Problem lending £8000

foolishboy

kiedistidus wrote: »

Yeah the holiday was a want/need the plan was originally to go to Tokyo but bring back things like electronics and various other items that sell quite well over here so it was sort of going to be the start of a little online business but I suppose I'l just have to wait it out.

Mad idea for starters. I'm there now, and come here often for work - it's expensive and taking back a bunch of stuff to the UK is not free - you have to declare it for VAT/duty and then pay tax in the unlikely event you make anything on resale.

..if you're just here to explore then it's amazing :-)

FB

redpete

I wouldn't lend money to someone who can't live within their means (3 maxed-out CCs and an overdraft) and thinks that a holiday in the Far East is deserved and necessary.

You mention a previous loan for a 'dream holiday'. I am planning my dream holiday at the moment and I'm in my mid-50s; sometimes you need to earn the dream. My kids have each travelled more than I ever did in my 20s but they worked and saved for the travel before they went.

Tixy

You say you have money saved to move out.

You could use that to pay off your overdraft and credit cards, then spend a couple of months not usings your overdraft and obviously by then your current loan will have ended.

At that point with no debts you would likely find it much easier to take out a loan if you still wanted to. Although better still if you could save for a year and then take the holiday next year.

quantic

Hang on a second, you have money saved to move out and you have all this debt? Why don't you just use the money saved to pay back the debt?

StuC75

Use savings to pay off as much debt as possible - your savings are earning less interest than the debt is costing you.. So its MSE savvy to be avoiding that.

Look to move out with your debt eliminated rather than Just Consolidated.

Lenders see that with a loan and the facilities you have available it makes up too high a % of your earnings.

The biggest risk you pose to the lender is getting the loan, paying off the credit cards but then racking it all up again.

paddyrg

The Tokyo/sales plan is a non-starter TBH. The margin on consumer electronics is tiny, like ~6-11%. The big boys manage it, but only just (bye bye Comet, see ya Jessops) if at all. On top of that you have to handle returns, import duty % VAT, freight, really not a good idea at all.

fart

Live within your means and pay less for living.

27col

You need to reassess your life style and your spending habits and rebalance them to suit your salary.
It completely pointless having money in the bank, earning little or no interest, while at the same time owing money on debts that are attracting much higher interest then you are getting on your savings.
Your priority should be to reduce your debts asap and then take steps not to run them up again.

meg72

kiedistidus wrote: »

Living at home is a temporary situation as I have the money saved to move out just looking for a place at the moment. Believe me I prefer to pay things off asap but with a view to move out again I want to consolidate existing debt and funnel my outgoings into 1 cheaper monthly payment also I have the overdraft but I am not into it nor have I been for over a year.

Debt is not something I take lightly! and my payment history proves that I have never defaulted, incurred ccj's ,filed for bankruptcy, used a payday loan service,received phone calls or letters from debt agencies and have always lived within my means. my previous loan was for a new car which I needed for work as previous cheap cars I had owned where unreliable and where costing me more financially in the long run, my very first loan of 3k was used partially for a dream holiday and the rest was to help family out. Unfortunately wether its for a house, a car or a well deserved holiday( I have left the uk 3 times in my entire life) certain people can only afford these things with credit.

Ithink you need to be looking at things a little differently here.
you say you have always lived within your means, but you havent at all, you take out loans , therefore Debt, living within your means to me is saving for the things you want.

laurel7172

I just got back from Tokyo. Akihabara, Summer Sonic...

I promise you, it was a lot more fun paid for in advance.