10 years later yikes

1stTimer

Is this normal?

Since the loan landed in my account on Saturday I’ve been unable to focus on anything but. It’s keeping me awake and all I keep doing is bouncing back and forth between working myself into a sweat and deciding to send the money back or talking myself down and trying to justify it?

The thing is, I really think my car could keep going for at least another 6 months but I also don’t want to take the chance of it breaking down randomly and I then have no car at all.
Also if I send the money back what will that do to my credit report? The hard search will be there I get that but what marker will the loan company give me?

The shocker in all this is I find it incredible that this used to be so easy, I’d go online tick a few boxes and boom I had money in my account without even a seconds thought. It’s actually really unsettled me

1stTimer

Loan paid back.

I have to remember there is no urgency to this and my car is currently still able to drive. I also need to have a little talk with myself about the reality of one day for whatever reason I will need to spend my savings.

Scott_Weiland79

Do you have a car savings pot?


We have one even though our car is on a lease, we know at some point wear and tear stuff we may have to pay for like tyres/pads/discs maybe.

Have you considered the lease option re a car? We spent about 2000 keeping our previous car on the road in 2 years. 

Check out this app too its good one you pop in your location/petrol or diesel etc and it will tell you your cheapest petrol station. The odd few quid saved here and there thats more off debt or more into savings 

https://play.google.com/store/apps/details?id=apposing.petrolprices

1stTimer

Hey Scott

I have a car savings pot but that is only for Maintenance / Ubers and petrol.
I can’t lease as I am unable to pass the credit checks, I don’t think I’d lease again anyway if I’m honest. It became a trap to me and I ended up always having to renew/ swap to another lease just to ensure I had a car that was never owned by me.

1stTimer

Just to add, I am not knocking anyone that does lease.

I guess it’s horses for courses, my mum has been leasing for as long as I can remember - she likes getting a new car every few years, not having to MOT them etc and she is well aware she is paying for that stability. 

I am still very surprised at the way I reacted to receiving that loan. I was extremely relieved and happy when it said successful but the minute I saw the money land in my account it set off a world of anxiety in me.
I guess the DMP really did teach me a lesson 😆

Cara_

I agree that the reaction to the money from the loan landing in your account proves that your realtionship with money has changed. It's a good thing and will be very beneficial when you achieve your dream of buying a house.

Have you started looking for a new car? I bought one fairly recently but it took a while to find one that I like at a price I wanted to pay.

1stTimer

Hey Cara

I’ve been browsing but they are so expensive now it’s unreal. Plus now I’ve handed the loan back and will be using my own money I am sure I can make my current car stretch a few months more 😆

My current car still goes fine and it isn’t dangerous to drive but if I wanted to keep it for a few more years I would have to get a new gearbox which is more than the car is worth so I will not be doing that.

Scott_Weiland79

1stTimer said:

Just to add, I am not knocking anyone that does lease.

I guess it’s horses for courses, my mum has been leasing for as long as I can remember - she likes getting a new car every few years, not having to MOT them etc and she is well aware she is paying for that stability. 

I am still very surprised at the way I reacted to receiving that loan. I was extremely relieved and happy when it said successful but the minute I saw the money land in my account it set off a world of anxiety in me.
I guess the DMP really did teach me a lesson 😆

Hay thats fine its okay i understand.

We went the Lease route as our previous car had cost us a bomb to get it through its last 2 mot's. We spent i think 1000 at the last mot, 700-800 the year before. Then 4-5 days after passing my test our Fix It Again Tomorrow (Fiat) my first drive alone the exhaust dropped to bits.  

We looked at Hp/Pcp/ and the leasing route was abit cheaper pm and with a lil one on the way we needed reliability.

My five penneth would be, boost your car fund as best you can. What are your doing to boost your income?

1stTimer

Yeah I think what I may do going forward is split my monthly savings 50/50 - deposit/car, that way I am still working towards my main goal but also covering the motor.

oh I do all the survey sites I can (apart from prolific as still on waiting list), watch short videos for cash, bank switches, cashback/roundups pretty much everything I can but selling on eBay/vinted. I don’t really do much after work so have plenty of time to grind them out. I also do the daily free bets/spins that sites like Mecca offer.

1stTimer

Still ticking along, today I need to do some research on the PSA limit’s as I think I could be either near my limit or over for 2025/2026.
Someone mentioned yesterday that the Nationwide bonuses they give out are included which I never knew! I also need to look into if the switch bonuses and survey money all counts towards it in that case.

If I am near or over then today will be shuffling day and trying to get what I can moved into my ISA.