Online loans advertised rates are simply a phishing con trick

nubian

Perhaps I should refer you to an earlier part of the thread in which I stated that we have taught our kids financial prudence from a young age. I will ignore the comment of coercing my kids to obtain credit on my behalf as plain silliness on you behalf since you are willing to jump in with both jack boots before reading through the conversations see an excerpt from my earlier posts below!


"Yes I guessed that. Slightly perverse that lack of debt does seem to equate to no record of regular debt payment. They both saved for things were taught to be prudent and because of this and by having the disposable income, they were both able to do, see and experience many things in their young lives and now they are penalized for doing exactly what the government, the banks and the industry have crowed on about for years keeping you personal debt low and saving more! what a strange world we live in"

So thank you for your opinions but forgive me if I don't waste too much time on you

nobblyned

How is paying £12k for a car when they would appear to earn around 20k prudent? It is a full quarter of her disposable income at a time when she has no housing costs. She will want to move out at some point, and will find this debt massively restrictive.

Pixie5740

nubian wrote: »

Perhaps I should refer you to an earlier part of the thread in which I stated that we have taught our kids financial prudence from a young age. I will ignore the comment of coercing my kids to obtain credit on my behalf as plain silliness on you behalf since you are willing to jump in with both jack boots before reading through the conversations see an excerpt from my earlier posts below!


"Yes I guessed that. Slightly perverse that lack of debt does seem to equate to no record of regular debt payment. They both saved for things were taught to be prudent and because of this and by having the disposable income, they were both able to do, see and experience many things in their young lives and now they are penalized for doing exactly what the government, the banks and the industry have crowed on about for years keeping you personal debt low and saving more! what a strange world we live in"

So thank you for your opinions but forgive me if I don't waste too much time on you

There is nothing perverse about it. No credit history does not equal good credit history. Lenders are looking for patterns of behaviour and if there is no data there is no pattern. It makes the borrower an unknown quantity and therefore a higher risk. Instead of ranting away on MSE perhaps you ought to go and do some research.

nubian

foxy-stoat wrote: »

All the more reason to teach folk how to save and be clever with their money - not spend £12,000 on a car so they can get to work....I spent £5,000 on a perfectly good car to get to my work that does the job well, when I was a young'un the most I spent on a car was £2500 that did the job at the time.

Don't get me wrong, I would like my daughter (when she is of age) to have the best, safest car I can put her in but at some point you have to be realistic and reasonable practicable about life and expectations. Dropping £12K on a car when you have to borrow it isn't the cleverest way to drive to work.

Well here's the thing, she has already done the cheap car,small car bit through saving via jobs during Uni and her little cheap Clio gave up the ghost on the M4 a couple of days ago and the cost of repair is more than the car is worth. So she has a good job that requires her to munch motorways on her own quite a bit, so she feels it prudent to purchase a more substantial car that will withstand the rigours and have some value when she come to change it. She has looked at depreciation and MPG as well as enjoyment of it and her affordability sweet spot is that figure. So who am I or anyone else to criticize her.


So just like you she is climbing the ladder starting small and cheap and eventually getting something nicer and better related to her affordability I don't see anything wrong with this aspiration


Cheers for you comments but I support her stance.

foxy-stoat

nubian wrote: »

Cheers for you comments but I support her stance.

I would also support it and nothing wrong with the aspiration but she has not yet reached the point where she should drop over half her annual gross salary on a car, it would be different (for me) if she saved up £6000 and needed a loan for another £6000 to buy a £12,000 car - especially if you need to feed the cancer you speak of.

Put your efforts into getting them to save up some more and running a cheaper car for another couple of years.....there is still plenty of time to buy a dearer car.

Gaz83

Disposable income of over £1,000 a month and needing to borrow £5,000?

I'd say most lenders would have that as a red flag right there.

BoGoF

Ahhh.......the weekly "I didn't get the advertised rate so it's a scam" post

forgotmyname

You need to spend £12k on a car to get a reliable one? Nobody told me that.

Maybe why i spent just over £2000 on one and kept it for 6 years taking it to 174,000 miles. The person i sold it to did 30k a year in it for 2 years before they sold it and its still going.

Just checked 248,000 miles and it passed its MOT with no advisories.

ndf9876

This thread is hilarious and bonkers in equal measures. The OP comes across as a raving loony in the face of sensible advice. Best of luck with your loan mate, and if you want to change this "horribly corrupt" system you're bashing on about, I would suggest posting here isn't the best place to do it.

nubian

forgotmyname wrote: »

You need to spend £12k on a car to get a reliable one? Nobody told me that.

Maybe why i spent just over £2000 on one and kept it for 6 years taking it to 174,000 miles. The person i sold it to did 30k a year in it for 2 years before they sold it and its still going.

Wow you are very fortunate to run a car 174,000miles and hey that's great but it wouldn't be the experience of many people. I'd say most cars would be scrap metal well before that. anyway its all a bit off topic really but its her aspiration, her decision, her money. She has saved and has worked hard since Uni' and it maybe a decision forced on her by engine failure in her previous car, so the decision has come earlier than expected but she can afford the repayments and is about to be awarded a pay rise why shouldn't she? beginning to sound like the soviet union not free market Britain.