Loan...

The Halk · 20 Jan 2011 at 12:25

It'd certainly save him on monthly outgoings. The cost of ownership for someone who is (presumably) young is very high.

Shep_Cobain · 20 Jan 2011 at 12:39

Morba said:
looks like he is extending the period then, not good.

There is no other way to get rid of the car. If i keep the car i have it for 5 years at £225 a month. With the £150 a month i save i intend to pay the whole loan off in 2.5years which is the remainder of the existing HSBC loan.

burtie · 20 Jan 2011 at 12:40

Shep_Cobain said:
There is no other way to get rid of the car. If i keep the car i have it for 5 years at £225 a month. With the £150 a month i save i intend to pay the whole loan off in 2.5years which is the remainder of the existing HSBC loan.

Just do what you like fella it's your money.

lookitsjonno · 20 Jan 2011 at 12:41

why dont you just find the 2k and give them the car back? you've only lost what you've paid since September then?

Shep_Cobain · 20 Jan 2011 at 12:48

burtieb1 said:
Just do what you like fella it's your money.

Lol. There are some genuinely decent people in here which I have taken on board what you say. However there are some others that are just for insulting and disagreeing with everything you say.

The bottom line is... people don't read!

It took us 5 pages in to realise that my g/f pays for her own car and phone!

I now have no idea what my OP is so I will go and read it... but this thread gives me lolz!

The arguments, insults and attitude of some people are top quality entertainment!

But joking aside, thanks to you guys who understand what I’m trying to say and are on my wavelength. Yes, I have been stupid with my borrowing and finances, but I don’t really regret all of my decisions!

The only one is getting this £10k for 5 years! I’ve only had it since September 2010 and want to get rid already because it is far too much to pay!

If I can reduce the repayments by £150 a month then that is a great help.

Yeh I am consolidating my debts but it is for the best, it allows me to save and also live life!

I can't get rid of it by giving it back without incurring huge costs! .... And yes my PC is a good spec but it wouldn’t clear off my £15,000 debt if I sold it!?!?!? So stop with the negative comments! I didn't fund this with my loan so it is irrelevant to the thread.

Delvis · 20 Jan 2011 at 12:50

Do you know what the costs will be for cancelling early?

Ask that, and ask how much it costs to buy the car outright also, as it may be cheaper than carrying on with the finance....if that makes sense

lookitsjonno · 20 Jan 2011 at 12:51

you said it would cost 2k to give it them back? surely this is the option rather than getting more loans out?

sell your pc and borrow rest from relative?

Shep_Cobain · 20 Jan 2011 at 12:52

Delvis said:
Do you know what the costs will be for cancelling early?

Ask that, and ask how much it costs to buy the car outright also, as it may be cheaper than carrying on with the finance....if that makes sense

buying the car outright costs £9300.

Shep_Cobain · 20 Jan 2011 at 12:52

jonno.co.uk said:
sell your pc

sigh.

Delvis · 20 Jan 2011 at 12:54

Shep_Cobain said:
buying the car outright costs £9300.

And how much will you be paying back 'from now' if you carried on with the finance?

[TW]Fox · 20 Jan 2011 at 12:54

Shep_Cobain said:
buying the car outright costs £9300.

What is the car? What is its value currently?

DiCe! · 20 Jan 2011 at 12:54

Shep_Cobain said:
And yes my PC is a good spec but it wouldn’t clear off my £15,000 debt if I sold it!?!?!? So stop with the negative comments! I didn't fund this with my loan so it is irrelevant to the thread.

But you couldnt aford it in the first place if you had £15k debt.....

*head implodes*

lookitsjonno · 20 Jan 2011 at 12:55

Shep_Cobain said:
sigh.

why are you sighing? have i not offered you a solution to the problem that doesn't involve you having to get another loan?

borich_planner · 20 Jan 2011 at 12:55

Whats your job mate?

Shep_Cobain · 20 Jan 2011 at 12:57

Delvis said:
And how much will you be paying back 'from now' if you carried on with the finance?

£225 x 55 = over £12,000

The Halk · 20 Jan 2011 at 12:57

Shep - good luck, I've tried to help but it's like a cloud of locusts all trying to find fault in you. Scroll back to read my advice if that helps, there's really nothing else I can suggest.

Some of the latest posts here are just :rolleyes:

Dracata · 20 Jan 2011 at 12:57

Wow.

And there's me thinking i'm pushing the boundaries of "living outside my means" because I have a couple of thousand on my credit card. And I earn three times as much as you.

Not willy wanging, simply puts things in perspective.

Shep_Cobain · 20 Jan 2011 at 12:57

DiCe! said:
But you couldnt aford it in the first place if you had £15k debt.....

*head implodes*

ive had the pc for nearly 2 years.... well before i bought the citroen with the mrs and the new car...

Delvis · 20 Jan 2011 at 13:02

The Halk said:
Shep - good luck, I've tried to help but it's like a cloud of locusts all trying to find fault in you. Scroll back to read my advice if that helps, there's really nothing else I can suggest.

Some of the latest posts here are just

No idea if you're referring to me or not, but im trying to actually help in ways that i can

Currently buying the car outright costs just over 9k, and paying off his finance costs 12k.

So going by that, he either gives the car back and pays £2k, or gets a lower paying loan to buy the car...but ends up paying less in the long run

The Halk · 20 Jan 2011 at 13:04

Delvis said:
No idea if you're referring to me or not, but im trying to actually help in ways that i can

Currently buying the car outright costs just over 9k, and paying off his finance costs 12k.

So going by that, he either gives the car back and pays £2k, or gets a lower paying loan to buy the car...but ends up paying less in the long run

I'm not referring to you at all. I'm meaning the people chipping in with "I thought I was bad" and "Sell your PC". etc.

Edit : Just like Robi below.