LogBook Loan dilema

averagejoe92

I borrowed £2,500 from Log Book loans. I have made 4 payments of £310 per month and have 14 more payments to make (250% interest). I can settle the loan early. At the minute it is £3,100 to settle. I do not have the money at the moment but I am saving up and I am able to keep up with the payments as well.

The problem is that I want to get my HGV license at £700, which could help me get promotion sooner. Should I increase my payments to Log Book Loans or keep saving or do HGV test.

Please advise.

[Deleted User]

We can't make that decisio for you.

You need to decide if the benefits of the licence outweigh the very high interest.

Herzlos

How much spare money do you have each month? How certain are you that you'll (a) get the HGV license and (b) it'll result in an increased income?

macman

If you can borrow £700 elsewhere at less than 250%, then it's a no-brainer. As long of course as you can service the extra debt.

henry24

Only £700 for your HGV license you sure about that?

Samsung_Note2

henry24 wrote: »

Only £700 for your HGV license you sure about that?

Sounds very cheap..plus not guaranteed to pass dont forget.

DCFC79

henry24 wrote: »

Only £700 for your HGV license you sure about that?

Should it be higher then ?


A local firms cost


Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.

henry24

DCFC79 wrote: »

Should it be higher then ?


A local firms cost


Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.

Just on the numbers you have given its £435 more that's without your medical, theory test, hazard perception and the cpc

forgotmyname

It was about that for a class 2 when i took my test, and we used the firms own vehicle not the training companies vehicle.

Don't forget the medical and theory test also.

System

DCFC79 wrote: »

Should it be higher then ?


A local firms cost


Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.

You have to do the Cat C before you can do the CAT C+E.

You also have:

Medical for provisional license application up to £150
Theory test and hazard perception tests to pass before you can start the driver training.
Then once you've passed you then need to do your DCPC module 2 and 4 before you can be employed as a HGV driver.
You then need to apply for a digital tachograph card, another £19.

So to drive artics you will be spending £2330 plus the above costs I mentioned.

I put my son through Cat C and Cat C+E a couple of years ago and had little change out of £3k by the time everything had been paid for.

averagejoe92

I have the medical and theory tests all completed and passed. I rang up again to double check the price and was quoted £760 for my Cat C (I think i'm getting a discount because of who work). It sounds like I have got a good price. I normally have about £400/500 left over each month. I think i'm going to go for the test as it sounds like I have been quoted a great price. thanks again for all the replies.