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  • FIRST POST
    • MusS10
    • By MusS10 27th Nov 19, 9:35 PM
    • 27Posts
    • 5Thanks
    MusS10
    Consolidation Loans, do they even exist?
    • #1
    • 27th Nov 19, 9:35 PM
    Consolidation Loans, do they even exist? 27th Nov 19 at 9:35 PM
    Hi All,

    I know that most of you here are against consolidation loans and in favour of being Debt-Free.. I totally get it and respect each and everyone's choice to live a debt-free life.

    Like everyone else, I am entitled to my own choices and frankly I choose to live my life in the most enjoyable way possible regardless if I am debt-free or not. As long as as I am meeting my monthly payments on time and in full, I do not see why borrowing from banks is an issue, after all that is how banks earn their living..

    I am in my fifties and have borrowed and repaid throughout my adult life, always responsibly hence why my credit files are in the excellent bracket..

    My issue now is how to get a loan to consolidate other debts without failing the ""affordability"" lark?
    If I am able to afford a £700/month payments without a fail for over 30 years then surely I can afford a £300/month in lieu !! I only want to slash my monthly payments so that I can work less hours and perhaps play more Golf

    I am aware that many will say the lender doesn't believe that you will pay off the existing debts with the consolidation loan but why call it a "CONSOLIDATION" loan then? Isn't that false advertisement? Shouldn't that be disallowed by the financial conduct authority? Also couldn't they pay the existing lenders themselves from the new loan to be assured?

    Many people have asked this question in these forums before but the answers seem to always drift to how detrimental consolidation loans are in the long run etc..
    Can someone please answer the question about whether this type of loans really exist and how to get it rather then lecturing about debt and debt-free wannabe..

    Many thanks to you all, and full utmost respect to all you debt haters out there. Good Luck as long as it makes you happy. After all life is all about happiness..

    God Bless
    Last edited by MusS10; 27-11-2019 at 9:40 PM.
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
Page 2
    • EssexHebridean
    • By EssexHebridean 29th Nov 19, 10:16 AM
    • 9,889 Posts
    • 50,283 Thanks
    EssexHebridean
    It's about the way the wording is used, isn't it. So rather than thinking of it as a "Consolidation loan" - instead ignore what the marketing says and call it what it really is - "a loan taken out for the purpose of consolidating debt".

    As for the lifestyle thing - I'd love to retire from work, move to a nice sized ready-to-live in house in the Hebrides, buy a boat and a horse, and spend the rest of my days pottering about the islands, taking photos, riding, going out on the boat and flying back each weekend during the summer for the airshows, but my income doesn't allow that, and I don't have the guarantee of a big inheritance in my future to make "borrow now, pay back later" a viable option for me - and yes, to my mind that is the ONLY way that living a lifestyle far above your means is a safe option.

    The problem with the approach of using other people's money to fund a champagne lifestyle on a beer budget is that eventually, the road runs out. Consolidating to reduce monthly payments extends the life of the debt. During that time, you are also looking to reduce your income - but will you be cutting back on the designer clothing, the new cars every three years, the holidays every year? If you intend to carry on with that lifestyle as usual, the £400 a month you are saving on the repayments, plus the reduced income from dropping your hours, is going to mean a lot more borrowing. Mainstream lenders are already starting to baulk at your affordability assessment - so to borrow you are going to have to start going sub-prime and accepting the high interest rates there. When you start using sub-prime your credit history will start to look less "excellent" (indeed - the affordability thing suggests that it has already taken a hit, and being turned down for a loan won't have helped that either).

