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  • FIRST POST
    • averagejoe92
    • By averagejoe92 14th Sep 18, 9:02 AM
    • 2Posts
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    averagejoe92
    LogBook Loan dilema
    • #1
    • 14th Sep 18, 9:02 AM
    LogBook Loan dilema 14th Sep 18 at 9:02 AM
    I borrowed £2,500 from Log Book loans. I have made 4 payments of £310 per month and have 14 more payments to make (250% interest). I can settle the loan early. At the minute it is £3,100 to settle. I do not have the money at the moment but I am saving up and I am able to keep up with the payments as well.

    The problem is that I want to get my HGV license at £700, which could help me get promotion sooner. Should I increase my payments to Log Book Loans or keep saving or do HGV test.

    Please advise.
Page 1
    • zx81
    • By zx81 14th Sep 18, 9:10 AM
    • 19,397 Posts
    • 20,733 Thanks
    zx81
    • #2
    • 14th Sep 18, 9:10 AM
    • #2
    • 14th Sep 18, 9:10 AM
    We can't make that decisio for you.

    You need to decide if the benefits of the licence outweigh the very high interest.
    • Herzlos
    • By Herzlos 14th Sep 18, 10:17 AM
    • 8,427 Posts
    • 7,775 Thanks
    Herzlos
    • #3
    • 14th Sep 18, 10:17 AM
    • #3
    • 14th Sep 18, 10:17 AM
    How much spare money do you have each month? How certain are you that you'll (a) get the HGV license and (b) it'll result in an increased income?
    • macman
    • By macman 14th Sep 18, 9:08 PM
    • 42,788 Posts
    • 18,035 Thanks
    macman
    • #4
    • 14th Sep 18, 9:08 PM
    • #4
    • 14th Sep 18, 9:08 PM
    If you can borrow £700 elsewhere at less than 250%, then it's a no-brainer. As long of course as you can service the extra debt.
    No free lunch, and no free laptop
    • henry24
    • By henry24 15th Sep 18, 9:16 AM
    • 107 Posts
    • 56 Thanks
    henry24
    • #5
    • 15th Sep 18, 9:16 AM
    • #5
    • 15th Sep 18, 9:16 AM
    Only £700 for your HGV license you sure about that?
    • Samsung_Note2
    • By Samsung_Note2 15th Sep 18, 10:16 AM
    • 640 Posts
    • 278 Thanks
    Samsung_Note2
    • #6
    • 15th Sep 18, 10:16 AM
    • #6
    • 15th Sep 18, 10:16 AM
    Only £700 for your HGV license you sure about that?
    Originally posted by henry24
    Sounds very cheap..plus not guaranteed to pass dont forget.
    • DCFC79
    • By DCFC79 15th Sep 18, 12:32 PM
    • 32,962 Posts
    • 20,754 Thanks
    DCFC79
    • #7
    • 15th Sep 18, 12:32 PM
    • #7
    • 15th Sep 18, 12:32 PM
    Only £700 for your HGV license you sure about that?
    Originally posted by henry24

    Should it be higher then ?


    A local firms cost


    Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.
    • henry24
    • By henry24 15th Sep 18, 12:49 PM
    • 107 Posts
    • 56 Thanks
    henry24
    • #8
    • 15th Sep 18, 12:49 PM
    • #8
    • 15th Sep 18, 12:49 PM
    Should it be higher then ?


    A local firms cost


    Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.
    Originally posted by DCFC79

    Just on the numbers you have given its £435 more that's without your medical, theory test, hazard perception and the cpc
    • forgotmyname
    • By forgotmyname 15th Sep 18, 1:26 PM
    • 27,998 Posts
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    forgotmyname
    • #9
    • 15th Sep 18, 1:26 PM
    • #9
    • 15th Sep 18, 1:26 PM
    It was about that for a class 2 when i took my test, and we used the firms own vehicle not the training companies vehicle.

    Don't forget the medical and theory test also.
    Punctuation, Spelling and Grammar will be used sparingly. Due to rising costs of inflation.

    My contribution to MSE. Other contributions will only be used if they cost me nothing.

    Due to me being a tight git.
    • Tarambor
    • By Tarambor 16th Sep 18, 3:23 AM
    • 3,814 Posts
    • 2,863 Thanks
    Tarambor
    Should it be higher then ?


    A local firms cost


    Category C (Rigid) test training cost: £850+VAT (£1020) plus DSA test fee of £115. Category C+E (Artic) test training cost: £900+VAT (£1080) plus DSA test fee of £115.
    Originally posted by DCFC79
    You have to do the Cat C before you can do the CAT C+E.

    You also have:

    Medical for provisional license application up to £150
    Theory test and hazard perception tests to pass before you can start the driver training.
    Then once you've passed you then need to do your DCPC module 2 and 4 before you can be employed as a HGV driver.
    You then need to apply for a digital tachograph card, another £19.

    So to drive artics you will be spending £2330 plus the above costs I mentioned.

    I put my son through Cat C and Cat C+E a couple of years ago and had little change out of £3k by the time everything had been paid for.
    • averagejoe92
    • By averagejoe92 19th Sep 18, 6:47 AM
    • 2 Posts
    • 0 Thanks
    averagejoe92
    I have the medical and theory tests all completed and passed. I rang up again to double check the price and was quoted £760 for my Cat C (I think i'm getting a discount because of who work). It sounds like I have got a good price. I normally have about £400/500 left over each month. I think i'm going to go for the test as it sounds like I have been quoted a great price. thanks again for all the replies.
    • DrEskimo
    • By DrEskimo 19th Sep 18, 8:18 AM
    • 295 Posts
    • 215 Thanks
    DrEskimo
    If you have £500 left each month then pay overpay on the log book loan! It will save you a tonne of interest.

    Once thatís cleared, you will have the £310 you were paying on the loan, + the extra £500 and can pay for the HGV test in cash after just 1 month.
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