Loans?

[dannyjay]

Well, I'm starting to think about a loan to pay off some debts and get all my plans finished off on the car. Now I want to know if its a good idea, or a stupid one?

So far the details are as follows;

1st Option
LOAN - £3000
Length of re-payments - 36 Months
Cost per month - £104

2st Option
LOAN - £3500
Length of re-payments - 36 Months
Cost per month - £121

Now I'm really tempted, cause I hate being in debts and want to get my car how I want it as I'm an impatient bastard. And I don't drink, or go out much so £100 a month is not really life threatening.

So really I just need some advice on the matter!

Cheers.

smileys/smiley16.gif

[Luke]

Me been greedy, would get the £5000 loan because the repayments are nothing to be honest.

[dannyjay]

That was ment to be "£3500" not "£5000". My mistake mate, sorry. smileys/smiley17.gif

[Luke]

Put it this way mate.

Work out how much debt you got and how much you car will cost to finish? You don't want to have say £800 left at the end doing nothing.

[Certi]

Personally I wouldn't get a loan to do up a car.

[Luke]

I wouldn't get a loan either personally, i would only get one to buy a car.

[dannyjay]

Personally I wouldn't get a loan to do up a car.

But what if its what you want and your mad at the same time? Haha.

And well westie, about £3000 in debt (only to family for lent monies) and I want to spend about £1400 on the car, so I could do the car and have payed half of my debt off.

smileys/smiley14.gif

[Certi]

It's up to you mate, if thats what you want then go for it. Instead of paying off half of your debt and spending the other half on the car, wouldn't you be better to pay off all of your debt? That way you would be able to save up quicker to get your car done.

[Luke]

Well if you want to get a loan, get option 2 mate.

Least then you have 1 affordable monthly payment and your debts cleared. (I sound like a TV advert) haha.

[dannyjay]

Irs up to you mate, if thats what you want then go for it. Instead of paying off half of your debt and spending the other half on the car, wouldn't you be better to pay off all of your debt? That way you would be able to save up quicker to get your car done.

In a perfect world yes, but heres how it is atm.

I have £200 owed to my mum for my alarm.
£1100 to my mum for my insurance.
£2999 to my nan and grandad for my car.
£170 to my girlfriend for my wheels.
and then Obviously the £1400 for the bits I want done.

Now the mum is a pain in the rectom, so she needs paying off ASAP. But I don't think my nan and grandad are to fussed about there money being payed back atm, so that leaves me with the £1400 on the car, hope that makes sense?

[Luke]

My personal opinion would be to do what Andrew said, pay off all your debts mate.

I know if i was in your shoes, i would want everything paid off before i started modding.

[Daniel_VTR]

Get £5000

No point only covering half off your debts

[dannyjay]

£5000, with the above details will equal 160£ A month.
£4000 will equal 140£ A month.

[MikeCracknell]

Are you paying interest to your parents/grandmother?

If no, then you may well be better off in the long run! BUT, I would get aloan, as I have done so many times over in the past smileys/smiley3.gif

[dannyjay]

Are you paying interest to your parents/grandmother?

If no, then you may well be better off in the long run! BUT, I would get aloan, as I have done so many times over in the past smileys/smiley3.gif

How do you mean in the long run? You mean if I do get a loan or if I don't?

But No theres no interest on the money they've lent me, I only have the time limit of feb 2007 for my insurance. Like I've said my nan and grandad arn't superly bothered about getting it back anytime soon, as there in no real need for it yet.

So you think it's a good idea? Did you encounter any problems when you got one mate?

Cheers for the help. smileys/smiley14.gif

[oz_borne]

Mate, if you borrow 3000 and then in effect still have a 3000 debt to your gran, you are in essence in 6000 debt.

If the worst came to the worst and you didn't own your car, which you don't, you have nothing to fall back on.

Honestly, having the grandparents to give you money is a luxury, but don't take the piss. Get rid of all your debts and bite your hand off before buying a mod.