    The reason people are urging caution here is that we can see what you can't, or are choosing not to, currently - that you are at the top of a steep and slippery slope - and at this point you have the choice - a step back leaves you on solid - albeit possibly still slightly shaky - ground. A step forwards and the slope beckons, and the only way is down.
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    • Thrugelmir
    • By Thrugelmir 29th Nov 19, 11:44 AM
    • 66,333 Posts
    • 58,387 Thanks
    Thrugelmir
    That has always been the case. When there was a craze for remortgaging lenders expected people to spend the money on their house. There were many, many people driving around in their new kitchen.
    Originally posted by Nebulous2
    From a lenders perspective all the evidence shows that consolidation loans aren't the answer. Majority of borrowers simply go on to accrue further debt. Lenders now are under increasing regulatory duty to lend responsibily. After all borrowers that default cost them money. Finance houses no longer act as if they are selling cans of baked beans. As was the case prior to the GFC when salespeople ran some of the banks.
    ďRisk comes from not knowing what you are doing. Ė Warren BuffettĒ
    • sourcrates
    • By sourcrates 29th Nov 19, 1:19 PM
    • 19,081 Posts
    • 18,022 Thanks
    sourcrates
    No judgement from me, just an observation, one day you won`t be able to work any longer, so the credit will, eventually, dry up, the bills will still need paying, or the collectors will come a calling, the letters, the calls, what you will then call "harrasment", will get more intense, so unless you have a plan B, a large pension pot to fall back on perhaps, or savings of some kind, eventually, this credit bubble you are currently living in, will burst.

    I`m sure it seems a great stratagy right now, enjoying the life of riley funded by the never, never, infact a lot of people choose to live this way, but it will not go on for ever, hopefully you already have arrangements in place pensions wise.
    I'm a Board Guide on the Debt-Free Wannabe, Credit File and Ratings, Bankruptcy And Living With It, boards. "I volunteer to help get your forum questions answered and keep the forum running smoothly".
    Board guides are not moderators and don't read every post. If you spot an abusive or illegal post then please report it to:
    forumteam@moneysavingexpert.com.
    Any views expressed are mine and not the official line of MoneySavingExpert.com.
    For free debt advice, contact either : Stepchange, National Debtline, CitizensAdviceBureaux.
    • MusS10
    • By MusS10 29th Nov 19, 5:57 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    IF you read my previous post you will notice that I am only looking for a simple answer to a simple question. I am not here for lectures, nor banter. Why is it so hard for some people to just answer the posed question without having to throw spanners into it. If you got nothing positive or relevant to say then find another thread to comment on..
    For the purpose of clarification, my question is: How on earth can someone get a consolidation loan (My definition of consolidation is to turn all debts into one and pay one simple affordable payment per month just like all the banks keep advertising it..) if the banks will fail you on affordability (my definition of affordability is the amount being paid towards existing debts which will no longer exist once the new loan is granted)?! It defeats the object of the naming and defining of the type of loan that we are talking about Right?

    And to clarify again, I am not in financial difficulty, nor have I ever been and I certainly do not plan to be in it in the future either.. I work hard and earn my living and I am comfortably affording my repayments. I JUST FEEL THAT SINCE I AM NOT GETTING ANY YOUNGER, IT MAY BE TIME TO BEGIN THINKING ABOUT WORKING LESS HOURS WHICH WILL MEAN EARNING LESS THEREFORE REDUCING MY DEBT REPAYMENTS CAN BE A GOOD IDEA (I'M BEING RESPONSIBLE) I GOT FEW DEBTS TOTALLING LESS THAN 20k AT AROUND £700/MONTH TOTAL REPAYMENT, AND A 20K LOAN WILL CLEAR THE LOT AT AROUND £300/MONTH REPAYMENT MEANING THAT I CAN AFFORD TO REDUCE MY EARNING BY 3 to 4 hundred/month. I AM NOT DESPERATE HENCE WHY I ONLY DID THE ELIGIBILITY CHECK AND NOT FULL APPLICATION. I AM JUST PLANNING AHEAD THAT'S ALL..
    I was reluctant to post here as there always seems to be negative people who only see thing from their own point of view, I searched thoroughly throughout the forums for an answer to my issue but couldn't find a straightforward one so I decided to post it as new thread and carefully chose my words stating that I was not looking to be lectured about debt and nor was I looking to create debates and arguments. I simply want to know if there is somebody out there who managed somehow to get a "Consolidation" loan without failing the affordability hurdle to shed some light on how to go on about it and which lenders are more likely to offer such loans and if no such lenders exist then why is it being marketed as it is???

