Loans options HELP

DCFC79

konn1ch1ha wrote: »

Yes, I did. And work has been very slow lately, ever normally this bad.

I live here because it's where my work (when it happens!) is.

Have you considered moving to Brighton ?

Have you looked into if theres anyone needing tuition in London ?

enthusiasticsaver

konn1ch1ha wrote: »

The loan would also contribute towards paying off the insurance in one to bring monthly outgoings down.

My car insurance in £x per month, paying off in one go would £0 per month, loan monthly repayment (much) < current £x insurance instalments. That's why the loan is tempting.

But the loan is over 5 years at 28%. You will have car insurance to pay again next year and the following three years but the loan will still be ongoing. This would be a seriously bad mistake. You are paying to live in one of the most expensive cities in the world yet you earn a pittance. It makes no sense when you have a mortgage free flat. You could even arrange all your tuition on one day in the London area and get a cheap train ticket from Brighton. It is eminently doable and you would have no rent and £1000 per month and 4 other days to do another part time job.

David555

Another option would be down grading your car and buying a cheaper one. You can pick up decent enough cars for under a grand these days. There's a Facebook group called something like cars for sale under £500 That has loads of cheap cars posted daily. Also a cheaper car with a smaller engine your insurance should be cheaper when renewal time comes.

Or if possible do without the car all together and use public transport? I'm not a driver myself but I suspect parking costs in London must be setting you back a fair bit each month as well. The congestion charges if you have to pay etc. Have a look into getting a monthly osyter card and see what sort of money could be saved if any.

konn1ch1ha

enthusiasticsaver wrote: »

But the loan is over 5 years at 28%. You will have car insurance to pay again next year and the following three years but the loan will still be ongoing. This would be a seriously bad mistake. You are paying to live in one of the most expensive cities in the world yet you earn a pittance. It makes no sense when you have a mortgage free flat. You could even arrange all your tuition on one day in the London area and get a cheap train ticket from Brighton. It is eminently doable and you would have no rent and £1000 per month and 4 other days to do another part time job.

You make a valid point but living in Brighton is just not feasible. I don't only teach, I play gigs, rehearse - all in the London area. It's just a very bad time financially for me at the moment and it will get better come the following months because that's when I have much more work booked in.

konn1ch1ha

David555 wrote: »

Another option would be down grading your car and buying a cheaper one. You can pick up decent enough cars for under a grand these days. There's a Facebook group called something like cars for sale under £500 That has loads of cheap cars posted daily. Also a cheaper car with a smaller engine your insurance should be cheaper when renewal time comes.

Or if possible do without the car all together and use public transport? I'm not a driver myself but I suspect parking costs in London must be setting you back a fair bit each month as well. The congestion charges if you have to pay etc. Have a look into getting a monthly osyter card and see what sort of money could be saved if any.

Thanks for the advice, but trust me, my car is already the lowest/cheapest it can be at only a 1 litre Yaris.

Parking is not that much because I never drive anywhere where I need to park for long periods of time (if I do, they're outside the controlled hours) and I never drive through Congestion Zone.

Getting a travel card would be much more expensive than what it costs to run my car. Plus, I need my car for equipment.

JuicyJesus

konn1ch1ha wrote: »

You make a valid point but living in Brighton is just not feasible. I don't only teach, I play gigs, rehearse - all in the London area. It's just a very bad time financially for me at the moment and it will get better come the following months because that's when I have much more work booked in.

Maybe you should spend less time paying money to live in the most expensive part of the country so you can play gigs and rehearse and more time finding stable paying employment so you can live rent free in a flat you already own. I also find it hard to believe that you can't play gigs or teach in Brighton, which has both a university and a vibrant cultural scene.

Face it - your financial situation has not improved over the past six months and there is no particular reason for it to get better, not least since you have a completely absurd expectation and are doing everything possible to not face the reality that your current lifestyle and working pattern is not affordable and you are in a massive financial hole.

You have negative disposable income. You literally spend more than you earn before you even have money for yourself - that is not just an alarm bell but an air raid siren, you are in severe financial difficulty. In that circumstance you shouldn't give a sun blushed sh*t about gigs, car insurance or your piddling 2 hours a week of part time employment, you should be looking into severely increasing your income and reducing your outgoings so you can afford to live. You would literally be better off working in McDonalds in Brighton part time than you are currently pursuing self employment and playing some gigs in London.

I also don't imagine that Lloyds will be that keen to lend to you once you've spelled out that you cannot afford even your current outgoings, which is yet another reason why your lunatic idea is doomed to failure. I'm even curious as to whether you've been honest about your financial situation with them, since having negative disposable income is like kryptonite to lenders.

[Deleted User]

marksmith125 wrote: »

Hi,
I think, getting a loan is not a good idea.
In my opinion, you have need to earn more money and cut your costs.
Thanks!!

In my opinion, I think the spam post is not the good option for you.

I think you should be going and not be letting the door hitting you on the a$$ on the way out.

Thanks !!! And reported!!!!

konn1ch1ha

Deleted_User wrote: »

In my opinion, I think the spam post is not the good option for you.

I think you should be going and not be letting the door hitting you on the a$$ on the way out.

Thanks !!! And reported!!!!

So are you saying get the loan and don't cut my costs?! Ha!

JuicyJesus

konn1ch1ha wrote: »

So are you saying get the loan and don't cut my costs?! Ha!

I'm intrigued as to why you seem to be ignoring everyone who tells you what a ridiculous idea you have and that your desired lifestyle is totally unsustainable.