Looking for £7,000 loan.

Tixy

What has the say £900 a month been going on so far (the £600 spare plus the £300 odd for the loan)? Well actually more than that as you've also run up debts on top of your spending?

At the age, salary and debts that you have your chance of a £7k loan will be near zero.

If you put off buying a car for 6months and save up say £800 of the £900 you have spare each month (still leaving you with £100 money for 'fun') then you'd have enough to buy the car and insurance outright.

I hope your Dad has thought very carefully about

1800 insurance as I'd be going under my dads name as old policy cost me £2800.

to 1 check he's not commiting insurance fraud and 2 consider the impact on his insurance on his own car if you have an accident.

JoshBee25

Miss_Spendalot wrote: »

Personally I do not see anybody coming here telling you that you are stupid, just trying to give you advice. It might be me but your maths do not add up to what you say you earn ?

It can vary I do outbound sales so it varies basic is £1,000.

JoshBee25

Tixy wrote: »

What has the say £900 a month been going on so far (the £600 spare plus the £300 odd for the loan)? Well actually more than that as you've also run up debts on top of your spending?

At the age, salary and debts that you have your chance of a £7k loan will be near zero.

If you put off buying a car for 6months and save up say £800 of the £900 you have spare each month (still leaving you with £100 money for 'fun') then you'd have enough to buy the car and insurance outright.

I hope your Dad has thought very carefully about

to 1 check he's not commiting insurance fraud and 2 consider the impact on his insurance on his own car if you have an accident.

I'll be a named driver so there's nothing wrong with it,
Also I've just used the credit card, I made the little woods account to help build credit.

I saved £750 but put that towards my holiday, I just waste my money so I'm sorting anew account out to pay dd's from.

Tixy

Him taking out a policy and you being a named driver is still insurance fraud/ fronting if its your vehicle and you will be the one driving it. Suggest you and he googles insurance fronting to find out about it and the consequences.

Try seeing if you can find the case where the insurance company refused to pay out when a young driver caused an accident that wrote off 2 other cars and killed 2 people. And how that ended up for the parent.

JoshBee25

Id still be getting the bus to work and I'd have the car on weekends, so it's not fraud as he'd still drive it, so would be used as correctly in the way the policy allows me too.

Miss_Spendalot_2

JoshBee25 wrote: »

I'll be a named driver so there's nothing wrong with it,
Also I've just used the credit card, I made the little woods account to help build credit.

I saved £750 but put that towards my holiday, I just waste my money so I'm sorting anew account out to pay dd's from.

Quite agree there is nothing wrong with going on your fathers policy if it is his car, if it is your car then that would be fraud. If it is your fathers car and his policy I do not think that you will earn any no claims bonus doing that ? Feel free to correct me if I am wrong.

Just think very carefully about what you are contemplating doing though in regards to seeking out a loan etc, your circumstances could change so quickly, nobody knows what is going to happen tomorrow let alone next year, You are very young and it would be so sad to see you here in a few years trying to get yourself out of a whole heap of debt trouble.....

KingElvis

In the event of an accident you and pater would have your collars felt by Inspector Knacker of the Yard sharpish if you're fronting like I think you are.

They do pay you in pokey though, something like 10p a week but at least you get free baord and lodging.......and you may get to pick up the soap?

jee

As long as his father is the registered keeper and he is the named driver it's fine. Also more insurance companies are giving discounts to named drivers as well when they apply for their own policy.

Can your father pay for you and you pay him back in installments? You should try to stay away from loans at your age.
You live at home, pay no rent, can get a bus to work, only need/want a car for weekends...
Sounds like you don't need a car loan.

JoshBee25

I need a car for more then weekends, my dad said he would but he's just re mortgaged the house after my man and dads divorce to avoid selling the house and my man wouldn't because she doesn't want to part with her money.

DominicJ_2

JoshBee25 wrote: »

I'm 19 year old I earn £1,000-£1,500 a month after tax

The money is for a new car to pay the insurance of in one an consildate other debts etc, barclays have said I may get one at the end of the month I've got to keep checking I don't have amazing credit but have had my overdraft from £100 to £1120 since September barclays say I've had 2 chances of a loan but took overdraft increases instead which inregretted but also never knew who is the easiest place tO get a loan with under my curcumstances.

Could you confirm what your £7k will be spent on, line by line.
IE
Car =
Insurance =
Loan 1 =
CC1 =

As for buying a car
Buy an old model Suzuki Swift with 1L engine, they can be had for under £1k, are reliable and dont cost much to insure (relative)