OWN it before you mod it.

smileys/smiley14.gif

[pug_boe]

I wouldnt bother to be honest, whats the point in getting in debt for a car?

thats what happened to me, i had to have the saxo then i had to do this that and whatever to it, then i had another loan to pay off existing credit cards, then i had credit cards to pay off credit cards.

Now 3 years later i wish that i didnt get a loan. You have loaned a lot of money from your family, does that mean you cant pay them back? do you earn enough to be able to pay what you need back.

I just wish now i paid off my debt myself instead of getting loans to do it. Also is that a definet figure? I mean its subject to status so they would have to credit check you etc..your APR could go up to a higher amount! (I work for a secured loans company i know these things)

[Dan]

I wouldnt do it, I got loans and Im in the shit to say the least. My advice would be to stay away from loans etc.

[saxx]

if u owe your mum 200, gf 170 and mum 1100 hundred quid.......and u can spare 130 a month for a loan

why did u borrow money from them in the first place? and why havent u paid them back already?

no offence but it seems you want everything NOW instead of working for it

[S9_DAN]

it is up to you at the end of the day, i got a loan to buy a car but that is all i have, i would not get into debt any more, i have had to save my ass off to save like £1000 in 2 or 3 months to buy my new car but if you want to do it you can.

[Barry123]

loans charge interest.
Your family dont seem to charge interest.
Stick with The Bank of Brownley in my opinion.

[azzy]

Dont do it mate, i 1st got a credit card & couldnt pay that off so got a loan. then i wanted a new car so got a loan again & i then spent out on the credit card & couldnt pay that back so got another loan & once again i put more on my credit card.

So mum now has my credit card.

This week i was thinking about getting 1 big loan to pay all off but i stopped myself cause ill just keep doing it so now im just staying in & saving like hell to get it all sorted.

[dannyjay]

if u owe your mum 200, gf 170 and mum 1100 hundred quid.......and u can spare 130 a month for a loan

why did u borrow money from them in the first place? and why havent u paid them back already?

no offence but it seems you want everything NOW instead of working for it



Well 104£ a month is nothing when I havn't got anything else going out, IE the debts.

Because I wanted a car, and I'm only a student and I'm on stupidly low amounts of money, so theres no way I could pay it back. (I only got the car in feb).

Pug_Boe, yes it is exactly that I've been and asked at my local LloydsTSB and it will be only 104£ a month for 36 months!


I see where everyones coming from but most of you have got loans and had a bad experience, now I'm sure there are people out there who have had loans and will be able to say to people "there worth it, if your sensible" right?

I'm not sure, I still feel tempted by it cause as saxx said I do want everything now, I always have done It's the way I was brought up.

[Barry123]

you wanna chillax dude.

Loans only cost you more in the long run.

What i do is use the credit card - hear me out.

What i do is buy my expensive purchases on the card... i pay half off straight away, then a month later a bill pops through saying I owe 'x' amount of pounds due in 28 days or whatever... then i pay the rest towards the due date.

I've never had to pay interest on a credit card yet.

just be patient man, concentrate on paying your rents back and then start the slow task if modding.

[dannyjay]

you wanna chillax dude.

Loans only cost you more in the long run.

What i do is use the credit card - hear me out.

What i do is buy my expensive purchases on the card... i pay half off straight away, then a month later a bill pops through saying I owe 'x' amount of pounds due in 28 days or whatever... then i pay the rest towards the due date.

I've never had to pay interest on a credit card yet.

just be patient man, concentrate on paying your rents back and then start the slow task if modding.

An example of someone who hasn't had a bad experience with a credit card, when so many people have. So there must be some good loans? smileys/smiley5.gif

[Barry123]

Yeah ones off the parents are usually the best.

With £100 per month you could do some minor mods to the car easy peasy instead of paying back a gay loan. Also if you're a student you really dont want to be paying out £100 a month. Are you doing a degree?

The cars looking good their cant be that much you wanna do it is there?

[dannyjay]

Yeah ones off the parents are usually the best.

With £100 per month you could do some minor mods to the car easy peasy instead of paying back a gay loan. Also if you're a student you really dont want to be paying out £100 a month. Are you doing a degree?

The cars looking good their cant be that much you wanna do it is there?

