Loan...

Morba · 21 Jan 2011 at 10:51

If you could save yourself £200 a month, would you not take that opportunity?

Phoenixdancer · 21 Jan 2011 at 10:55

Bleek said:
~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.

You sir are buying stuff way over priced.

Morrisons Fillet is £6! just as good, But i do treat my self to a Fittet Log from the butchers at £60 a pop once in a while.

Man do i feel fat after all that meat :O

The Halk · 21 Jan 2011 at 10:55

Morba said:
If you could save yourself £200 a month, would you not take that opportunity?

Do you ever feel like this thread is stuck on repeat? Every time you turn away someone comes in with

OMG you're so in debt! You're a bad person! You can't afford it go to the citizens advice! You're foolish for being in that much debt! Why don't you sell the car/PC.

Then either you, a couple of other people or myself explain why. They wander away, and someone else comes, skims the first post and makes another little pile of rubbish on the end of the thread?

Morba · 21 Jan 2011 at 11:00

I know, its the whole 'why bother saving yourself some money if you dont currently need to' attitude that gets me.
He is trying to make the best of the situation which can only be commended imo!

JBuk · 21 Jan 2011 at 11:14

CraigN said:
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.

Because if there's a possibility to pay less back per month to the tune of £150 and overall then it's a sensible thing to persue

he's paying £450pm atm out of £950, it's a lot to pay but he's hardly struggling tbh

Bleek · 21 Jan 2011 at 11:42

LordSplodge said:
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

Well just thinking of what I spend money on...

Weetabix/Oatabix
7 Bananas
2-3 punnets Blueberries
2L carton Milk
1L carton Juice
6 pieces of butchers Bacon
6 Free range eggs
Loaf of granary

So basic breakfast for me costs nearly £20 each week. I'm sure with coffee and other items it's closer to £100 a month.

Pudney · 21 Jan 2011 at 11:48

That's a lot for breakfast. I have a bowl of shreddies and a cup of tea!

Probably costs £20 for the entire month!

Bleek · 21 Jan 2011 at 11:56

I have chopped banana and blueberries on 4 'bix most days, then two or three days a week I have egg and bacon on toast. Juice every morning. Then a fresh coffee. So when you look at it like that, it's not much at all. I also work from home so time isn't an issue, no rush to get fed, watered and off.

*just remembered I have cherry toms on my bacon and egg, add another £1.50.

[TW]Fox · 21 Jan 2011 at 12:37

The Halk said:
Do you ever feel like this thread is stuck on repeat? Every time you turn away someone comes in with

To be honest its pretty difficult to argue that he isn't in a poor position by spending 50% of his take home pay on finance and loan repayments. That's a bad place to be for anyone.

The Halk · 21 Jan 2011 at 12:39

[TW]Fox;18280386 said:
To be honest its pretty difficult to argue that he isn't in a poor position by spending 50% of his take home pay on finance and loan repayments. That's a bad place to be for anyone.

Yeah... and he says so in the very first post. It's the reason for the thread. Without the car loan (the one he wants to get rid of) everything is great.

Vonhelmet · 21 Jan 2011 at 13:26

Bleek said:
Well just thinking of what I spend money on...

Weetabix/Oatabix
7 Bananas
2-3 punnets Blueberries
2L carton Milk
1L carton Juice
6 pieces of butchers Bacon
6 Free range eggs
Loaf of granary

So basic breakfast for me costs nearly £20 each week. I'm sure with coffee and other items it's closer to £100 a month.

I think it's fair to say that you don't represent the average breakfast eater.

borich_planner · 21 Jan 2011 at 13:29

Did he get the loan from the bank yesterday?

Kazz · 21 Jan 2011 at 13:38

borich_planner said:
Did he get the loan from the bank yesterday?

I believe it went something like this:

OP: Can I haz some moar moneyz?
Bank:

...

...

...no.

Berserker · 21 Jan 2011 at 14:54

I don't think it was quite so Oliver Twist, but the outcome was the same.

Metalface Mark · 21 Jan 2011 at 15:01

Morba said:
What a stupid comment. Would you be happy paying more than you need?

If you can afford to pay back what he is currently paying back he will get out of debt quicker than taking out even more debt over a longer period.

Its pretty simple really and making insulting posts dont really add to the point you are trying to make. :rolleyes:

Metalface Mark · 21 Jan 2011 at 15:02

Morba said:
Of course, I forgot that 99% of consolidation loans leave you in more debt....

They will leave him in more debt, the interest rate he quoted as getting is substantially higher than the rate he is on.

Delvis · 21 Jan 2011 at 15:03

Metalface Mark said:
If you can afford to pay back what he is currently paying back he will get out of debt quicker than taking out even more debt over a longer period.

Its pretty simple really and making insulting posts dont really add to the point you are trying to make.

If you can get a better rate that cheaper and a shorter time period then now....i think thats the point people have been making

Morba · 21 Jan 2011 at 15:07

Metalface Mark said:
If you can afford to pay back what he is currently paying back he will get out of debt quicker than taking out even more debt over a longer period.

Its pretty simple really and making insulting posts dont really add to the point you are trying to make.

It was a stupid comment. Please tell me again that paying more is better than paying less.

Morba · 21 Jan 2011 at 15:10

Metalface Mark said:
They will leave him in more debt, the interest rate he quoted as getting is substantially higher than the rate he is on.

ok.

Metalface Mark · 21 Jan 2011 at 15:18

Delvis said:
If you can get a better rate that cheaper and a shorter time period then now....i think thats the point people have been making

He wasnt going to get a better rate though, he said that in his first post, he was only ever going to save the money with him basing it on 7.4%, but was rejected and was getting a call the next day from a referral (which would be well over 12%)

Morba said:
It was a stupid comment. Please tell me again that paying more is better than paying less.

He did state that he was able to live comfortably on the amount he had, if that is true, then he's better paying it off earlier and getting rid of it. If he wasnt telling the truth and wasnt getting by (which i suspect to be the case, otherwise, why try and restructure the debt?) then he should try and restructure it.

"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.

I have a meeting with HSBC tomorrow afternoon but on their website and over the phone they were quoting me 14.9% apr!"

Going by that he was never going to save much money and was only going to get himself in a lot more debt. As someone who did get into money troubles when i was a similar age, if i could give myself advice back then it would be to stop restructuring debt to save money each month, it was the worst thing I could ever have done and just prolonged the pain for longer than was needed.