Lancer Register Forum banner

1 - 10 of 10 Posts

·
Registered
Joined
·
4,076 Posts
Discussion Starter · #1 ·
Alright,

Like most people my age (24) I have stupidly accumulated debt over the years and quite fancy consolidating it all, but am a bit bowled over by all these offers etc...

Knowing there are a few business men / women on here and IFAs, just wondered if someone can point me in the right direction or have a chat???

Never missed a payment on anything in my life, but don't have a property so some companies still won't touch me :cry: Just wanna get finances in order ready for kid coming (and potential CSA payments :wallbang:)

Cheers,

Diehard
 

·
Registered
Joined
·
39,091 Posts
Can u not do a search through moneysupermarket and find out who is doing the best rate for the amount u require to borrow, they normally come back with the lowest APR rate etc.
 

·
Registered
Joined
·
4,076 Posts
Discussion Starter · #3 ·
Can u not do a search through moneysupermarket and find out who is doing the best rate for the amount u require to borrow, they normally come back with the lowest APR rate etc.
Done that and www.fool.co.uk but I really need to chat to someone about how the scoring is done etc, cos been declined in past for some applications but always have great credit score and history :confused:
 

·
Super Moderator
Jesus built my car
Joined
·
38,848 Posts
Done that and www.fool.co.uk but I really need to chat to someone about how the scoring is done etc, cos been declined in past for some applications but always have great credit score and history :confused:
You think people want to lend money to folk with good credit history? Default on some loans, get some CCJs, buy a car through "Yes Car Credit" and try reapplying.
 

·
Registered
Joined
·
4,076 Posts
Discussion Starter · #5 ·
You think people want to lend money to folk with good credit history? Default on some loans, get some CCJs, buy a car through "Yes Car Credit" and try reapplying.
I have heard that actually :crackup:

Canny do right for doing wrong it seems :cry:
 

·
Registered
Joined
·
31,032 Posts
I don't have anything to do with Loans TBH. I would be careful with consolidations though, as they are effectively buying the book of debt and then applying their own interest rate to it. Therefore they invariably just extend the term, thus lowering repayments now, but when you look at the compound effect of the interest, you will pay more back in the long run. Think about it, why else would they do it other than to make money from people in a bad situation.

Look here for expert advice

http://www.moneysavingexpert.com/
 

·
Registered
Joined
·
4,076 Posts
Discussion Starter · #7 ·
I don't have anything to do with Loans TBH. I would be careful with consolidations though, as they are effectively buying the book of debt and then applying their own interest rate to it. Therefore they invariably just extend the term, thus lowering repayments now, but when you look at the compound effect of the interest, you will pay more back in the long run. Think about it, why else would they do it other than to make money from people in a bad situation.

Look here for expert advice

http://www.moneysavingexpert.com/
Cheers Corky, will have a shifty.

Was wanting to get my foot on the property ladder this year too (sick of tennancy) but with the debt I currently have, that ain't gonna happen :blah: Although I am actively looking for a better paid job, but then that also stops people from lending if your new in a role (from my expirience)...
 

·
Registered
Joined
·
804 Posts
Owning an Evo's probably not the best way to help you get out of any money situation - i know as i've been there myself.....

I'd just sell off all the stuff you have probably bought and don't really need, have a good Ebay session or similar, pay off all the highest interest loans / CC's etc first and see where you're left....

As painful as it is i'd sell the Evo and buy yourself a runabout that's going to cost faaaaar less then the Evo (even a mk3 Golf VR6 or something still does 30mpg) plus insurance, servicing bills etc are all going to be less.

It's all down to priorities at the end of the day but i think if you're in debt you're probably still living beyond your means if you're driving an Evo about so that's probably the best thing to get rid of - use that money to again pay off the highest interest rated loans and just buy something cheap that will do for now.....

Look at Shared ownership properties to get on the ladder, they're a good way of starting out as you can buy as little as a 40% share in a house and then after a year increase it to whatever you can afford so at least you're not completely throwing all your money away each month on rent.

Avoid the consolidation route unless you absolutely have to as others have said you'll just extend the amount of time you're paying them off over and it will feel like you'll never get away from it!
 

·
Registered
Joined
·
4,076 Posts
Discussion Starter · #9 ·
Owning an Evo's probably not the best way to help you get out of any money situation - i know as i've been there myself.....

I'd just sell off all the stuff you have probably bought and don't really need, have a good Ebay session or similar, pay off all the highest interest loans / CC's etc first and see where you're left....

As painful as it is i'd sell the Evo and buy yourself a runabout that's going to cost faaaaar less then the Evo (even a mk3 Golf VR6 or something still does 30mpg) plus insurance, servicing bills etc are all going to be less.

It's all down to priorities at the end of the day but i think if you're in debt you're probably still living beyond your means if you're driving an Evo about so that's probably the best thing to get rid of - use that money to again pay off the highest interest rated loans and just buy something cheap that will do for now.....

Look at Shared ownership properties to get on the ladder, they're a good way of starting out as you can buy as little as a 40% share in a house and then after a year increase it to whatever you can afford so at least you're not completely throwing all your money away each month on rent.

Avoid the consolidation route unless you absolutely have to as others have said you'll just extend the amount of time you're paying them off over and it will feel like you'll never get away from it!
Very valid points, but I'm not destitute just yet (i.e. I can pay all my debts), just wouldn't mind some extra breathing space each month hence the possible re-arrangements.

Have thought of seeling up many a time, but both bike and Evo are not compete at the moment and wouldn't sell as is, as would not make the potential profit from the two... Do have a run-around for work etc so not got the Evo running costs at mo.

Also I see such things as my savings, as I have never had any (not from a family who had a trust fund for me etc, I have worked since 16 for everything I own :smthumbup).
 

·
Registered
Joined
·
235 Posts
I have worked since 16 for everything I own :smthumbup).
Hi Diehard, I'm in a similar position (at 26) and the problem is you soon realise you dont own a thing. While your still in debt it can all be taken away. I have been lucky and am almost out of debt now, but I think getting rid of everything you can and living by a budget that pays off as much as you can a month (I stopped going out) and even if it takes 2 years of that once you are out of debt its the best feeling in the world.

Then save for everything rather then getting credit. I know its an old saying but its true 'smart people earn interest; other people pay interest'

I wish you luck though :smthumbup
 
1 - 10 of 10 Posts
Top