Check my Link in my sig, I have plans for about 1500£.
I'm only a student for another 2 months and will be going full time into a job, so I'm seeing 100£ a month as nothing, as LloydsTSB have said they have a deal where you don't have to pay anything for 4 months and its only 107£ a month instead of 104£ a month.

This is too adult for me, lol.

[Barry123]

When you're working full time you'll be earning... what... £800 - £900 after tax to start off with?

You'll have plenty to spend in 2 moons time. Hold your itchy fingers and wait... again you'll save yourself dosh in the long run.
2 months is nowt.

[dannyjay]

Well an apprenticeship for my line of work can hold upto and around £16,000 a year. But I'm still tempted, and its only an extra £500 interest. smileys/smiley22.gif

[DevilDamo]

I never liked loans but I had to apply for one some time ago. The problem I had was that I kept on running up credit card bills. My bank manager would then call me in for a review and ask if I'd like to consolidate all loans into one payment. I took them up on the offer. I then found another company who were offering loans where they'd offer you more money for less money a month, so I then took that. It can get into a viscious cycle.

But the answer to your original question... I wouldn't get a loan just to modify your car. You said the loan will be over a 36 month period. Just think... will you still have your car in three years time? It would make you sick if you kept if for a year and then sold it on but was still paying off the loan even though you no longer own the car.

[Barry123]

£16k

Even more reason not to get the loan smileys/smiley17.gif

smileys/smiley2.gif you know it makes sense.

[dannyjay]

Thats very true, but I'm looking to keep my car for 4 Years+. I've also talked to LloydsTSB and they said if I come across abit of money or a month where I can spare more than 100£ I can pay abit more back for that month.

It's weird, I have some people I know that have had good experiences and says it's quite a good idea. And then theres Sax-p who have had bad experiences. I'm strawn between the two atm, one reason I think it could be beneficial, and another I see it being an anchor.

[Clouds_mate]

When i was 17 i got a job at 15k a year and no bills what so ever. I then got a visa card. Run up 1.5k on that. got a loan to pay it off 1.5k loan, payed half off and got some new wheels for my car. as you can see thats around 2k still in debt. I then ran the visa back up to 1.5k plus the 1.5k loan so was 3k in debt. that was last Decemember. January this year i cleared all that debt and now it feels great not having that on my shoulders no more.

I have a loan to pay my VTR off but i find the payments nothing.

This year im going paying my Skybill and insurance off in one payment insted of a direct debit in augest. So thats another saving on my income amonth.

[Barry123]

Just wait till you're EARNING smileys/smiley7.gif smileys/smiley8.gif

[S9_DAN]

I wouldnt say it is a bad iedea, there is no way i could have the car i have now or my old one if i didnt get a loan because it would of taken me about a year to save up the money!! i think they are good so long as you a sensible with them, pay some of your family back and then do a few mods but just make sure you can pay the loan each month or you will be screwed!

[dannyjay]

I wouldnt say it is a bad iedea, there is no way i could have the car i have now or my old one if i didnt get a loan because it would of taken me about a year to save up the money!! i think they are good so long as you a sensible with them, pay some of your family back and then do a few mods but just make sure you can pay the loan each month or you will be screwed!

See this is exactly how I see it atm, and I can definitly pay 100£ a month no problem.

Finaly somebody see's it from how I see it. smileys/smiley14.gif

[Barry123]

This is what i dont get danny?
You'll be earning a nice starting salary in a couple of months so you'll have lots of spare income to spend on what you want - so why get a loan that you get charged on when you could just spend you're own dosh?

[dannyjay]

Because I see the 3000 as my own dosh, Just I'll have it now rather than later. And I class the 500 as a tax, just like working. If you think of it in relative terms its not that bad. And, that was an example salary, I might not even get a new job yet, you see?

smileys/smiley14.gif

[Barry123]

then how d'ya pay the £140 per month back if you dont get a job?

[dannyjay]

I have a part time job atm. (had it for 3 years) Which I'm earning 600+ a month. And It's £104, not £140. smileys/smiley14.gif

[Barry123]

ahhh coolio.

[dannyjay]

ahhh coolio.

