24K debt, 25 years old, work in a bank = problem!!

regularsaver1

staff rate loan?

gpage2000

Timmne wrote:

Don't be such a pr!ck - OP didn't suggest that other people would pay for his kids. He had kids and for some reason that none of us know, and shouldn't presume, he ended up becoming short of money and had to fund debts with debts. It happens to quite a few of us here on the DFW board; maybe you should look at the basics of this board before you come in here sl@gging off all and sundry without knowing any facts.

I can't bear arrogant, self opinionated people like you spouting your worthless views; pretty much the worst kind of contributions given on this board are ones from people like you.


Edit: I realise this comes across as rather confrontational; I apologise if it has offended anyone (except anyone else who is going to moan at/about someone that's in debt).

Glad to see that yet again the majority of people are here to help, it has helped me realise the extent of my debt coming on here - almost like alcoholics annon. the first step is to admit the problem is there (i'm not an alcholic by the by...)

:money:

gpage2000

regularsaver1 wrote:

staff rate loan?

I had thought of this, but the repayment period was only 5 years if for debt consolidation at work, which meant the repayments would be £350+ per month, and i had no option to overpay, not that i could have afforded to!

My loan has reduced my £550 + debt down to £155, and i'm kind of looking upon it as a mortgage extension, that is what is really is - and we've already set up a standing order to overpay by £100 per month, which will be our minimum.

For us, everything has worked out well: easily affordable, only one debt, can overpay to clear (much) quicker, will not !!!!!! up my credit score (thinking of future mortgages when moving home) and it's with the same people as my mortgage (Northern Rock) so i get a discount for life off the % rate.

AS previously mentioned, a secured loan is no way a good idea for all, but if you can be sure to not take any more loans/c.cards/ borrowing and you can trust yourself, then it's cool - we have definately learnt the hardest way possible, there's no other logical way for us to clear the debt besides working more.... but that will still yeild the same payment time as the loan, which means we're paying more interest!

£550 a month all debt combines takes 62 months to clear
£155 loan, + £200 overpayments TOTAL £355 = about the same

gpage2000

I probably forgot to mention the key in getting the loan: initially NROCK said 'no' based on affordability, which was irritating, as we knew we could afford it.
I was getting ready to help look for full time work for the fiancee, when i thought about all the lost time bringing up the kids, so i decided to write an email to the CEO of NROCK, containing a detailed budget plan for absolutely EVERYTHING...


...he called me up, stating that he'd authorise it. Very nice man!

Goes to show that companies who state they are 'responsible lenders' are not always correct. In fact, the 2 loans we got a while back were almost 'mis-sold' as yes, it's our fault for being a bit naive but they gave us more than we wanted, almost forced us into loan protection - if they had sat down, gone through everything with us, we wouldn't have ended up in such an awful state with our money situation.

I blame the big companies for the credit cards!! Drawn in by flashy cards and massive limits...

again, our faults really, but - the lenders are certainly not helping, simply there to make money!

My experiences have helped me no end in my bank job, particularly with lending,, i spend a lot of time making sure it's the best option for customers, instead of others who just want the commission

:beer:

regularsaver1

How long have you worked for this bank. do you not work in the finance side of things, or is it the technologies instead

xgingerx

Dave , think that comment about kids was out of order and not relevant, kids are the most valuable and precious thing in the world and you cant blame that for debt.

There is never a good time to have children I know, but its the best thing that has ever happened to me and sure for a lot of other people on this board.

Sorry but i had to have my say on that

gpage2000

regularsaver1 wrote:

How long have you worked for this bank. do you not work in the finance side of things, or is it the technologies instead

not sure on the relevance of this point... but i am quite new to the bank, but hey i'm sorted out now... so this'll be the last post under this subject, perhaps i'll start a new once once things are up and going

adios amigos!

gpage2000

xgingerx wrote:

Dave , think that comment about kids was out of order and not relevant, kids are the most valuable and precious thing in the world and you cant blame that for debt.

There is never a good time to have children I know, but its the best thing that has ever happened to me and sure for a lot of other people on this board.

Sorry but i had to have my say on that

Here here!

regularsaver1

gpage2000 wrote:

not sure on the relevance of this point... but i am quite new to the bank, but hey i'm sorted out now... so this'll be the last post under this subject, perhaps i'll start a new once once things are up and going

adios amigos!

sorry - i meant when you were taken on by the bank you would have been credit scored, so they would have known about your debt anyhow, so don't worry from their prospective

and the reason I was asking as you sound like a novice to this, - but when you work in a bank (as I do) - people tend to always presume to know about all these things, which is not always the case. Didn't mean to cuase any offence there

gpage2000

regularsaver1 wrote:

sorry - i meant when you were taken on by the bank you would have been credit scored, so they would have known about your debt anyhow, so don't worry from their prospective

and the reason I was asking as you sound like a novice to this, - but when you work in a bank (as I do) - people tend to always presume to know about all these things, which is not always the case. Didn't mean to cuase any offence there

That's fine, no offence taken - my credit score is great, it's on one of my earlier posts: basically i've not missed a payment for anything, never had any ccj's or anything like that.

I don't know if i'd say i was a novice! Perhaps it's the way i type, but yes am new to 'finance' - but been learning the hard way for the last 5-6 years!

thanks for the post :beer: