Please help - Loan anguish

macman

You can call it a 'transitional period' if you want. But, until you do pay it off, you have a debt of £33K. and your credit history will show this. 
We have no idea what you will do, or not do, tomorrow. We are simply telling you the status of your debt as it stands.

R.G

macman said:

You can call it a 'transitional period' if you want. But, until you do pay it off, you have a debt of £33K. and your credit history will show this. 
We have no idea what you will do, or not do, tomorrow. We are simply telling you the status of your debt as it stands.

That’s fair enough. That is indeed the status, until tomorrow. 

R.G

It’s been some months now since I created this thread. I don’t know why, but I felt compelled to come back and update, although I’m sure those who contributed won’t care.

The day after my last post, I paid back the PO loan in full, as I said I would. This was the loan I took out to consolidate my two Sainsbury’s loans. One for £14k (car loan) and the other £3k (old house improvement loan).

I then decided to sell my car, which was a luxury as we have another car anyway. Fortunately, someone made me an offer of more than £2k over list price as the spec on it was pretty rare. I ended up walking away well over what I owed on the car loan so I then paid off both the Sainsbury’s loans. I became debt free from November. No loans (don’t use my credit cards or overdraft), just our mortgage. It has felt great.

I wanted to finish by saying that I appreciate if I approach users on a forum and ask for public opinion, I have to take the rough with the smooth. However, I feel that there were some judgemental, and self-righteous responses made.

To those people, maybe that’s your bag. You hang out here with your financial perfection and preach to others.

Anyway, cheers.

sonofmerton

R.G said:

I wanted to finish by saying that I appreciate if I approach users on a forum and ask for public opinion, I have to take the rough with the smooth. However, I feel that there were some judgemental, and self-righteous responses made.

To those people, maybe that’s your bag. You hang out here with your financial perfection and preach to others.

as an observer mostly on here for years, i would say some are 'judgmental'. from what i have seen in this thread though, people have given the bare facts. blunt and to the point. i'm a believer in that is the way it should be and not gloss over any pitfalls be they current or in the future.
 
well done on your clearing your debts. you owe no one anything it is a great feeling knowing when you buy something you won't get another bill for it afterwards. 

good luck.

R.G

sonofmerton said:

R.G said:

I wanted to finish by saying that I appreciate if I approach users on a forum and ask for public opinion, I have to take the rough with the smooth. However, I feel that there were some judgemental, and self-righteous responses made.

To those people, maybe that’s your bag. You hang out here with your financial perfection and preach to others.

as an observer mostly on here for years, i would say some are 'judgmental'. from what i have seen in this thread though, people have given the bare facts. blunt and to the point. i'm a believer in that is the way it should be and not gloss over any pitfalls be they current or in the future.
 
well done on your clearing your debts. you owe no one anything it is a great feeling knowing when you buy something you won't get another bill for it afterwards. 

good luck.

Thanks for the well wishes, and yes, it is a very novel feeling.

I think the point I was making is that the original question I was asking on the thread was one thing yet a few seemed to cast doubt on my intentions and concentrate on something else. At least that was my perception.

I applied for the PO loan to simply make things easier during what has been unprecedented times. Businesses and people re-adjust things dependent on the climate, it’s normal. In this case, not because the two loans were unaffordable, but purely to free up a little more disposable cash each month and make things easier. 

Pointing out that I have a much higher debt with three loans on the go whilst during a transitional day or two is completely obvious. Not to mention the whole woe betide feedback on consolidation loans.

People give what they feel is advice, which is generally based on their own experiences. I suspect there are many who have not been disciplined In the past and have perhaps suffered as a result, hence giving very rigid feedback.

Cheers 

teachfast

Agreed. If you think they're sanctimonious here, try the house buying board! It's the solicitors and pretend solicitors that are the worst. 

Well done for clearing the debt. I'm about to do the same as I've ended up with lots in the bank but, as it stands, I have nearly £7k of debt, which will definitely be reflected in my credit records. 😂

sourcrates

I`m glad thing have worked out in your case, the reason why consolidation can be a concern, is because some people look upon it as a solution, but don`t change their bad financial habits accordingly, you must be super strict with your budgeting to make it work.

Quite often on these boards we get poster`s who have consolidated multiple times before realising the folly of it, who then require a debt solution to deal with things.

On some occasions its best to skip the consolidation part, and go straight for the debt remedy.

You commented earlier that this is a public forum, so you will get opinion/advice, good and bad unfortunately, in your case it was more the subject matter, as these type of loans have a very high failure rate, and are not a popular choice on here.

Well done for becoming debt free, if it works for you, that`s all that matters.

R.G

sourcrates said:

I`m glad thing have worked out in your case, the reason why consolidation can be a concern, is because some people look upon it as a solution, but don`t change their bad financial habits accordingly, you must be super strict with your budgeting to make it work.

Quite often on these boards we get poster`s who have consolidated multiple times before realising the folly of it, who then require a debt solution to deal with things.

On some occasions its best to skip the consolidation part, and go straight for the debt remedy.

You commented earlier that this is a public forum, so you will get opinion/advice, good and bad unfortunately, in your case it was more the subject matter, as these type of loans have a very high failure rate, and are not a popular choice on here.

Well done for becoming debt free, if it works for you, that`s all that matters.

Who doesn’t being debt free work for?

Like I said, my consolidation loan wasn’t a choice I made because my situation was unaffordable. I don’t have bad financial habits. I’ve always earned great money in a performance based role and have impeccable credit rating. Not once in my adult life have I missed a payment, or found it a struggle to pay bills. 

I have never used a loan to consolidate ever before, however, we have had an exceptional and unprecedented year, which meant it was a way of just having a little bit more left over each month, nothing more. 

As I said, advice is given based on personal experiences and I suspect some of the advice I was given was by people who either are not disciplined themselves and judge others, or perhaps have experienced stories of others, who are not disciplined - just as you say.

That, is not me, yet I was being tarred with the same brush. I do not care about those who live outside or their means and cannot see where they are going wrong so they continually consolidate and don’t actually remedy the issue.

That was not my predicament.

[Deleted User]

OP, money is such an emotive subject, the reason many thread starters complain of judgemental replies is just because of that.

Money's an 'object/tool/resource, if that object is used correctly it works well, if it's not used correctly it deviates and breaks down, resulting in various forms of discomfort/trouble/hassle ..... call it whatever suits.

When we learn how to handle this object we create a harmony between it and us and until we, as an individual, learn this lesson it can sound to those, that haven't yet, as superiority and judgemental - and it's neither.
This particular subject and lesson takes different character types different lengths of time to learn but once learnt it creates a very liberated feeling - as you've already found out.

Congrats on being at that point now 🥂

R.G

Catsacor said:

OP, money is such an emotive subject, the reason many thread starters complain of judgemental replies is just because of that.

Money's an 'object/tool/resource, if that object is used correctly it works well, if it's not used correctly it deviates and breaks down, resulting in various forms of discomfort/trouble/hassle ..... call it whatever suits.

When we learn how to handle this object we create a harmony between it and us and until we, as an individual, learn this lesson it can sound to those, that haven't yet, as superiority and judgemental - and it's neither.
This particular subject and lesson takes different character types different lengths of time to learn but once learnt it creates a very liberated feeling - as you've already found out.

Congrats on being at that point now 🥂

Thanks for that poetic piece of, I really don’t know what? It’s almost comical.

Do you think that because someone makes use of a loan, or pays with a credit card, that they have a poor relationship with money and that there is no harmony?

You are exactly the sort that I see float around these sort of forums spouting, let’s see, how did someone else just recently describe it... sanctimonious contributions.

I posted here, not because I found difficulty, or any dilemma with debt, that was neither the topic or my original question, so I disagree with you about the judgement aspect. I was simply seeking some advice about the way in which interest was added to a loan I had chosen. Instead, I was greeted with comments made about something else entirely, that did not relate to my situation. I don’t care about other people’s bad habits. Save the preaching for someone in need of it.

Still now, I’m following up on a thread that I posted some months ago, and here you are attempting to give me some sort of education here on mentality and money and how the two flow together.

Thanks for your congratulations, but it’s not needed. Your post just reinforces my thoughts.