So whats your opinion now you know all the facts? Still a no, no?

Cheers for the help by the way people, it's greatly appreciated!

[S9_DAN]

Just do it, you have got it spot on about the Tax like earning money

[b0t13]

sounds like ur in my situation, student etc.. bla bla

i wouldnt get a loan unless i REALLY needed one, if i was you id wait till u can earn money, and as u said theres no rush, if ur earning 600+ a month then USE that to pay some of ya debts off like the gf etc..

dont rush or ull end up in a worse situation

[Leo]

So to get out of debt.... you put yourself in even more debt? genius

[dannyjay]

I asked for advice not a smarmy/sarcy comment, thanks.

[S9_DAN]

So to get out of debt.... you put yourself in even more debt? genius

He is getting a loan to pay of his debt to G/F and family, which i would not like to have, so he will not be getting in more debt he will be able to pay it off monthly and know what is going out each month and how much he has left.

[Leo]

Sorry danny but thats just what alot of people do and end up going around in a circle.. its just my opinion!


Dans_saxo_VTR... "so he will not be getting in more debt he will be able to pay it off monthly and know what is going out each month and how much he has left"


Yes mate thats called a DEBT. smileys/smiley5.gif

Borrow/loan money = a debt


Anyways danny i see what your saying and maybe thats a good idea then... i just thought u wanted a loan to do ur car etc... id avoid a loan at all costs if possible though

[S9_DAN]

yeah i agree there is a lot of people who get a loan and end up just spending it on shit, but if you do pay of your debt then it is worth it, i dont like been in debt with family so i think it is a good idea! i got a loan for £6000 and i pay £150 a month which is not a problem and i only pay £600 more back so that to me is just TAX and i have a nice car to show for it, i dont agree with people to get loans to just have some extra money and spend on rubbish!!

smileys/smiley14.gif

[Hazza17]

imo loans fuck people up unless your 100% you can pay it all back!!

and as for modding....why do you wanna do anymore?? if i must say your car is sweet as it is!! anymore would look a bit silly and a waste of money (loan money) so if you do want to get a loan go for the £3000 one and pay off your debts and leave the car as it is! then in couple of years get a proper decent car cause if you do do more mods to the saxo your probably regret it in the long run!!

its just my opinion though mate!

[dannyjay]

yeah i agree there is a lot of people who get a loan and end up just spending it on shit, but if you do pay of your debt then it is worth it, i dont like been in debt with family so i think it is a good idea! i got a loan for £6000 and i pay £150 a month which is not a problem and i only pay £600 more back so that to me is just TAX and i have a nice car to show for it, i dont agree with people to get loans to just have some extra money and spend on rubbish!!

I'm much the same, I'd rather be paying it to a bank than my family! And like you've previously said I'm thinking of paying off my main debts, and do the obvious and treat my self. I'm one of those people who want to live my life now, not then. I don't drink or go out much, so I'm not going to get it and use it for that, and well how many times am I going to be 20 again?
smileys/smiley14.gif

[jaybiss]

its one of them things your gonna look back and say

'what the fuck was i thinking'

its only a saxo and unless your going to charge it, i wouldnt bother cause in a few years time youll regret it smileys/smiley4.gif

[dannyjay]

its one of them things your gonna look back and say

'what the fuck was i thinking'

its only a saxo and unless your going to charge it, i wouldnt bother cause in a few years time youll regret it smileys/smiley4.gif

You could say that about anything and everything in your life, "why did I kiss her", "why did I quit my job", "I wish I stayed at home", "why did I get married". Either way theres always going to regret in every action you take, but to answer your question; Maybe, I know it's only a saxo, but I'm aiming to keep this thing for 4 years of more, and my life starts now, I want to enjoy it!!

smileys/smiley17.gif

[dannyjay]

bttt.

I'm not bumping it just to be a pain, this is quite serious and I wouldn't mind a few more views/opinions on it.

Thank you. smileys/smiley14.gif

[pug_boe]

pay all your family off first, then consider it if you want it so badly. Look into the small print ie. late payment charges etc, also look into whether pp would be of benefit to you.

