Anybody tried to borrow money recently?
16 May 2008, 08:04 AM
#32
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If you earn what you claim to do, then why do you need a loan? You ahve no major outgoings by your initial post and must save a lot when out at work....save mate, last thing you need is a loan tbh.
16 May 2008, 08:09 AM
#33
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The availability of credit seems to be inversely correlated with your need for it. Some can't get it, others are asking for their credit limits to be reduced for security reasons.
At 25 I paid 9.9% APR on a car loan to the value of half my salary. It was of course a mistake and I should have cleared all my debts and saved for what I wanted as I was just reducing future purchasing power in favour of instant gratification. 3 of the 36 monthly payments would have purchased a decent car outright.
If I was 25 and living with parents now and on £50k a year I would expect to be able to save a £50k deposit for that £200k house in the next two years when it will hopefully cost £150k. Then I'd only have a 2xsalary mortgage which could be paid off in 5 years or so.
NACRO talks a lot of sense even if he has an inflammatory manner.
At 25 I paid 9.9% APR on a car loan to the value of half my salary. It was of course a mistake and I should have cleared all my debts and saved for what I wanted as I was just reducing future purchasing power in favour of instant gratification. 3 of the 36 monthly payments would have purchased a decent car outright.
If I was 25 and living with parents now and on £50k a year I would expect to be able to save a £50k deposit for that £200k house in the next two years when it will hopefully cost £150k. Then I'd only have a 2xsalary mortgage which could be paid off in 5 years or so.
NACRO talks a lot of sense even if he has an inflammatory manner.
I have my own small mortgage, 11 month old baby, and missus..(like how I lumped her into my downfall) and I can still manage to save £400 per month plus basically buy what I need, if needs be.
I think you need to realise your in a very good situation to save the funds instead, what exactley does all the money go on if you haven't got a mortgage or children etc.....I used to spend a lot on boozing when I was younger, but on a 50k salry...you shouldn't want for nothing if you've no major outgoings.
16 May 2008, 09:25 AM
#34
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Credit crunch? I went into Nationwide yesterday to open a flexi account (only UK bank that gives a Visa debit card and doesnt charge for transactions abroad) didnt even ask for anything more and got given a £750 overdraft 
thats more than my normal current account. OK its not vast amounts but it just shows money is readily available anywhere, even when not looking for it. 
thats more than my normal current account. OK its not vast amounts but it just shows money is readily available anywhere, even when not looking for it.
16 May 2008, 10:13 AM
#35
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£50k salary = roughly around £3000pm.
You stay at home with parents and have no bills to pay.
Why the need for a £20,000 loan when you have £3000 spare cash every month??
Save up for 6-7 months and hey presto. No interest charges either.
You stay at home with parents and have no bills to pay.
Why the need for a £20,000 loan when you have £3000 spare cash every month??
Save up for 6-7 months and hey presto. No interest charges either.
16 May 2008, 12:01 PM
#37
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I do not currently own a property and plan to buy once the market has settled. I am also trying save a deposit for this house and could do with a new car just now. I have not long got this job and was on less than half the salary up untill a couple of months ago. I do have saving's but they are tied up in shares which have not yet matured.
Narco you sound like my dad lol!!!
16 May 2008, 05:48 PM
#39
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save up for 6 to 7 months £3000X7=£21000-£20000(for the car) and i have £142.85 to live on every month???!!!!
I do not currently own a property and plan to buy once the market has settled. I am also trying save a deposit for this house and could do with a new car just now. I have not long got this job and was on less than half the salary up untill a couple of months ago. I do have saving's but they are tied up in shares which have not yet matured.
Narco you sound like my dad lol!!!
I do not currently own a property and plan to buy once the market has settled. I am also trying save a deposit for this house and could do with a new car just now. I have not long got this job and was on less than half the salary up untill a couple of months ago. I do have saving's but they are tied up in shares which have not yet matured.
Narco you sound like my dad lol!!!
Ill be honest, if I was going to pay 20k for a car, it wouldn't be a scoob im sorry to say, it'd be probably an Evo 9 or the like.
16 May 2008, 05:54 PM
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In my humble opinion I think you're quite right to borrow some money and get a good credit history going.
That'll be imperative when the time comes to get a mortgage.
Ah, I see you already have good history
That'll be imperative when the time comes to get a mortgage.
Ah, I see you already have good history
Last edited by zip106; 16 May 2008 at 05:57 PM. Reason: Not reading the first post properly
17 May 2008, 11:54 AM
#41
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modding it is half the fun. Also my mortage would be shared with my other half so still plenty pennies for mods, servicing, replacement parts etc.
Also i have an additional income when onshore (which is legal) just not declared as it would not be worth while otherwise
Will get a credit check done this week just to check im ok.
John yes my dad is right i need my own place but would you honestly buy a house at the moment??
Also i have an additional income when onshore (which is legal) just not declared as it would not be worth while otherwise
Will get a credit check done this week just to check im ok.
John yes my dad is right i need my own place but would you honestly buy a house at the moment??
17 May 2008, 04:38 PM
#43
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save up for 6 to 7 months £3000X7=£21000-£20000(for the car) and i have £142.85 to live on every month???!!!!
I do not currently own a property and plan to buy once the market has settled. I am also trying save a deposit for this house and could do with a new car just now. I have not long got this job and was on less than half the salary up untill a couple of months ago. I do have saving's but they are tied up in shares which have not yet matured.
Narco you sound like my dad lol!!!
I do not currently own a property and plan to buy once the market has settled. I am also trying save a deposit for this house and could do with a new car just now. I have not long got this job and was on less than half the salary up untill a couple of months ago. I do have saving's but they are tied up in shares which have not yet matured.
Narco you sound like my dad lol!!!
You are stuck in the middle of the N.Sea for half the month. I'm sure if you really tried due to you still living at home with parents you could possibly 'survive' off £142.85 for the 14 days you're on dry land.
Also...What are you doing offshore to get a salary of £54k? (£3150 take home) You managed to walk into an offshore position like that with no offshore exp?
Last edited by Mitchy260; 17 May 2008 at 04:42 PM.
17 May 2008, 04:38 PM
#44
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getting "chuckied" up to buy a car in this day and age is a bad move IMO
sounds like your going to fall into the trap that so many other people have done (me included when i was younger)
land a decent well paid job, go ***** out and buy ****e cars on finance that are worth **** all when they are paid off
i`m glad i have no debt, got really bad with the stuff when i was 17/18
its hard to climb out once you are stuck in!!
sounds like your going to fall into the trap that so many other people have done (me included when i was younger)
land a decent well paid job, go ***** out and buy ****e cars on finance that are worth **** all when they are paid off
i`m glad i have no debt, got really bad with the stuff when i was 17/18
its hard to climb out once you are stuck in!!
Last edited by StickyMicky; 17 May 2008 at 04:41 PM.
18 May 2008, 12:06 PM
#46
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Saving a deposit for a house but wanting a loan for a car at the same time
You are stuck in the middle of the N.Sea for half the month. I'm sure if you really tried due to you still living at home with parents you could possibly 'survive' off £142.85 for the 14 days you're on dry land.
Also...What are you doing offshore to get a salary of £54k? (£3150 take home) You managed to walk into an offshore position like that with no offshore exp?
You are stuck in the middle of the N.Sea for half the month. I'm sure if you really tried due to you still living at home with parents you could possibly 'survive' off £142.85 for the 14 days you're on dry land.
Also...What are you doing offshore to get a salary of £54k? (£3150 take home) You managed to walk into an offshore position like that with no offshore exp?
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