Right Finance pt 2

[mattchewone]

Okey guys carrying on from - http://www.saxperience.com/forum/showthread.php?t=212141

I rang up the finance company. I have been paying for 10months now, i think. I borrowed £4500 from them (British Credit Trust)

The amount they want to settle the finance is -

£4833!!!

WTF how does that work, that sucks!

Options are
- trade in and get better finance
- Get loan somehow to settle, sell the car and pay off what i et back
- Cry and hide under a pillow wishing i never rang and new how much i have been ripped off. Its only now sunk in tbh!

HELP

[Danr]

Pwned.

Um... personally i'd end it.

[mattchewone]

Pwned.

Um... personally i'd end it.

Fine me and you are over Dan!

Oh sorry you didnt mean us!

Invisi rep for help with how!

[Danr]

I meant end your life. Get life insurance so it will pay out for the mortgage for the Mrs. Then hide in the wardrobe for a few years, go through Puberty etc. and then you should be able to live your life normally and no one would know :)

[mattchewone]

I meant end your life. Get life insurance so it will pay out for the mortgage for the Mrs. Then hide in the wardrobe for a few years, go through Puberty etc. and then you should be able to live your life normally and no one would know :)

You mo'fo! Ill get you for this DanR!

I applied for a Virgin card to transfer my money from my Mint card too and i got declined :( Major downer.

This may mean im screwed for ever!

[Danr]

You're not screwed forever. Just don't buy a new car. Do some saving if you can, even £30 a month with give you £360 a year (i can maths). Then after 3 years you'll only have a grand or say left which you can pay off with your savings.

Then you'll also be old enough to buy and insure an awesome car and not get raped on the monthly payments.

Just call me Yoda from now on.

[mattchewone]

You're not screwed forever. Just don't buy a new car. Do some saving if you can, even £30 a month with give you £360 a year (i can maths). Then after 3 years you'll only have a grand or say left which you can pay off with your savings.

Then you'll also be old enough to buy and insure an awesome car and not get raped on the monthly payments.

Just call me Yoda from now on.

Yoda
So what your saying is keep the car yes?
Then also save something like £30 a month for 3years and pay of the finance?

Is there no other option to get a better finance deal or something just so i dont have to fund these monkies! and have lower monthly rates so i can save that bit more!?!

[Danr]

No as you would be financing the £4833 with interest so you would end up paying more.

Have you worked out how much you will pay over the repayments?

[mattchewone]

No as you would be financing the £4833 with interest so you would end up paying more.

Have you worked out how much you will pay over the repayments?

No as i may commit suicide!


Im guessing £8/9k maybe more i dont know.

[Danr]

How long left on your repayments?
How much are they?

[mattchewone]

How long left on your repayments?
How much are they?

Well ive done 10 i think and its over 5years at £160 a month buddy.

[LeeM]

http://icanhascheezburger.files.wordpress.com/2007/12/funny-pictures-cat-pwns-dog.jpg

re finance, you're not even paying enough to cover the interest!

[Danr]

Right, 50 months left at £160 will leave you £8k to pay. To pay it off now is £4833 so if you can find another loan company that will give you low enough monthly payments to pay that and not exceed £8k over the time then you should do it. Finding that may not be easy though. As you said you got rejected for a credit card which will go against your credit rating.

[betty02]

When you say trade in what do you mean? Gie the car back stop paying for it gain nothing loose nothing and get a new finance deal?

[johnny_vts]

That equates to about 25% APR - or 3 times what a high street bank will charge you (in interest). Get a loan from a "reputable" low interest source to pay off your loan with these goons...

[mattchewone]

That equates to about 25% APR - or 3 times what a high street bank will charge you (in interest). Get a loan from a "reputable" low interest source to pay off your loan with these goons...

Ie who? Ill need atleast £5k/£6k so i can buy the car out right, sell it and buy another. Pay back what i get from selling that which will mean ill be left with £2-£3k on loan.

When you say trade in what do you mean? Gie the car back stop paying for it gain nothing loose nothing and get a new finance deal?


Just get a less expensive car and put the remainder finance on a new deal.

[Sophia_Bush]

chuck me a pm I "may" be able to give you some advice on what to do work for hbos who do loans for aa, sainsburysm britannia etc