    PS- I have changed my signature to define the type of person that I am. I like to live in the present moment and enjoy the gift of life.
    And yes I am not judgemental to individuals and their way of thinking but I do judge banks who keep inundating me with promotional emails for the so called Consolidation loan offers only to fail me on affordability..
    God Bless!
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • zx81
    • By zx81 29th Nov 19, 6:23 PM
    • 24,754 Posts
    • 27,616 Thanks
    zx81
    The simple answer is that there are consolidation loans available, but each individual needs to meet the varying requirements to get one.

    You're more likely to get one from a sub prime lender, but in return the rates will be higher.
    • Vikipollard
    • By Vikipollard 29th Nov 19, 6:24 PM
    • 662 Posts
    • 1,180 Thanks
    Vikipollard
    IF you read my previous post you will notice that I am only looking for a simple answer to a simple question. I am not here for lectures, nor banter. Why is it so hard for some people to just answer the posed question without having to throw spanners into it. If you got nothing positive or relevant to say then find another thread to comment on..
    For the purpose of clarification, my question is: How on earth can someone get a consolidation loan (My definition of consolidation is to turn all debts into one and pay one simple affordable payment per month just like all the banks keep advertising it..) if the banks will fail you on affordability (my definition of affordability is the amount being paid towards existing debts which will no longer exist once the new loan is granted)?! It defeats the object of the naming and defining of the type of loan that we are talking about Right?

    And to clarify again, I am not in financial difficulty, nor have I ever been and I certainly do not plan to be in it in the future either.. I work hard and earn my living and I am comfortably affording my repayments. I JUST FEEL THAT SINCE I AM NOT GETTING ANY YOUNGER, IT MAY BE TIME TO BEGIN THINKING ABOUT WORKING LESS HOURS WHICH WILL MEAN EARNING LESS THEREFORE REDUCING MY DEBT REPAYMENTS CAN BE A GOOD IDEA (I'M BEING RESPONSIBLE) I GOT FEW DEBTS TOTALLING LESS THAN 20k AT AROUND £700/MONTH TOTAL REPAYMENT, AND A 20K LOAN WILL CLEAR THE LOT AT AROUND £300/MONTH REPAYMENT MEANING THAT I CAN AFFORD TO REDUCE MY EARNING BY 3 to 4 hundred/month. I AM NOT DESPERATE HENCE WHY I ONLY DID THE ELIGIBILITY CHECK AND NOT FULL APPLICATION. I AM JUST PLANNING AHEAD THAT'S ALL..
    I was reluctant to post here as there always seems to be negative people who only see thing from their own point of view, I searched thoroughly throughout the forums for an answer to my issue but couldn't find a straightforward one so I decided to post it as new thread and carefully chose my words stating that I was not looking to be lectured about debt and nor was I looking to create debates and arguments. I simply want to know if there is somebody out there who managed somehow to get a "Consolidation" loan without failing the affordability hurdle to shed some light on how to go on about it and which lenders are more likely to offer such loans and if no such lenders exist then why is it being marketed as it is???

    PS- I have changed my signature to define the type of person that I am. I like to live in the present moment and enjoy the gift of life.
    And yes I am not judgemental to individuals and their way of thinking but I do judge banks who keep inundating me with promotional emails for the so called Consolidation loan offers only to fail me on affordability..
    God Bless!
    Originally posted by MusS10
    You've been given the answer. You can apply for a LOAN for the PURPOSE of CONSOLIDATION. Whether you get it or not - and at what rate - is at the mercy of the institution to which you applied.

