Moneybarn car loan
Comments
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You were free to choose a much cheaper car; £9500 is a crazy sum to borrow at a high APR when something for a tenth of the price would have done just as well.
Rob0 -
Don't beat about the bush, Tarambor. You just tell it as it is.:)You agreed to a deal and a contract when you signed on the dotted line. You knew what the rate was, you knew the total amount you would repay, you knew the consequences of not paying.
The fault is not with the lender but with you for taking on exorbitant lending that lets face it you couldn't actually afford because had you been able to then you would have been able to get a far better rate from another lender and also cover the three months payments when you ended up unemployed.
Your comment about attitude and bullying is merely you trying to deflect attention from the fact that you signed up to an agreement and welched on it. The sooner you start facing up to the fact that things go wrong because of your own actions/inactions and that the responsibility for the ramifications lie at your table and not the other party who is merely honouring the deal struck the better your life will be because you'll hopefully think twice before signing up to such a deal in the future.0 -
Tarambor
I had to go with moneybarn and there extortionate rates thanks to my ex partners destruction of my credit between 4 and 6 years ago.
I had no problem at all meeting the payments until i lost my job.
Sometimes people have no choice than to use these kind of lenders and getting into financial difficulties can happen to any of us
Do Moneybarn only sell £9.5k Mercs then?
You took on credit that you couldn't easily afford to pay back should the worst happen. Many people have been there so beat yourself up about it. However, you have made a legal obligation to pay this money back to the lender, therefore you need to suck it up and come to an arrangement to pay it back. Else they will take you to court and you'll have this hanging around for a long time.0 -
Tarambor
I had to go with moneybarn and there extortionate rates thanks to my ex partners destruction of my credit between 4 and 6 years ago.
I had no problem at all meeting the payments until i lost my job.
Sometimes people have no choice than to use these kind of lenders and getting into financial difficulties can happen to any of us
Yes it can so that's why you should always have an emergency fund saved up. This should be a priority so instead of taking out a £320 a month credit agreement you should have been saving that up until you had a reasonable amount.
Hopefully now you have realised how important it is to have some savings and will start to build some up now your earning money again.0 -
I think my main worry with a merc would be maintenance costs - one of my workmates has a merc and the servicing costs make my eyes water!0
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Yeah ive learned my lesson although if they had just let me carry on paying as normal after clearing my 3 months arrears i would have done, but they seemed to be hell bent on adding all kinds of extra charges and penalties and putting up my monthly cost.
The servicing wasnt bad at all as nothing went wrong with it in the time i had and what it did need cost a lot less than it did for my previous cheap mondeo and saab.
I now lease a brand new 40k E class threw my new business��0 -
That last sentence comes across as rather smug. Let's hope your business doesn't go tits up, or you'll really be in it, won't you?:)Yeah ive learned my lesson although if they had just let me carry on paying as normal after clearing my 3 months arrears i would have done, but they seemed to be hell bent on adding all kinds of extra charges and penalties and putting up my monthly cost.
The servicing wasnt bad at all as nothing went wrong with it in the time i had and what it did need cost a lot less than it did for my previous cheap mondeo and saab.
I now lease a brand new 40k E class threw my new business��I came into this world with nothing and I've got most of it left.0 -
How can i still owe this amount?
Because you didn't make the payments you agreed to. If you had to use Moneybarn in the first place, then I am assuming that you have had previous defaults and/or CCJs so will have known exactly what the consequences would be if you didn't keep up repayments. Correct me if I'm wrong on this but if that is not the case then there should have been better lending options available to you.Im already struggling due to starting up my business and having to lease a vehicle for this as im a nationwide mobile engineer so have no way of paying even a small percentage of the settlement figure realistically
If you have absolutely no intention of paying "even a small percentage", then why do you care if the settlement figure is reasonable or not?0 -
Tarambor
I had to go with moneybarn and there extortionate rates thanks to my ex partners destruction of my credit between 4 and 6 years ago.
I had no problem at all meeting the payments until i lost my job.
Sometimes people have no choice than to use these kind of lenders and getting into financial difficulties can happen to any of us
You didn't have to go with them, you most certainly didn't have to spend £9500 on a car when there are 10,000s of perfectly good ones for far far less.
You always have a choice not to use those lenders. You chose to use one when you decided to spend £9500 on a car instead of £500-£1000 which would have been more than ample.I now lease a brand new 40k E class threw my new business��
Sometimes there's just no educating stupid. Seems you didn't learn the lesson from the Moneybarn fiasco. Not to worry, we'll see you on the bankruptcy board in a short while.
BTW there's nothing impressive about hiring a £40k E class, any idiot can do that.0
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