Advice needed re: secured loans

plum44_2

I think the most positive message on this forum will always be WAKE UP YOU'RE IN SERIOUS DEBT. Thank God for those posts.

LovelyLeeds

Unexpectedly_Extending wrote: »

Christ if I'd wanted smug finger waggling and head shaking I'd have asked my Dad!

There really wasn't any smugness in that post, the poster was merely endeavouring to give you a '20 year's banking experience' reply - if you choose to ignore that, then the downward spiral it will be.

Unexpectedly_Extending

LovelyLeeds wrote: »

There really wasn't any smugness in that post, the poster was merely endeavouring to give you a '20 year's banking experience' reply - if you choose to ignore that, then the downward spiral it will be.

I'm honestly not ignoring anything that's been posted so far, is all helpful and serious food for thought.

What I objected to was the poster starting with the statement that I should be made an example of in some way and then not talking to me directly. The advice he did give (avoid any further debt consolidation) is well taken :T

Unexpectedly_Extending

Can I ask for some further advice in relation to cutting outgoings;

I have a motorbike bought on 0% finance (just over a year into 5 year repayment). Can I sell this privately then pay off remainder of finance? Transfer finance to 0% credit card then sell? or Just need to keep on riding?


Also; Can I use the credit cards that I have balance transferred from to get a cash transfer to pay off unsecured loan at better interest rates, preferably 0% obviously. Cards are with RBS and Amazon/Bank of America.

revolu

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dealer_wins

revolu wrote: »

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Paul_the_Painter

With regards to the bike, depends on what the loan is. It is either a Hire Purchase agreement, or a personal loan.

If HP you will need to settle the finance before selling (or sell to someone who will settle it i.e. dealer)

If it's a personal loan, you don't need to anything other than sell it, and keep up the payments on the loan.

Unexpectedly_Extending

Paul_the_Painter wrote: »

With regards to the bike, depends on what the loan is. It is either a Hire Purchase agreement, or a personal loan.

If HP you will need to settle the finance before selling (or sell to someone who will settle it i.e. dealer)

If it's a personal loan, you don't need to anything other than sell it, and keep up the payments on the loan.

Cheers, is on 0% HP with Black Horse. Hadn't considered the dealer might take it back - not sure how that would work though, surely the dealer wouldn't be able to make a worthwhile profit if it had to pay all outstanding credit? I'd have to make up the difference?