[AdamW]

Would prefer to be in debt with my family than I would be with a bank....just my 2ps worth...

I got a loan when I was 19 for £5000....and No I dont regret it. I pay back £153 a month for 36 months not long left.

But like you say your grandparents aint too fussed about getting there money back soon...so why take out a loan. Just pay your mum 200 quid and get her off your back

End of the day its your choice mate...but as I have said above "I would prefer to be in debt with family and friends rather than a bank"

What if you lose your job? Want to get a flat with missus? are you going to be able to afford repayments for next 2 to 3 years...

Adam smileys/smiley4.gif

[speedyvtr]

ive had two loans and paid them both off quicker than i should. but that was with the bank.

i agree they are good as long as you know you can pay them back and always get protection cover incase you come out of work because of illness or whatever.

[dannyjay]

ive had two loans and paid them both off quicker than i should. but that was with the bank.

i agree they are good as long as you know you can pay them back and always get protection cover incase you come out of work because of illness or whatever.

Theres the thing alot of people have told me thats a bad idea, as 80% of the time its useless?


Would prefer to be in debt with my family than I would be with a bank....just my 2ps worth...

I got a loan when I was 19 for £5000....and No I dont regret it. I pay back £153 a month for 36 months not long left.

But like you say your grandparents aint too fussed about getting there money back soon...so why take out a loan. Just pay your mum 200 quid and get her off your back

End of the day its your choice mate...but as I have said above "I would prefer to be in debt with family and friends rather than a bank"

What if you lose your job? Want to get a flat with missus? are you going to be able to afford repayments for next 2 to 3 years...

Adam smileys/smiley4.gif

And thats a fair point, I think I would be able to afford it. Not really thought about the missus part, whoops! smileys/smiley9.gif

If you don't mind me asking what did you get a loan out for? And was it worth it? And did you take everything you've just said into consideration? smileys/smiley14.gif

Cheers.

[S9_DAN]

I have not got that protetion on my loan, as if i was to get into trouble with it i could sell my car and pay it off, but as you will be getting it for mods etc then you wont be able to do this so it may be worth getting?

[AdamW]

Yes mate, I took all those thing into consideration and had a lengthy chat with bank manager about potentials problems i.e. Job Loss, Future Investments, Mortgage.

I took my loan out to buy my car and pay off first year Insurance.

I moved out from home 6 months ago and recently got a payrise so I am coping now with all my payments

Have a chat with bank manage before jumping into it

[speedyvtr]

ive had two loans and paid them both off quicker than i should. but that was with the bank.

i agree they are good as long as you know you can pay them back and always get protection cover incase you come out of work because of illness or whatever.

Theres the thing alot of people have told me thats a bad idea, as 80% of the time its useless?

they were both for cars mate and yes i took it all into consideration.

with the protection its best to get it.

what if you broke your leg and had to be off work for a few months with no money coming in. atleast it would pay it for you for the time that you are off its a piece of mind if anything mate.

Would prefer to be in debt with my family than I would be with a bank....just my 2ps worth...

I got a loan when I was 19 for £5000....and No I dont regret it. I pay back £153 a month for 36 months not long left.

But like you say your grandparents aint too fussed about getting there money back soon...so why take out a loan. Just pay your mum 200 quid and get her off your back

End of the day its your choice mate...but as I have said above "I would prefer to be in debt with family and friends rather than a bank"

What if you lose your job? Want to get a flat with missus? are you going to be able to afford repayments for next 2 to 3 years...

Adam smileys/smiley4.gif

And thats a fair point, I think I would be able to afford it. Not really thought about the missus part, whoops! smileys/smiley9.gif

If you don't mind me asking what did you get a loan out for? And was it worth it? And did you take everything you've just said into consideration? smileys/smiley14.gif

Cheers.

[speedyvtr]

dont know what happend there.

anyway its better to get loan protection. if you come out of work and your off for a few months and you havnt got protection and no money coming in then what are you going to do.

if anything its just a piece of mind having it atleast you know your coverd if somthing does happen.