    Yes, I have done that. Yes, I did get it - at a hideous rate, I might add, but hey, it made it one smaller payment, so that's alright? - but for a lot longer. Yes, it was the step onto the horrific steep downward slope. Would I do it again? No.
    Last edited by Vikipollard; 29-11-2019 at 6:26 PM.
    LBM July 2006. Debt free 01 Sept 12 ..
    Finally joined Slimming World: weight loss 33lbs...target achieved 51wks later 06.05.13 & still there
    Aim to be mortgage free in 2022. Jan 17 33250, Nov 17 27066 Mar 18 24498 Sep 18 20608 Nov 18 19250 Jan 19 17980 Mar 19 16455 May 19 15024 Nov 19 10488
    • MusS10
    • By MusS10 29th Nov 19, 6:29 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    No judgement from me, just an observation, one day you won`t be able to work any longer, so the credit will, eventually, dry up, the bills will still need paying, or the collectors will come a calling, the letters, the calls, what you will then call "harrasment", will get more intense, so unless you have a plan B, a large pension pot to fall back on perhaps, or savings of some kind, eventually, this credit bubble you are currently living in, will burst.

    I`m sure it seems a great stratagy right now, enjoying the life of riley funded by the never, never, infact a lot of people choose to live this way, but it will not go on for ever, hopefully you already have arrangements in place pensions wise.
    Originally posted by sourcrates
    I do have a pension. I do have savings, I do have assets and I am aware that I am mortal lol..
    But I am a positive person and believe that our thoughts make our reality hence why I choose to think positive. Thanks anyway
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • MusS10
    • By MusS10 29th Nov 19, 6:31 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    You've been given the answer. You can apply for a LOAN for the PURPOSE of CONSOLIDATION. Whether you get it or not - and at what rate - is at the mercy of the institution to which you applied.

    Yes, I have done that. Yes, I did get it - at a hideous rate, I might add, but hey, it made it one smaller payment, so that's alright? - but for a lot longer. Yes, it was the step onto the horrific steep downward slope. Would I do it again? No.
    Originally posted by Vikipollard
    Thanks mate. All points noted. Cheers
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • yksi
    • By yksi 29th Nov 19, 6:42 PM
    • 173 Posts
    • 311 Thanks
    yksi
    Hmmm, very shouty.
    People offered advice because they wanted to help. You seem unwilling to hear it.

    Yes, no matter whether they're called consolidation loans or personal loans or "other" loans, these loans do exist and it is possible for people to take them out successfully. Your problem is that you have a high debt (this is not a criticism, it just "is"). You have lived to this level of debt by choice and that's your right, and you are fully aware that your choices mean that everything's costing you more - and you are ok with this. But you now seem upset that there are other consequences to your life choices, and in this case, the consequence is that lenders don't readily trust your ability to repay the TOTAL repayments of both your existing £700 and the added £300 repayments.

    I'm aware that the £700 would disappear and you'd be £400 per month better off. Unfortunately, lenders can't control other lenders and force those card issuers to close your accounts or to stop issuing you credit. All they can do is look at their own risk, dispassionately. In this case, they see that offering you a loan would potentially mean you have to pay £1000 per month just to stay afloat, and they don't think you can afford that, they think you might default on their loan. (It's neither here nor there that you wouldn't put yourself into that position - it's the potential risk that they consider.)

    If your debt load had been low enough that the addition of the loan repayment would have kept your total repayments in the affordable range, you would have been approved for the consolidation loan.

    The replies that others have given were the most appropriate suggestions for someone unable to consolidate. They have all been "Plan B" suggestions in the face of your unfortunate situation with the loan rejection, and people do actually care. Getting aggro and stamping your feet won't change the lender's mind, but cutting back on your living-large-lifestyle and paying down some of that debt, might, with a few years of discipline, allow you to consolidate then get to the 19th hole by lunchtime on a Tuesday. Your call.
    • MusS10
    • By MusS10 29th Nov 19, 7:56 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    The simple answer is that there are consolidation loans available, but each individual needs to meet the varying requirements to get one.

    You're more likely to get one from a sub prime lender, but in return the rates will be higher.
    Originally posted by zx81
    Thanks for a nice neat answer. Thumbs up
    I am thinking to approach my bank directly and see what they can offer. I gonna book an appointment for some time next week and report back.
    If the rates offered are too high then I will just carry on as I am for a couple of more years and my mortgage will have been paid off in full saving me a good £400 a month and my debts will be halved or even paid off..
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • EssexHebridean
    • By EssexHebridean 29th Nov 19, 8:12 PM
    • 9,889 Posts
    • 50,283 Thanks
    EssexHebridean
    The simple answer is that there are consolidation loans available, but each individual needs to meet the varying requirements to get one.

