Log Book Loans NI

spacerbabe

AndyT678 wrote: »

I think the point was that you are clearly struggling to live within your means (existing PDL for example).

Unless something has changed recently in your spending habits or income it is therefore quite likely that you will struggle to make the payments on your log book loan and end up losing your car.

maybe but I need to fix things now and this is the only way I can do it

BillJones

spacerbabe wrote: »

The girl said I can keep it to use?? is this wrong?

It's "wrong" in so much as you are unlikely to be able to afford the payments.

Look at it this way, you seem t have been spending all of your wages so far, and to need even more money, as they are not reaching to the end of the month, and/or you have no savings.


You now believe that you will magic up the extra each month to pay these loan payments on top of your normal living expenses. If you can free up that much each month, then why on earth do you need a loan?

Have you actually worked out your incomings and outgoings, and worked out what exactly you can cut out, or are you just sort of assuming that things will work out?

If the former, please post your statement of affairs up here for people to check if it makes sense.

BillJones

spacerbabe wrote: »

maybe but I need to fix things now and this is the only way I can do it

No, it's not. It is the way that involves no pain or extra effort now, and simply shoves the problem a month or so back and lets you continue as you have been going.

It's your money, and your choice, but the chances are that you are at a crossroads in life today, and are about to take a step down a road that you will possibly regret until you die.

People here are just trying to warn you, but it seems that you don't want to take this on board.

If you need to come back inn a few months asking about defaults, how to get to work, and being unable to afford food, can I suggest that you invent a new username, to avoid people saying "I told you so"?

Mirno

Right now you've got a money problem.

If you take out the log book loan, there's a very good chance in a few months time you'll have a money problem and a transport problem.

Pixie5740

I'm going to echo what others have said, this is a bad idea. If you're struggling to keep up with your repayments now taking on more debt isn't going to help. Going down this route you are likely to default and lose your car. Could you sell your car instead as this would give you some money to put towards your debts.

Rather than delaying the inevitable contact Step Change or one of the other debt charities.

purdyoaten

spacerbabe wrote: »

oh I know.


The girl was really nice on the phone and said about 78 or 104 weeks .

I'll bet she was!

forgotmyname

£2000 for a £1000 loan. Thats mental. Whats your car worth?

These types of loans are really a last resort for those in need of the money today but can pay it back fairly quickly.

Over 12 or 18 months its a stupid amount of interest.

Of course they are nice. They hope you fail to make all the payments then sell your car for peanuts and still chase you for the outstanding balance.

DCFC79

Should you pin all your hopes on the bonus coming through ?

pvt

It's about 200% APR.

Compared to a PDL that's quite good...

iolanthe07

pvt wrote: »

It's about 200% APR.

Compared to a PDL that's quite good...

Yes, but PDLs are very short term. OP is suggesting repayment over a longish term - a really bad idea at these interest rates.