[dannyjay]

Yes mate, I took all those thing into consideration and had a lengthy chat with bank manager about potentials problems i.e. Job Loss, Future Investments, Mortgage.

I took my loan out to buy my car and pay off first year Insurance.

I moved out from home 6 months ago and recently got a payrise so I am coping now with all my payments

Have a chat with bank manage before jumping into it

And my girlfriend, shes good with this kind of stuff. I can definitely guaranteed a job where im at currently if I do leave, as there always desperate and I have alot of experience. So even if all goes down the shit pan, I can get a job there to pay some of it off.

Thats why I'm thinking 100/120 pounds won't be such a bad idea a month, cause' then it is only that going out and not all the rest?

Any more views? Thankyou!

[Barry123]

Yep.
Patience my child. dont get a loan

[saxx]

if u get a loan dont take their payment protection instantly - look online as you may well be able to get good enough cover independently

[bear_westy]

just dont get payment protection at all tbh... you still have to pay the first few months after loss of job anywyas in most policies

[Barry123]

agreed. I heard the insurance companies can pretty much wriggle their way out of making payments so it's bloody useless. I heard on watchdog aaaages ago smileys/smiley14.gif

[saxx]

just dont get payment protection at all tbh... you still have to pay the first few months after loss of job anywyas in most policies

even if u do have to cope they back date pay outs to the first day of the claim

so in the end you will still get the money back

agreed. I heard the insurance companies can pretty much wriggle their way out of making payments so it's bloody useless. I heard on watchdog aaaages ago smileys/smiley14.gif

then u heard wrong - its the people miselling the products not the company

insurance is now regulated - if you qualify for a payout then you will get it

i wouldnt believe all u watch on tv.........did u know Lloyds TSB have been brought up on that program for irresponsible lending? still one of the largest banks though arent they!

[Barry123]

basically i heard...
if you're sacked...
you get no help
if you take volentry (sp) redundancy
You get no help
If you get made redundant
you get told to find another job.

and you get bummed over the amount they charge you for this 'protection'.

[saxx]

basically i heard...
if you're sacked...
you get no help
if you take volentry (sp) redundancy
You get no help
If you get made redundant
you get told to find another job.

and you get bummed over the amount they charge you for this 'protection'.


'accident sickness and redundancy'


if your sacked - you arent any of the above so tough shit - learn how to keep a job!

voluntary redundancy - you get a pay out so no u wont qualify but u also have no reason to need a payout from the policy

if your made redundant for no fault of your own and you were not aware of the redundancies - you will get pay outs - i know i work for a mortgage company - i receive the pay outs

but thats a generalisation - it all depends on the policies and what u sign up for - cheap cover is cheap for a reason!

[Barry123]

if your made redundant for no fault of your own and you were not aware of the redundancies

That worries me a little that last bit.

so if a company says... we're going to make redundancies in next month, then you get capped. do you recieve anything? because you 'heard' about it before hand?

No offence but it really does seem to be one of the wankiest insurance policies you can get.

[saxx]

if your made redundant for no fault of your own and you were not aware of the redundancies

That worries me a little that last bit.

so if a company says... we're going to make redundancies in next month, then you get capped. do you recieve anything? because you 'heard' about it before hand?

No offence but it really does seem to be one of the wankiest insurance policies you can get.

if your not aware of redundancies when you take the policy out - u will be covered

if you know that its coming and take it out - you wont be covered

if you get a pay out for being made redundant and you didnt volunteer and knew nothing about it - you should still also be covered.

some of them are wank but some are really good. henc you should shop around smileys/smiley2.gif

[timmygcsc2308]

I ran up debts starting with my overdrafts, about £2000 in total. Got a credit card coz the bank said I should spend on that instead of going into my overdraft, so racked up £2000 on that, so total debt = £2000. Took out a loan for £5000 (+ PP of about £1500), money to pay pack overdrafts and then bought a peugeot 306 with the remaining (turned out to be a money pit!).
Kept my spending habits up, went so much into my overdraft that my monthly salary wouldn't cover it, yet at the same time maxed out my credit card buying ipods and a full sound system for my 306. So not only did I have my personal loan of £5000, I had another £3000 of debt. Total debt was just under £12k (including PP) and I was bricking it coz I didn't want next payday to come, my overdraft swallow up all my money then the bank cut my overdraft off..essentially leaving me with £0 and no overdraft!
So I went to the bank, and they rolled everything into one, and gave me a 'managed loan' (minus PP) for just under 10k which covered just about everything, and the repayments are £134 per month. I now am not allowed an overdraft or a credit card, but I prefer it that way coz it forced me to changed my spending habits..I can last a month. But what I wouldn't give for that extra £134 a month..if I won 10k on the lottery I would pay the loan off no questions.