    You're more likely to get one from a sub prime lender, but in return the rates will be higher.
    Originally posted by zx81
    Yes - as I said earlier. And the issue with Sub prime is also of course that it makes your credit file look even worse, down the line.

    OP - firstly, please don't shout at people on here - it's incredibly rude. Remember that this is not an organisation with paid staff to answer your questions - all of us who spend time on here trying to help people do this as volunteers - we absolutely don;t expect thanks - although we often get those in spades - but we do expect courtesy.

    You inferred earlier that those of us who choose to live without using "other peoples money" to fund our entertainments are somehow less happy than you - I can't speak for all of them, but having experienced life lived like that, and life lived the other way - from my point of view there is no comparison. Debt free, mortgage free in 13 years rather than the standard 25 year term, and now working to a budget that enables us to save money each and every month towards the future, go away on holiday several times a year, and replace cars when the time comes with a cash purchase - that all feels far better than the debt ever did. Am I happier now? Hell yes - no question. Can happiness be bought? No - I don't believe it can. Pleasure, for sure - but happiness, no, I don't think so.

    The problem with your "simple question" is that the whole subject is far more nuanced than that. Also - this is a public forum and while we always try to advise the OP of a thread directly, we also try to bear in mind that others will happen along, research as you say you have on a particular subject, in this case consolidation, and will find this thread. Some of those people may realise that they are reading things that make them uncomfortable, and that perhaps there is a good reason for that, and as a result of that reading will decide to step back from consolidation and ever increasing debt. If just one person does that, the detail that several of us have taken the trouble to put into this thread will have been well worth the effort. To be blunt - public forum = not all about you.

    A lot of input has been given on this thread from people with a combined huge number of years of experience on here. Of course you can absolutely ignore all of it - that is your absolute right - but hopefully the explanation above has clarified for you why we're gone into extra detail. As with all everyone in your situation, you will be welcomed back here in the future to help you sort out your situation - although I can't promise that we won't remind you of this thread, at that stage...
    Last edited by EssexHebridean; 29-11-2019 at 8:17 PM.
    MORTGAGE FREE 30/09/2016
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    • Sncjw
    • By Sncjw 29th Nov 19, 8:13 PM
    • 2,260 Posts
    • 1,381 Thanks
    Sncjw
    You will be paying the loan for a lot longer if payments are£300 a month compared to £700.
    • MusS10
    • By MusS10 29th Nov 19, 8:17 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    People offered advice because they wanted to help. You seem unwilling to hear it.

    Yes, no matter whether they're called consolidation loans or personal loans or "other" loans, these loans do exist and it is possible for people to take them out successfully. Your problem is that you have a high debt (this is not a criticism, it just "is"). You have lived to this level of debt by choice and that's your right, and you are fully aware that your choices mean that everything's costing you more - and you are ok with this. But you now seem upset that there are other consequences to your life choices, and in this case, the consequence is that lenders don't readily trust your ability to repay the TOTAL repayments of both your existing £700 and the added £300 repayments.

    I'm aware that the £700 would disappear and you'd be £400 per month better off. Unfortunately, lenders can't control other lenders and force those card issuers to close your accounts or to stop issuing you credit. All they can do is look at their own risk, dispassionately. In this case, they see that offering you a loan would potentially mean you have to pay £1000 per month just to stay afloat, and they don't think you can afford that, they think you might default on their loan. (It's neither here nor there that you wouldn't put yourself into that position - it's the potential risk that they consider.)

    If your debt load had been low enough that the addition of the loan repayment would have kept your total repayments in the affordable range, you would have been approved for the consolidation loan.

