Number of Agreements-Equifax.

Dandytf

MorningcoffeeIV said:

-Grumpy_chap said:

The OP would be well advised to visit the DfW (debt-free wanabee) area of the forum, then prepare and share their SoA (statement of affairs) so that they can get a full understanding of their financial positions and work to reduce reliance on credit.  That would set them up far more strongly for whatever the future may throw their way.

It's been suggested to the OP many times over the years. But they have an addiction to taking on increasing amounts of debt, despite their reduced income and having been in a DMP previously. 

Debt appears to be a badge of honour...

Natural to make use of Driving albeit Limited License.

CliveOfIndia

Dandytf said:

Natural to make use of Driving albeit Limited License.

I'm not quite sure what that statement is intended to mean.  But running a car is an expensive business, whichever way you look at it.  For many people, the convenience outweighs the cost.  But there comes a point where one can't really justify the expense of owning and running a car, usually when the annual mileage is very low.

Sure, if you have plenty of spare cash and the cost of a car is immaterial, then there's no reason not to have one.  But if you're on a limited budget, there comes a point where alternative transportation options - be that public transport, taxis, walking, cycling, even hiring a car for the very occasional times you actually need one - becomes the financially prudent option.

Nasqueron

Dandytf said:

@Nasqueron

I haven't visited wbac since my exceptional offer had been made for 25k miles Clio tci- taking convenient step of dealership trade in -then Zoe -9yrs 25k miles last week, 2 yrs finance, No longer being made brand new.
I would prefer to at very least see some kind of trade in value, though not likely when I check Ev's this and next year.
Positive view of finances are a number of agreements expire through '24 more next year, leaving 2 longer terms.
I hope to try EV purchase next year, could be decent year of changing Ev Make/Model.
p.s. Exceptionally High OD is almost halved from Isa, one or two Smaller sums to repay lower debts.

thanks

The reason for the WBAC suggestion is that you seem to want to get finance on your new car (which you don't need) to pay off the old car finance using the Zoe as a deposit and start a whole new load of finance while still being affordable. If you put in a 9 year old Zoe with associated battery depletion (mileage figure is less relevant than age of battery) into WBAC it'll give you an idea of what you're likely to get as a trade-in - looking on autotrader, similar mileage are around 6-7k for cars sold - so a dealer will obviously offer less so they can make a profit. You have a car on finance, pay it off, keep the car, what's the issue?

Your file is already shot with unnecessary stuff you overpaid for like all the apple tech, the windows, door etc yet you want more credit. Why not pay off the debt then worry about it? If you're having to raid an ISA for cash to cover debt, isn't that a reality check your finance life is unsustainable?

Dandytf

@CliveOfIndia
Ice -Electric Exceeds Financial constraints, hopefully I have one more EV Purchase.
@Nasqueron
Home Improvements/Tech Purchases are destined to Last considerable number of years.
p.s. 2015 Zoe 25k miles 96% Battery Health 13v from 2023 12v Aux Battery, Age of Zoe/Mileage/Battery Depletion Not a Concern.

Grumpy_chap

Dandytf said:

Ice -Electric Exceeds Financial constraints, hopefully I have one more EV Purchase.

I am not quite sure I understand that comment, though it does seem apparent from upthread that running a car does, indeed, exceed your financial constraints.
Why can you not consider alternative means of transport - walking, cycling, public transport, taxi and hire cars?  This would almost certainly work out more cost effective given the low annual mileage you have reported.

Dandytf

Grumpy_chap said:

Dandytf said:

Ice -Electric Exceeds Financial constraints, hopefully I have one more EV Purchase.

I am not quite sure I understand that comment, though it does seem apparent from upthread that running a car does, indeed, exceed your financial constraints.
Why can you not consider alternative means of transport - walking, cycling, public transport, taxi and hire cars?  This would almost certainly work out more cost effective given the low annual mileage you have reported.

I plan to continue Driving as long as possible.
ByMiles Insurance is very cost-effective 2023 I only used +975 miles.
Almost going off topic over Cra reports etc, 99% certain it could be best to re review Ev's next year.

Thanks

Nasqueron

Dandytf said:

Grumpy_chap said:

Dandytf said:

Ice -Electric Exceeds Financial constraints, hopefully I have one more EV Purchase.

I am not quite sure I understand that comment, though it does seem apparent from upthread that running a car does, indeed, exceed your financial constraints.
Why can you not consider alternative means of transport - walking, cycling, public transport, taxi and hire cars?  This would almost certainly work out more cost effective given the low annual mileage you have reported.

I plan to continue Driving as long as possible.
ByMiles Insurance is very cost-effective 2023 I only used +975 miles.
Almost going off topic over Cra reports etc, 99% certain it could be best to re review Ev's next year.

Thanks

100% it would be best to pay off the debt and just run the car. If your figures are correct about the range and battery life then why on earth are you looking to swap out a car that meets your needs and take on yet more debt?

I don't doubt the home improvements will last or indeed the tech but you hideously overpaid like the 8% windows finance or the Apple stuff.

What you don't seem to grasp is that what you want and what you can afford are 2 different things. You don't need an iPad AND MacBook Air AND a gaming laptop. You don't need a 250mb fibre bundle even on a social tariff. You don't need AirPods. You don't need a complete kitchen fitout. You shouldn't be gambling on stocks and shares investment when you have debt

You are on reduced salary and benefits but are living the lifestyle of someone on 50k+ a year and are sleepwalking into another debt plan

Grumpy_chap

Dandytf said:

I plan to continue Driving as long as possible.
ByMiles Insurance is very cost-effective 2023 I only used +975 miles.
Almost going off topic over Cra reports etc, 99% certain it could be best to re review Ev's next year.

Thanks

Well, sticking strictly to the topic, you have already been given good advice in that regard:
It is probably not the number of credit agreements that is having the largest impact on your ability to secure further credit.  The lender's assessment of your liabilities (existing level of debt) versus ability to meet liabilities (income) is likely the greatest factor impacting the ability to secure further credit.

The other comments that have been made are all in support of the wider picture:
Reducing your debt relative to income, decreasing your level of outgoings and building savings will be the enabler for you to have more of what you want in the future.  The less debt you involve in achieving that, the better.

Dandytf

@Nasqueron

Complete kitchen , Not during this year. Worktop+Sink+Flooring-Essential '22/23.
Tech continues to be used daily, particulary via Mse recommrned EV Forums using Pixel7 Can Ze Android App.
Whilst I do own Ps5 Digi+Series S Digital Xbox Consoles, these are Non Laptop Devices.

thanks

Dandytf

@Grumpy_chap

Thanks I can rule out EQ's reference to 'Number of Agreements' comment.
I continue to repay where and when possible, this year is decent year to complete some agreements.
Maybe next year I'll re visit EV's -I've yet to view examples of very much reported Swath of Low Cost Chinese EV's.

thanks