Let me give you some advice. Don't get the loan. Work out a budget and pay your family lenders back in instalments. DO A BUDGET PLAN THOUGH, even if its a rough one..it helps so much. That way you know how much you have left to spend on you. If I want something for myself though, I will use money outside my budget, i.e. sell something old on ebay (like I sold my sound system when I got rid of my 306!) and use that for modding etc.

If you must have a loan, get £5000. The interest rate will be lower and repayment work out only a small amount more than £3000 (£20 odd). BUT..COMPARE LOANS, don't just go with the first one you see. Visit money saving expert (http://www.moneysavingexpert.com) for the best advice on loans

Sorry for the lecture/essay

[Barry123]

saxx.
cheers for clearing that one up for me smileys/smiley4.gif

[Clouds_mate]

Good Advise Timmy smileys/happy.gif

[S9_DAN]

so all in all i would go for the loansmileys/smiley17.gif

[Clouds_mate]

i would too lol

[Barry123]

Timmy thats hardcore. i scares the shite out of me with money troubles.

I currently have £12k racked up in student loan got another 1.5 years to go. so i expect to owe in the end £18k.
And im doing another degree after this one.

So i'll be starting off working life well and truely up the shitter.

[timmygcsc2308]

Timmy thats hardcore. i scares the shite out of me with money troubles.

I currently have £12k racked up in student loan got another 1.5 years to go. so i expect to owe in the end £18k.
And im doing another degree after this one.

So i'll be starting off working life well and truely up the shitter.
Yea I know the feeling, I had 10+ months of doom and gloom waking up worrying bout money. I still worry but not half as bad.

But hey, its a student loan! you will be given more options to pay it off and its better than having a 20k personal loan. You will be fine just be sensible when you start work

[Barry123]

you betcha. Interest is not massive, i pay back only when i earn enough and bailiffs wont tie my hands to my feet and pull down my pants.

Glad you got it sorted though. At least you managed to see the light so to speak. Some people just keep on going and going. Scary stuff is money smileys/smiley13.gif

[sportboy]

dont get a loan you great rodger .. if you spend 4k on ya car and you plan to keep if for 4 years you will deffo spend 4k on it again .. look at my car i said all i wanted was to lower it zorst and wheels and now look at it lol spent getting on 10k if not more on it over the past 4-5 years ive had it .. wait till you can afford .. alot better in the long run and piece of mind

[saxo_vtr1234]

iam geting me loan in 2 mounths when the bank gives me the money 5 grand 4 for the car 1 on alarm then whats left over on wheels

ive had a loan before for me motorbike i was worth i it takes to long to save but thats just my forts on it if you can pay it of all right go for it mate

[Mark]

cause I hate being in debts and want to get my car how I want it as I'm an impatient bastard.

Patience is the best approach, but I'm not sure you could hold on that long. It would be best to save the money yourself rather than taking on more liabilities. If you genuinely don't like being in debt, then you've answered your own question. Don't get a loan to repay a loan.

I certainly wouldn't replace an interest free loan (family) with an interest generating loan (bank).

The banks are there to help themselves, not you and me. They may say that you do not have to pay anything for 6 months (sounds great) but they will be charging you interest from the start. They may even give you a free bag or some music vouchers...

I could go on, but my advice is:
Be patient, save the money yourself, DON'T get a loan.

[dannyjay]

Thankyou for the advice people, special mark. Suppose you have the most valid point!

I will most likely just sweat it out.

Thanks again people, its been appreciated. smileys/smiley14.gif