    The replies that others have given were the most appropriate suggestions for someone unable to consolidate. They have all been "Plan B" suggestions in the face of your unfortunate situation with the loan rejection, and people do actually care. Getting aggro and stamping your feet won't change the lender's mind, but cutting back on your living-large-lifestyle and paying down some of that debt, might, with a few years of discipline, allow you to consolidate then get to the 19th hole by lunchtime on a Tuesday. Your call.
    Originally posted by yksi
    SIGH..... Please read my post again: I do not have a problem. I can pay off the full debt tomorrow if I wish to. I will have to lose my savings and few rounds of golf and possibly drive an old banger for few years.. Doable? yes. Am I gonna choose that route? No
    Life is like a sandwich: one slice is birth the other is Death. What you put in between is entirely up to you. I choose a happy sandwich not a s**t sandwich. I wanna be the happiest man in the world not the wealthiest in the cemetery.. But hey that's me and I never asked you to follow suit.. Have whatever sandwich you like and be whoever one you like in the cemetery. It is your choice and I fully respect it and wish you the very best of luck. I wish you do the same towards me
    Meanwhile, I will stick to playing 18 hole golf and let you play with your 19th hole
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • MusS10
    • By MusS10 29th Nov 19, 8:46 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    Yes - as I said earlier. And the issue with Sub prime is also of course that it makes your credit file look even worse, down the line.

    OP - firstly, please don't shout at people on here - it's incredibly rude. Remember that this is not an organisation with paid staff to answer your questions - all of us who spend time on here trying to help people do this as volunteers - we absolutely don;t expect thanks - although we often get those in spades - but we do expect courtesy.

    You inferred earlier that those of us who choose to live without using "other peoples money" to fund our entertainments are somehow less happy than you - I can't speak for all of them, but having experienced life lived like that, and life lived the other way - from my point of view there is no comparison. Debt free, mortgage free in 13 years rather than the standard 25 year term, and now working to a budget that enables us to save money each and every month towards the future, go away on holiday several times a year, and replace cars when the time comes with a cash purchase - that all feels far better than the debt ever did. Am I happier now? Hell yes - no question. Can happiness be bought? No - I don't believe it can. Pleasure, for sure - but happiness, no, I don't think so.

    The problem with your "simple question" is that the whole subject is far more nuanced than that. Also - this is a public forum and while we always try to advise the OP of a thread directly, we also try to bear in mind that others will happen along, research as you say you have on a particular subject, in this case consolidation, and will find this thread. Some of those people may realise that they are reading things that make them uncomfortable, and that perhaps there is a good reason for that, and as a result of that reading will decide to step back from consolidation and ever increasing debt. If just one person does that, the detail that several of us have taken the trouble to put into this thread will have been well worth the effort. To be blunt - public forum = not all about you.

    A lot of input has been given on this thread from people with a combined huge number of years of experience on here. Of course you can absolutely ignore all of it - that is your absolute right - but hopefully the explanation above has clarified for you why we're gone into extra detail. As with all everyone in your situation, you will be welcomed back here in the future to help you sort out your situation - although I can't promise that we won't remind you of this thread, at that stage...
    Originally posted by EssexHebridean
    WOW!!! thank you for yet another lecture. I would have never posted the question if I found the answer within the forum. I read over and over and in spite of many people asking the question many times before, nobody has ever given the direct answer without promoting the debt-free wannabe which has its own thread anyway..
    I am sorry to come across as ungrateful or rude ( Which I certainly am NOT) but if you look at the very first post, the initial question, I clearly stated that I was seeking a direct answer and was not interested in becoming debt-free. Please respect my wish.
    I believe that I was polite throughout the whole thing despite of being accused of living beyond my means and being referred to as a debt accumulator etc.. I have never failed a single payment towards any debt in my entire life including my student loan which I fully paid off within 2 years of my graduation. I consider myself "Excellent" in money management and I feel somewhat offended when people assume that anyone with debt is "Bad" at money management but I still allow people to have their free will in choosing how they want to live.
    If anyone asks me a question which I know the answer to, I will reply to them without judging them. On the other hand if I don't feel that I know enough to reply, I will say sorry i do not know ( in this case, just not comment on their thread)
    You say that you want to help people on the subject that they search then it will be wise to stick to the subject don't you think? This thread was a humble question about someone looking to get a loan to put all his debts in one. Some of you have turned it into debt-free or anti borrowing thread..
    Once again, I deeply apologise to everyone who finds me rude. I TRULY AM NOT THAT TYPE OF PERSON
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • yksi
    • By yksi 29th Nov 19, 9:25 PM
    • 173 Posts
    • 311 Thanks
    yksi
    Meanwhile, I will stick to playing 18 hole golf and let you play with your 19th hole
    Originally posted by MusS10
    Honey, proper golfers know what the 19th hole is, so it sounds like you don't actually play golf. Never mind. Those of us who have spent hundreds of hours in the 19th are having fun without you and spending lots of money there on our "sandwiches".



