Declined £320 credit

[Deleted User]

pheonixrising21 wrote: »

I see this as a decent plan for the future, maybe you all have other opinions?

You might just get by with that strategy while you're still working, but you need to consider post work life.

So my plan includes building savings now, building a pension pot now, keeping out of debt apart from a mortgage, so as to take the stress out of retirement. I prefer to save today and spend tomorrow, rather than spend today and pay back more tomorrow.

But each to their own.

pheonixrising21

fozmcfc wrote: »

Well done, you are doing what the OP should be doing, reducing debt, but really you don't need to look at the OP other posts.

It's simple, taking out a 10k consolidation loan and still buying expensive electronics, really come on, that is just plain ridiculous.

Sorry fozmcfc, I've re-read the OP's original post on this thread, no mention of the loan being for consolidation. No mention of what it is for actually, so I'm afraid there IS a need to read the other posts to gain the same context you have

Don't want to be arguementative, but based on the first post in this thread only, some comments made were harsh. As I have said, I did not realise the full context of those comments

pheonixrising21

Deleted_User wrote: »

You might just get by with that strategy while you're still working, but you need to consider post work life.

So my plan includes building savings now, building a pension pot now, keeping out of debt apart from a mortgage, so as to take the stress out of retirement. I prefer to save today and spend tomorrow, rather than spend today and pay back more tomorrow.

But each to their own.

I have a pension already thanks, to which my employer also contributes.

The mortgage I have is on a property which I am now able to rent out due to changes in my circumstances over the last year or so. This rental income will continue into my retirement as I have no plans to sell the property.

As I said, once the debts I want to get rid of are gone in the next 18 months, I will then focus on building a savings pot as well. Well, two savings pots actually, one for the future and one so that I don't have to get as much finance for future new cars

kaley6989

where was you agreed for the 10k loan?

iolanthe07

Kaley, love, the £10K loan doesn't exist. We are in the realms of la-la land.

pheonixrising21

iolanthe07 wrote: »

Kaley, love, the £10K loan doesn't exist. We are in the realms of la-la land.

Just to play devil's advocate, this is purely an assumption (albeit an educated one).

Unless, of course, iolanthe07 has full access to the OPs bank account and/or manages their money for them...

iolanthe07

pheonixrising21 wrote: »

Just to play devil's advocate, this is purely an assumption (albeit an educated one).

Unless, of course, iolanthe07 has full access to the OPs bank account and/or manages their money for them...

No...but read the posts. It isn't rocket science.

pheonixrising21

iolanthe07 wrote: »

No...but read the posts. It isn't rocket science.

Like I said, just playing devil's advocate... Its a good assumption and probably at least 99% likely to be accurate. However, until you gain access to the OPs finances or they admit its a lie, then its still an assumption.

I'm not defending the OP in any way, I'm just making sure that people reading this know the opinions given are based on assumptions and not yet facts. I admit, fairly safe assumptions, but assumption none the less.

As an aside (and I'm probably going to regret this!), I think consolidation loans could be a good thing. However, at present they are not set up or managed correctly IMO. Let me explain....

When you take out new car finance, they use the value of your current car to pay off the existing finance. Lets say you want a car that costs £12k, yours is worth £8k and you have £4k outstanding finance. When you trade in your car, you never see any cash at all (unless the finance scheme you want has a maximum deposit and the equity in your current car is more than this). They give £4k to your current finance provider and close the account, they keep £4k as a deposit on the new car and then lend you £8k. This works.

If you wanted to consolidate three credit cards for example, the lender currently has to assume that the money they lend you is new borrowing as you may or may not pay off and close your current cards. What if the new lender could give the cash to your current lenders and close the accounts for you?

If this happened, then surely it would be beneficial to many people? It is also be benefical to lenders as it removes the risk of the borrower taking the new loan, using it to pay off the cards and then maxing them out again and not being able to pay back any of it!

But then, this would require the lenders to do some work for their money...!

iolanthe07

pheonixrising21 wrote: »

Like I said, just playing devil's advocate... Its a good assumption and probably at least 99% likely to be accurate. However, until you gain access to the OPs finances or they admit its a lie, then its still an assumption.

I'm not defending the OP in any way, I'm just making sure that people reading this know the opinions given are based on assumptions and not yet facts. I admit, fairly safe assumptions, but assumption none the less.

As an aside (and I'm probably going to regret this!), I think consolidation loans could be a good thing. However, at present they are not set up or managed correctly IMO. Let me explain....

When you take out new car finance, they use the value of your current car to pay off the existing finance. Lets say you want a car that costs £12k, yours is worth £8k and you have £4k outstanding finance. When you trade in your car, you never see any cash at all (unless the finance scheme you want has a maximum deposit and the equity in your current car is more than this). They give £4k to your current finance provider and close the account, they keep £4k as a deposit on the new car and then lend you £8k. This works.

If you wanted to consolidate three credit cards for example, the lender currently has to assume that the money they lend you is new borrowing as you may or may not pay off and close your current cards. What if the new lender could give the cash to your current lenders and close the accounts for you?

If this happened, then surely it would be beneficial to many people? It is also be benefical to lenders as it removes the risk of the borrower taking the new loan, using it to pay off the cards and then maxing them out again and not being able to pay back any of it!

But then, this would require the lenders to do some work for their money...!

OK. Whatever.

Apples2

For goodness sake Phoenix, give it in already.