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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 3
    • MusS10
    • By MusS10 2nd Dec 19, 9:01 PM
    • 27 Posts
    • 5 Thanks
    MusS10
    I think that I have been totally misunderstood by many in here.
    I am not a debt lover by any means. I do not drink, I do not gamble and do not do drugs.
    I am not a shopaholic either. All the debt that I have under my name was created by furnishing a brand new house where I moved in less than 2 years ago after giving up my own house to my ex wife and my kids. Since I got divorced, I decided to stay single from then on and enjoy life to a degree by doing the things that I like doing the most. I use my earnings for my hobbies. Had I not moved houses, I would be on hardly any debt but a mortgage and a car hp..
    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.
    Just like Technology, loans are a very useful tool for those who know how to use it correctly. People blame smartphones, video games and social media for ruining their lives. Smartphones are a wonderful piece of technology, you can check your emails on the go, connect with friends and family, search the net, the news and many other useful apps to make our life better. On the other hand many people get easily addicted and hooked on gambling, pornography and other bad habits such as spending every minute of the day using that very same smartphone..
    Loans are very similar, used wisely they can allow us to achieve our goals and needs instantly and spread the cost over time rather than waiting 20 years to buy your dream car in cash and by the time you get to afford it, it will become classic lol..
    Loans and Technology are like a very sharp knife. Given to a skilled butcher he would cut brilliant steaks, lamb chops or kebabs.. Given to a skilled carpenter he would create magnificent pieces of furniture.. But if you give it to a clumsy person or a child, heavens know how much damage they can do to everything nearby or even themselves...
    So to summarise, I thank everybody who genuinely tried to help steering me away from loans and debt. I apologise for being a little blunt at times.
    I doubt i will be posting questions again any time soon, I will rather phone the bank and ask them directly so that I get the answer straight from the horse's mouth. No offence to all the good Samaritans amongst you.
    So take care ya all and Merry Xmas and Happy New year.
    And remember Life is a gift not a chore,we are spiritual beings having a human experience and our fuel for life is not Money it is Happiness. So enjoy the ride of life.
    God Bless us all ..
    Last edited by MusS10; 02-12-2019 at 9:04 PM.
    Yesterday is History
    Tomorrow is a Mystery
    Today is a GIFT from God and that is why it's called the PRESENT ..
    • DCFC79
    • By DCFC79 2nd Dec 19, 9:10 PM
    • 35,645 Posts
    • 22,497 Thanks
    DCFC79
    I don't think you have been misunderstood.
    • Thrugelmir
    • By Thrugelmir 2nd Dec 19, 9:30 PM
    • 66,351 Posts
    • 58,409 Thanks
    Thrugelmir
    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.
    Originally posted by MusS10
    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.
    “Risk comes from not knowing what you are doing. – Warren Buffett”
    • EssexHebridean
    • By EssexHebridean 3rd Dec 19, 1:16 PM
    • 9,896 Posts
    • 50,320 Thanks
    EssexHebridean
    Once again, I deeply apologise to everyone who finds me rude. I TRULY AM NOT THAT TYPE OF PERSON
    Originally posted by MusS10
    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.

    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.


    Originally posted by TriathNanEilean
    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.
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • MusS10
    • By MusS10 7th Dec 19, 8:19 PM
    • 27 Posts
    • 5 Thanks
    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
    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 11th Dec 19, 12:16 PM
    • 9,896 Posts
    • 50,320 Thanks
    EssexHebridean
    See you back here in a few years under a different username, then...

    It's always good when a thread does its job - and anyone reading through this one will certainly have some food for thought!
    MORTGAGE FREE 30/09/2016
    SOA CALCULATOR (for DFW newbies): SOA Calculator
    • EmilyMorgan
    • By EmilyMorgan 20th Dec 19, 2:20 PM
    • 1 Posts
    • 0 Thanks
    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
    • By easterbunni 20th Dec 19, 4:29 PM
    • 77 Posts
    • 64 Thanks
    easterbunni
    I shall be booking my flights to Sydney to visit my daughter and spend Xmas on the beach since I got the dough now
    Originally posted by MusS10

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