Loan suitability

DCFC79

dstev wrote: »

Lmao - debt problems!?

In under no circumstance do I consider myself as having debt "problems". You lot really don't have a clue do you?

I apologise to everyone involved - I obviously registered on the wrong forum yesterday.

What replies did you want then ?

Tell us then what the clue is ?

You earn 31k
1 card debt of 4k
loan 1 is just under 10.5k for upcoming wedding (alot for a wedding is it not.)
loan 2 at 4.7k for the fiancees new car

So you have saddled yourself with debt which is just over 50% of your salary and you want to borrow another 15k for a car.

Its a crazy amount for a car. Go ahead and try but I dont like your chances.

dstev

Right let's get things straight.

You are all giving opinions on things I have not asked for.

Firstly what gives anyone the right to tell me whether I have a debt problem?

Secondly what gives anyone the right to tell me what a suitable amount is to spend on a car?

I asked one question around how likely it would be that I would be accepted and you all start saying I've got major debt problems and that I need to get my life sorted.

Ahh well, I know that my life is happy (debt ridden or not!). I'm sure your all the same sitting behind your computer screens giving your "perfect world" opinions in your very own perfect lives. Good luck to you.

Now then, can someone point me in the right direction to unregister on this forum?

meer53

You don't need to unregister. Just don't log on.

Hope you find a forum where people will tell you what you want to hear. Maybe you didn't notice that this was a moneysaving forum, not a moneyspending one ?

Apples2

We see lots of naive people like you but a few years down the line. It will happen to you too.

You will start married life buried in debt, you won't be able to afford the things newly weds want as you are paying so much out already servicing that one day party debt.

You will be blaming the banks and their irresponsible lending for forcing you to take loans and ruining your life.

You will be trying to get out of the car finance but you can't.

We see it all the time.

Bookmark this post so you can review it in 3 years time.

AFK_Matrix

What you don't seem to be grasping is that these people are trying to help you, and stop you making a bad situation worse. You obviously don't have to listen to them but then again you did post on a money saving forum so of course your going to get people telling you that you need to save more NOT get a new loan for a stupidly expensive car (not that you'd get the loan as your in so much debt already, which is a good thing for you!) And I doubt a lot of people here have a perfect life or a debt free one hence for coming here in the first place. BUT they have accepted they are in trouble and pulled their head out of the sand and LISTENED and then done something about it with the fabulous people on here helping them.

As Apples2 says I look forward in seeing you in a few years time

dstev

Apples2 wrote: »

We see lots of naive people like you but a few years down the line. It will happen to you too.

You will start married life buried in debt, you won't be able to afford the things newly weds want as you are paying so much out already servicing that one day party debt.

You will be blaming the banks and their irresponsible lending for forcing you to take loans and ruining your life.

You will be trying to get out of the car finance but you can't.

We see it all the time.

Bookmark this post so you can review it in 3 years time.

Oh dear oh dear STOP trying to think you know me.

Let's go through the things that newly weds want....

Firstly honeymoon - 2 weeks 5* all inclusive in Mexico, that's that one ticked off.

House next - oh I already have that, and have done for 5 years now.

Nice TV, yup got that one covered.(and to make you all feel a little more comfortable that isn't on finance)

Rest of the house needs to be kitted out nicely, yep happy with that one.

So what else next for newly weds? Car would be nice but hey ho. Kids, well we'll just have to wait and see (and not for my financial situation to improve either).

Legion90

Although some people may come across as judgemental they are actually thinking of your interests and are trying to make sure you understand the situation. You will find many of them have went through debt issues at some point in their life and do not want the same happening to someone else.

I am not suggesting you have debt problems , you may do or you may not , as I do not know all your finances. What I can say is that I think it is fair for the question to be asked if you are heading in the right direction. Many may think that as much as your handling the loans just now it only takes one financial circumstance change such as a loss of job or house repair before you would really see everything clearly.

As much as you might not like the answers they have the best of intent. Just give it consideration that is all.

dstev

Legion90 wrote: »

Although some people may come across as judgemental they are actually thinking of your interests and are trying to make sure you understand the situation. You will find many of them have went through debt issues at some point in their life and do not want the same happening to someone else.

I am not suggesting you have debt problems , you may do or you may not , as I do not know all your finances. What I can say is that I think it is fair for the question to be asked if you are heading in the right direction. Many may think that as much as your handling the loans just now it only takes one financial circumstance change such as a loss of job or house repair before you would really see everything clearly.

As much as you might not like the answers they have the best of intent. Just give it consideration that is all.

Thanks Legion, you have just summed up what a lot of people have said, but in a much more polite manner.

meer53

dstev wrote: »

Oh dear oh dear STOP trying to think you know me.

Let's go through the things that newly weds want....

Firstly honeymoon - 2 weeks 5* all inclusive in Mexico, that's that one ticked off.

House next - oh I already have that, and have done for 5 years now.

Nice TV, yup got that one covered.(and to make you all feel a little more comfortable that isn't on finance)

Rest of the house needs to be kitted out nicely, yep happy with that one.

So what else next for newly weds? Car would be nice but hey ho. Kids, well we'll just have to wait and see (and not for my financial situation to improve either).

I know you're a newbie but i have to say, you really do come across as very naive.

Read the replies again, try to see what people are trying to say.

I'm a lot older than you, been down the newly wed route (and out the other side again) Getting into 10k worth of debt for a wedding is not a good idea. Have a cheaper wedding, cheaper honeymoon (it's 2 weeks for goodness sake !) and think about a cheaper car.

If you do end up with a new baby in the next couple of years, you'll be stuffed financially with the level of debt you are looking at. Still, i suppose you'll have your honeymoon photos to look back on.

bowlhead99

dstev wrote: »

House next - oh I already have that, and have done for 5 years now.

Without going into whether or not you should borrow the other half of your salary to get a car

Presuming you have more than the barest minimum equity in your house, if you really need the 15k car could you not get another advance against the house? Due to it being a charge against your home, the interest rates would be lower than unsecured.

If you have the cash to service a car loan you could then make equivalent overpayments against the mortgage so it didn't take 20+ years to pay it off. Or if the mortgage rate is better than the wedding loan rate, use the cash you'd have been spending on paying off the car loan to pay extra on the wedding loan and get that down from a (seven year?) term.

If the mortgage co wouldn't entertain lending you another 15k with your house as security, you're unlikely to find a high street bank to do it unsecured. But I'm presuming there's equity in the house if you've had it for 5 years, got the nice TVs and furnishing etc?

No insult intended, I hope you see this as constructive. Most people's natural instinct is not to go into a new marriage owing a year's salary, so that's why they struggle to offer advice on how best to achieve it.