    Try an internet search before you embarrass yourself any further with your lame dirty jokes.
    • Davy Jones II
    • By Davy Jones II 29th Nov 19, 9:26 PM
    • 458 Posts
    • 888 Thanks
    Davy Jones II
    SIGH..... Please read my post again: I do not have a problem. I can pay off the full debt tomorrow if I wish to. I will have to lose my savings and few rounds of golf and possibly drive an old banger for few years.. Doable? yes. Am I gonna choose that route? No
    Originally posted by MusS10
    Then you seem to be being quite foolish. If you have savings and also have debt then you are paying interest for no reason.

    You donít really seem to understand the net effect of your choices you seem to imagine that you are living a better life by paying interest when clearly yo canít be, it is, looked at holistically, reducing your disposable income and making your lifestyle more austere than it otherwise would be.
    • MusS10
    • By MusS10 29th Nov 19, 10:17 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    Then you seem to be being quite foolish. If you have savings and also have debt then you are paying interest for no reason.

    You donít really seem to understand the net effect of your choices you seem to imagine that you are living a better life by paying interest when clearly yo canít be, it is, looked at holistically, reducing your disposable income and making your lifestyle more austere than it otherwise would be.
    Originally posted by Davy Jones II
    Totally agree but it's not so much the case. My savings are for emergency only also my loans are low interest and even interest free on most of them. I tend to look for 0% interest when making furniture or appliances purchases.
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • MusS10
    • By MusS10 29th Nov 19, 10:32 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    Honey, proper golfers know what the 19th hole is, so it sounds like you don't actually play golf. Never mind. Those of us who have spent hundreds of hours in the 19th are having fun without you and spending lots of money there on our "sandwiches".



    Try an internet search before you embarrass yourself any further with your lame dirty jokes.
    Originally posted by yksi
    I do not drink so I am happy finishing at the 18th. I prefer searching the internet to learn educational stuff. Thanks
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • TriathNanEilean
    • By TriathNanEilean 30th Nov 19, 2:35 AM
    • 61 Posts
    • 51 Thanks
    TriathNanEilean
    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.


    • Davy Jones II
    • By Davy Jones II 2nd Dec 19, 10:10 AM
    • 458 Posts
    • 888 Thanks
    Davy Jones II
    One of the other reasons that I counsel against debt to just fund a better lifestyle is the effect it can make on other, more serious decisions.

    Iíve not borrowed for the things I need, Iíve saved up, and thatís no fun at all. Because of this I realised that to make life better the only available route that I had was to earn more. I therefore sat down, and worked out how to make this happen, then out that plan into action.

    This involved me giving up my civil service job to do a good doctorate in physics, and then putting a very serious effort into making myself into the sort of candidate that investment banks would want to have on their graduate course.

    After getting my foot in the door to my chosen career I still avoided borrowing, and instead looked at how to progress in the organisation. Again, this took planning, and work, and it was hard.

    The end result is that as I am getting into my middle years I donít need to borrow to fund my lifestyle. In fact, I can live the lifestyle that I want without getting close to spending my wages.

    So the hard choice early on, to not borrow for the motorbike that I wanted turned out to be one of the best decisions that I have ever made, which is one of the reasons that my advice tends to take the form that it has.
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