Is it worth it? - Saxperience

srcnix · 8th November 2006, 16:21

Bit of a personal question here.

If you currently had £5,000.00 worth of debt and paying that off monthly for the next 3 years quite comfortably at just under £200.00/month and had a £1,000.00 Over Draft (All in) which as of after Christmas would be paying £100.00/month for 10 months to get out of it would you consider the following:

I was thinking about getting out another loan over 3 years of £2,000.00. That £2,000.00 would go on paying off my OD, leaving me with no OD (Which I would drop down to £100.00/month MAX) and an additional £1,000.00 to do as I please.

With this £1,000.00 I would spend it on:

Going to Amsterdam OR alloys & tyres (£450.00)
Getting my baby lowered (about £400.00 ?)
A new back box (£150.00)

I would end up having to pay about £80.00/month in order to pay off the loan over 3 years. I can do this ok.

I just can't think of any other way to get more money quickly.

Richmt11 · 8th November 2006, 16:28

If you are sensible with money and have nop worries setting up direct debits why not look into a credit card. If your after £1000 i know egg do 18 months interest free up to £2000. So basically if you know you can set a direct debit to pay off the money spent on the egg card and wont go silly with it, i.e onlty using it for what you need the £1000 for, then why not go for that. Its basically an interest free loan of up to £2000 for 18 months that you have to pay off. Just make sure you do of u get raped on interest after that time. Also cancel the card to make sure you dotn start spending on there agin

Ryan21 · 8th November 2006, 16:30

If u haven't got the dough u shouldn't spend it...

Loans, credit cards, overdraft and hire purchase are all bad....

There more trouble than there worth mate!

Save up!

srcnix · 8th November 2006, 16:33

Interesting Richmt11, can only see about 8 months interest free however.

And Ryan, yeah, thought that myself but if I abide by that rule I wont have anything for about a year and a half

Ryan21 · 8th November 2006, 16:35

Quote:

Originally Posted by srcnix

Interesting Richmt11, can only see about 8 months interest free however.

And Ryan, yeah, thought that myself but if I abide by that rule I wont have anything for about a year and a half

Speaking from experience mate i was tied up in 13k of credit by the time i was 19, family has got me out of it, so know the traps mate, but also know how easy these people throw credit at u...

U sounded like i did, 1 loan leeds to another, before u know it mate they've got u by the balls....

Tread carefull and be good with your money, dont abuse the credit mate...

I'm lucky family got me out of mine, 1000 credit card paying min payment per month will take 8 years to repay

Is it worth it?

Choice is yours mate!

Ryan21 · 8th November 2006, 16:37

Always try and borrow from family first mate, its secure and interest free...

She_Racer · 8th November 2006, 16:43

Quote:

Originally Posted by Ryan21

Always try and borrow from family first mate, its secure and interest free...

we think the same huny, i dont have any redit cards and i graduated from college without useing a studant loan, i worked my arse off all 5 yrs.

xx mwa sweets xx

Jonny_H · 8th November 2006, 16:43

i personally wouldnt. but i wouldnt have got any loans or overdraft in the 1st place, unless badly needed.

i'm thinking about getting an overdraft account tho only because i have spent all my money like a week before i get paid, and have to take money out of a savings account for the last week. but always make sure i put it back when i get paid. but the more withdrawals i make from my savings the less interest i get so overall overdraft may be better option.

Ryan21 · 8th November 2006, 16:44

Quote:

Originally Posted by She_Racer

we think the same huny, i dont have any redit cards and i graduated from college without useing a studant loan, i worked my arse off all 5 yrs.

xx mwa sweets xx

Indipendant women here guys, get swooping!

Ryan21 · 8th November 2006, 16:46

Quote:

Originally Posted by england11_2004

i personally wouldnt. but i wouldnt have got any loans or overdraft in the 1st place, unless badly needed.

i'm thinking about getting an overdraft account tho only because i have spent all my money like a week before i get paid, and have to take money out of a savings account for the last week. but always make sure i put it back when i get paid. but the more withdrawals i make from my savings the less interest i get so overall overdraft may be better option.

You'll only spend that OD tho mate, then your back to square 1, everytime u'r wages go it pays off the OD, so basically your in the Red every month!

been there, its wank !!!

VTS_16v_Boy · 8th November 2006, 16:47

Some will say - if you can afford it, you cant have it

Others will say - Credit Cards, Loans, Overdrafts, Sellin your body for cash and so on . . .

Its up to you, if you have a good Secure Job and can afford the extra payments then why not go for a Credit car with a good APR and so on, but if your not sure about your job and your crap with money leave it and just save for onething at a time.

Ryan21 · 8th November 2006, 16:49

Quote:

Originally Posted by VTS_16v_Boy

Some will say - if you can afford it, you cant have it

Others will say - Credit Cards, Loans, Overdrafts, Sellin your body for cash and so on . . .

Its up to you, if you have a good Secure Job and can afford the extra payments then why not go for a Credit car with a good APR and so on, but if your not sure about your job and your crap with money leave it and just save for onething at a time.

Thats sound advice, luckily my mrs takes care of all the money side now, i just get my ton a week for petrol and bits and bobs and i'm happy, clothes on my daughters back, food on the table! and best of all...no credit, apart from the mortgage!

She_Racer · 8th November 2006, 16:49

Quote:

Originally Posted by Ryan21

Indipendant women here guys, get swooping!

already been swooped hun ( wink wink)!!!!
independant woman i am. he he

xx mwa- sweets xx

srcnix · 8th November 2006, 16:51

Thanks for all the input guys and girls, much appreciative.

I guess I will wait around for the next 10 months before I can afford to do any proper mods to my baby.

Input is greatly appreciated.

Ryan21 · 8th November 2006, 16:53

Quote:

Originally Posted by srcnix

Thanks for all the input guys and girls, much appreciative.

I guess I will wait around for the next 10 months before I can afford to do any proper mods to my baby.

Input is greatly appreciated.

Borrow money, Grandparents are the way forward mate!

There minted and dont mind lending u, my grandparents see it as giving back what they never had when they we're our age!