Consolidation Loans, do they even exist?

DCFC79

I don't think you have been misunderstood.

Thrugelmir

MusS10 wrote: »

Nonetheless, I totally agree with all of you that debt is not a good route for anyone who cannot control their way of spending. Fortunately, I am not that type of guy, hence why I keep pointing out that I do not need lectures on debt.

No one is lecturing to you. You are looking the situation from the personal micro level. Whereas lenders underwrite risk at the macro level and are governed by ever increasing levels of regulation requiring them to lend responsibily. Failure to do so will result in them getting fined.

EssexHebridean

MusS10 wrote: »

Once again, I deeply apologise to everyone who finds me rude. I TRULY AM NOT THAT TYPE OF PERSON :A

My only suggestion that you were being rude centred around the fact that you were shouting at people - which makes the above somewhat ironic. Other than the shouting thing - rude? Not in a traditional, verbal sense. Unwilling to listen, or even in some cases to read what people have written? Yes. Unwilling to accept that a public thread, on a public forum, is about more than the person who has started it? Without question.

TriathNanEilean wrote: »

MusS10, thanks for continuing to engage with the thread you started. Your posts made me think (an outcome becoming rarer as habit replaces curiosity). Hope you'll forgive this totally truthful *cough* response.

In some ways, you remind me of .. me. And some of the other posters remind me of my brother. We started our first jobs around the same time but he seemed content to lead a boring life for the first 3 or 4 years afterwards; cheap car, no foreign holidays, quiet nights in, etc. Whilst I enjoyed life.

Mind you, after that initial time he started to live more like I did. He bought a new car, having saved up for it, and began to live a very similar life to me. In fact, in our thirties & forties he spent even more than I did. Not surprising, I guess, since I was paying £700 a month or so in interest (at today's prices after inflation - it was less at the time) whereas he always seemed to have enough to pay cash.

Today, 30 years later, I guess his savings must be close to £500k now. No interest payments for him and decent if not spectacular returns on his investments.

But at least I had those first 3 or 4 years in my twenties, enjoying life when he wasn't - can't put a price on that.

Post of the thread, IMO - well said - and the final line does indeed just sum it all. I wish you luck with getting your situation sorted and out into a happier place soonest. You deserve it for the sheer level of honesty in your post.

MusS10

UPDATE:

I had an appointment this morning with my bank and discussed and agreed a loan for 20k at a low 3.3% interest with a lovely senior banker, and I was right all along to suspect that the term Consolidation loan is more of a marketing BS than anything. And had I not been with my bank for over 35 years and had I not had excellent credit history, I would not have stood a chance she confirmed.

So, EssexHEbrid, DCFC79 and the rest of the "Ney Sayers" like Arnie calls them, stop being self-centred and answer people their question without turning it towards your preferred subject or your mission goal otherwise just don't be involved in threads that don't resonate with your way of thinking.. #Simples~
And MSE board, don't allow thread hijacking because people google search cheese and end up finding chalk in here..
The consolidation loan question got asked in this very same forum several times, and the same old Nay Sayers often turned it into a debt hate thread over and over meaning that the original poster who asked the question and sought some productive answers from someone with similar experience or greater knowledge in the subject ended up getting slaughtered by debt haters and criticised for being bad with money blah blah blah..
Perhaps I should start a new thread here under the title: [How to ask a question on MSE without being slaughtered?] But I got a better idea. I stay away from here altogether as I am too positive for this joint.. So don't bother answering me back as I will never log back again to see any more pathetic comments.
So Merry Xmas. Keep saving, I hope that you will live long enough to enjoy your rewards..
As for me, I did 36 holes today instead of my usual Saturday's 18..
I shall be booking my flights to Sydney to visit my daughter and spend Xmas on the beach since I got the dough now
GOD BLESS AND NAMASTE

EssexHebridean

See you back here in a few years under a different username, then... :rotfl::rotfl::rotfl:

It's always good when a thread does its job - and anyone reading through this one will certainly have some food for thought!

EmilyMorgan

I have had my share of debt issues when having to apply for a student loan. I have successfully repaid that and it was the best day of my financial life yet. I have been a victim of false advertisement as well. I thought that you can't repay a student and a business loan at the same time. But then I found out that everything is possible in financial world. I hope my entry will be a little useful for you. I think that you could benefit greatly from reading the Fit My Money blog. The posts are super helpful there.

easterbunni

MusS10 wrote: »

I shall be booking my flights to Sydney to visit my daughter and spend Xmas on the beach since I got the dough now

I thought OP wanted to consolidate debt, not spend it on a holiday :huh: Or maybe they are misunderstood...