bank loan,

[Neil.]

i know ppl say its not good to get loans ect but....
I can get a loan of ?1000 and pay back under ?100 a month for 12 months with all the cover for non-working/illness/protection etc....
I wanna get debts(parents) payed off and a respray + my car sorted and this is only way i could do it, anyone think it is a good bad idea, im prepared to pay the under ?100 a month for 12 months.

[Tilly]

u should be able to get them cheaper than that bout ?80 a month. if i were u make sure u take out the insurance on it (incase u loose ur job). go for it if u think u have the finances to do it

[Neil.]

cheers i think i will once i know what im having done.

[Fester]

ive got a better idea how about just stop spending and pay off what you owe to your parents with YOUR money rather than getting another loan to pay a loan, then in a year another loan to cover the loan which was to cover the loan etc etc

[wisewood]

i agree with fester - loans and credit/finance are not a good idea.

just save as much money as you can instead Neil.

[bfuller]

bah dont listen to them, go for it (just make sure theres no messing around when you pay it back

[wisewood]

lmfao - i know better than most what a nightmare your finances can become wehn credit/loans start becoming appealing.

I am now almost back straight again after almost three years with no money for myself.

[NovaSi]

yep fester's right.

Pay your parents back first, then save up for your car - dont wanna keep getting loans out, the rates today are way too high !!!!

[Evolution]

I took out a ?1000 loan in april. I start paying it back next month, ?43 pounds a month for 3 years.
It seems like a crappy deal and will work out at something like ?1600 by the end of it, but i really needed the money and it helped a great deal.
Go to your bank and discuss it through with them, they are really helpfull and give you good advise, afterall, its their money youre getting, and they want you as a customer. Make sure its your own bank though.
They will run you through all the pricing options and always recommend cover, i have full cover on mine.
If youre willing to pay around ?100 then i would suggest you go for ?1500 as the payback fee wont be a great deal different, and your ?1000 will vanish before you know it.
The bank will check your finacial situation and the computer will deicde wether you can afford a loan or not.
At the end of they day its up to you, but if its something youre even just considering, make an appointment with your bank and talk it over with them. You dont have say yes to anything until youve signed the paperwork.

[Gazza14SR]

Got a 2k loan, paying back just over 100 for 2 years. Fully protected etc incase of job loss. Was mainly to clear debts and left abit over for t40s and getting them set up correctly etc. Will be getting a hefty pay rise soon so i'll pay the loan off within the next 6 months. (already 7months into loan).

[dave.gsi]

owe about 14K :o



thats what being a student means these days :roll:

(were no longer scrounging soap dodgers lol)

[dangermousegsi]

take out the insurance on any loan, i borrowed 6,500 from the bank an quit my job fucked up the repayments an had my cheque book an credit cards taken off me :cry:

i sorted it all out with them lowered the repayments an il have paid it back by the time im 28 :o :cry: :o

[burgo]

unless u really have to then dont go for a loan or finance a mate of mine has just got a brand new fiesta which he is payin off over four years but he couldnt seem to understand if he crashes it then he is still gonna hev to pay for it but still hes a muppet so he dont count the only way i would take a loan out is if it was with a rich bugger that happens to b a local at the pub who aint gonna put interest on it for me and dont need the money ne way so dont mind how long it takes for me to pay it back (concidering this to start me company)

[?Marty?]

if he crashes it then he is still gonna hev to pay for it

That's what insurance is for.


the only way i would take a loan out is if it was with a rich bugger that happens to b a local at the pub who aint gonna put interest on it for me and dont need the money ne way so dont mind how long it takes for me to pay it back (concidering this to start me company)

Lent ?1000 to me mate on those terms. Though i've known him for 11 years, so it's cool.

[burgo]

yeah but he seems to think that they are gonna pay out full value of the car and they wont hence why insurance companies are cnuts

[Ben (lurk75)]

banks work on a credit scoring system.

If you have never had a loan or credit card then you are less likely to gain a morgatge, as they have no proof that you can handle debt etc.

Whereas if you have had several loans, bills etc going out your account on a regular basis then they can see you can deal with your money and are more prepared to take a risk and lend you a larger amount.

My sister is a manager of a bank and when i was 16-17 she advised me to start to get some scoring in my name as it will help in future life, it did i went to the bank to ask for ?43k and they offered me over ?65k to buy my place with, i didnt take that much but i could have if i wanted.

[Freak]

debt is bad.
Save up
Or go without.

I could understand if it was for something big/good, but honestly, dont bother wasting it on the nova unless its cheap- you will still be paying it off long after its rusted away.

I agree with fester all the way. Loans/cards are freely available- very easy to get yourself in a whole heap of shit.

I f*cked up once- had a student overdraft- ?1500- which i left unpaid off and over the limit for 2 years- bank wrote without warning and demanded it paid off within 30 days. Thankfully im well off, so was able to pay it off on a card then pay that off, but if i wasnt, then i would have been in a whole heap of crap.
Loan to pay off a loan etc etc is bad.

Im self employed - so cash companies hate me now :o :roll:

Just be careful