
HSBC are very unlikely to touch the 10K car loan, they won't want it on their books.
The reason for the 14.9% is because it's a debt consol loan. Debt consol default rates are enormous in comparison to home imp/car purchase loans.
You were declined by Tesco due to your over-extended current credit history, and because your girlfriend has no credit history.
Credit scores used to be based lots on payment history. They're now not weighted anything like as much in that direction. It's a lot about affordability. Your credit history will show you to be a serial borrower, which means you'll pay high APRs if you get any lending.
If your car is on finance you may be able to hand it back and cancel the loan. Check your T&Cs.
HSBC are very unlikely to touch the 10K car loan, they won't want it on their books.
Well, as he's talking about wanting a loan at 7.4% I'd suggest currently it's about 15%
Ok, I tried to post a paragraph of sensible advice on the first page, which the OP has duly ridiculed the sentiments of with his later posts.
Based on the OP's comments about what would happen if he was made redundant, and relying on his family to bail him out, to me the obvious conclusion is simply that the OP has absolutely no grasp of the value of money, because there is no real threat of being without it in his eyes. He needs to lose it all without an easy route out to realise this.
In OP's position the only investment I'd be making was a decent road bike so I could sell my car, and a Pay As You Go phone so I could ditch the contract. Grow up, take some responsibility, stop hanging off your family's safety net.
Based on the OP's comments about what would happen if he was made redundant, and relying on his family to bail him out, to me the obvious conclusion is simply that the OP has absolutely no grasp of the value of money, because there is no real threat of being without it in his eyes. He needs to lose it all without an easy route out to realise this.
In OP's position the only investment I'd be making was a decent road bike so I could sell my car, and a Pay As You Go phone so I could ditch the contract. Grow up, take some responsibility, stop hanging off your family's safety net.
Soldato
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Oh I see, I read this from the first post:
"I have a meeting with HSBC tomorrow afternoon but on their website and over the phone they were quoting me 14.9% apr!"
So I assumed the original loan was at 30% or more...
I'd be surprised if he managed to get a 10K loan at 7.4% considering his position right now...
The rate HSBC quote is a typical rate for debt consol, and the actual rate will be given after the application, if it's accepted. It could be lower or higher than the 14.9%.
Edit : Typical is a prescribed term, I do not mean that a typical rate for debt consol is 14.9%, I mean that of all apps HSBC accept for debt consol, 2/3 will be at 14.9% or lower.
Edit : Typical is a prescribed term, I do not mean that a typical rate for debt consol is 14.9%, I mean that of all apps HSBC accept for debt consol, 2/3 will be at 14.9% or lower.
I've just re-read the original post again, and alarm bells are ringing.
Shep - Why are you trying to get the loan now before you sell your car? If you're going to sell the car to pay off part of the £9,300 then you'll have, what, £2.5K of it? A run around for another 2K means 4.5K needed so far, 5.7K on the HSBC loan.
That's 10K approx. The Citroen loan you will either repay when you hand the car in, or you'll keep on finance terms - it makes no sense to consol it.
Why are you looking for a 15K loan when you only need 10K?
The family member offering you the money - are they just offering it to you so you can try and scam the bank into lending you more than they would normally? Or are they offering to lend it to you so you can pay them back over time? I'm guessing from what you say though that the 10K is just to mislead the bank into lending you money?
Shep - Why are you trying to get the loan now before you sell your car? If you're going to sell the car to pay off part of the £9,300 then you'll have, what, £2.5K of it? A run around for another 2K means 4.5K needed so far, 5.7K on the HSBC loan.
That's 10K approx. The Citroen loan you will either repay when you hand the car in, or you'll keep on finance terms - it makes no sense to consol it.
Why are you looking for a 15K loan when you only need 10K?
The family member offering you the money - are they just offering it to you so you can try and scam the bank into lending you more than they would normally? Or are they offering to lend it to you so you can pay them back over time? I'm guessing from what you say though that the 10K is just to mislead the bank into lending you money?
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Caporegime
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Is 900 quid a month even minimum wage? :shock:
The OP will ignore (and has ignored so far) all of the good advice given. His future postings will be in a similar style to his historic postings. He will then have to go through an IVA, all the time telling everyone that his debt was all okay and completely manageable.
There are some posters who no one can help, no matter how hard they try. The OP is one of them.
The OP will ignore (and has ignored so far) all of the good advice given. His future postings will be in a similar style to his historic postings. He will then have to go through an IVA, all the time telling everyone that his debt was all okay and completely manageable.
There are some posters who no one can help, no matter how hard they try. The OP is one of them.
Associate
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What job does he do to get 900 a month.. thats a Mcjob...