Yay or nay

Right basically, as im beyond bored now of my CBR 125 and dying to get my test done. And can not be mivered to wait till july/august when ive paid my credit cards off, for two reasons one i cant be bothered and two i want to get my test done sharpish before the mad rush.

Now what im thinking is, get a loan out pay off my credit cards and bin the fuckers as they are like plastic demons
and i will have some money left over for a bigger bike and to do my test.

£5000 and 16.7% apr over 4 years is £120 a month roughly which is very affordable its more affordable than the current £250 a month im paying to get my credit cards down.

Plust once ive done my test i'll probably sell my cbr 125 for about £1000 hopefully which will give me £3200 - 4200 for bike and insurance after ive paid my debt off.

Oppinions please. Im only thinking this as i wanna get my test done sharpish and get something bigger for summer.

 

i think its a good idea marc but surely ya can get a better deal on the loan APR??

 

Unfortunatly not, the best i have been offered is 16% and the worst 33%

My Dad's an arse and wont do it for me and neither will my Mum so i'll have to make do with a crap rate. Just want a bigger bike now im bored to death. I find myself trying to peg down on anything that resembles a slight change of direction and corner. Im well bored.

 

If the loan rate is cheaper than what you are paying on your cards maybe it is a good idea. 16% is fookin steep tho. Plus you will still be paying it off in 4 years time :shock:

 

Just call me Old fashioned.

But why not call the creditcards, and get them to freeze the intrest while you pay them off???

I know you cant spend on em then. and it aint takin another loan out.

Well thats my ten pence worth!!!

 

Good advice there Dave, my thoughts exactly!

 

They wont do it for me. And also RBS wont extend my overdraught either. However they will give me a loan over 4 years. Stupid bastards.

Only reason im going for the loan option is, i can get my test sorted in the next month or two and have somet in a few months as opposed to having to wait till next year. Done 3 years and 28,000 miles on a cbr 125 and in all honesty its getting too boring now.

 

Write them a letter explaining your current situation and that you cant afford to live on the current repayments and TELL them to re asses the situation as its affecting your life.
They have to respond by law to a letter!

 

I'll ask but its still going to take till roughly july/august to pay them off if they freeze the intrest. That leaves me with Few weeks in August and september to save up and do the test.

 

Have you tried Lombard ? Only that rate you are being offered is very high, maybe you shud shop around. If your bank wont extend yer overdraft you need to know why, if its due to you having a bad credit rating - you might be a bit stuffed and have to be patient.

 

I'll give them a try. Only tried Black Horse, A&L and UCC
I dont know how ill have a bad credit rating tho to be honest. Ive had finance for my decks, never missed a payment. Had a £1000 loan out with blackhorse at 33% never missed a payment on that and have paid that off.

I have a mobile contract and never missed a payment.

Never been in my overdraught, untill now as ive been jobless for a few weeks.

Just dont wanna be stuck on this for longer.

 

Think ya need to get ya priorities right first mate.

At least you have a bike at moment.Remember A big Flashy sports bike does look good but it costs a lot too.

Maintance, insurance tax etc. If i was you. id get ya credit cards paid off and stick with the bike you have, A bike is better than no bike!!

DEBT FREE FTW !!!!!!!!!!!!!

 

I'd shop around for a better deal then, you look as though you must be creditworthy going from what you just said, I just thing the rate you are being offered is taking the piss a bit!!!
The only thing is if you do get turned down for credit, the 'decline' appears on ya credit report.... and thats bad.

 

Not true hunny, ITs the time between the declines rather than the quanity, Trust me i deal with finance all day!!!!!

If you spend two weeks getting declined its bad if you spend 4 years and have delines here and there it aint soo bad!!!!

 

Well that was the original plan, pay them off and save up for my test and then oki its another debt, buy something through personal loan wth a dealer.

I just dont wanna piss people off me being on a 125 and them having to wait for me, because i'll get bummed on long straights and open roads. Twistie roads where you cant do more than 60 is fine, but big open roads and its just annoying.

 

Yeah I knew that! Thats kinda what I was trying to say.... if he is shopping round for credit and gets a number of negative responses together - then yes that is bad
Sorry if I wasnt too clear there

 

I know what ya mean about thinkin youre holding people up, but we've all been there, and it aint worth getting into serious debt over. Ya just gotta plan a bit better with whoever yer riding with, arrange a point that yer gonna meet at, that way faster bikes can race off, and you can ride within your capabilities. If ya chasing people and riding beyond yer own capabilities you will end up in the scenery mate!
With riding in a pack, the other alternative is someone on a quicker/larger bike should ride behind the slowest rider, and everyone takes it in turns. I thought you lot would know this - being like a big bike group on yer rides out..?!

 

Jesus Marc you've been toying with this idea for ages, if you can afford to pay the money off and your job is reasonably secure just do it mate!

T

 

Sell your body?

Banks normaly give loans of about 4-6%apr dependent on your financial standing.

 

Id of thought my financial situation would be good, having never missed payments and paying my finance and loan off within the period.

However, ive changed jobs alot and not had a stable full time job since November 2006. Now that i have a full time job and its going to be stable i wonder if this will change thing.

And toby yeah i was going to apply for £3500 if you remember me posting on bcf last year. However i was on £130 a week part time and they were giving me a 33% intrest rate paying back 6000+ over 3 years.

Aand Da wich, i kept up tonight, just and they werent even going that fast, i found myself being in top gear at 70 trying to close the gap.

And Ant, my body aint worth selling you've seen some of the birds that i have tried to pork in Bury