Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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Im currently looking at flats / houses to move out of my parents and im working all my finances etc out..
I've currently got a loan which is draining a few hundred a month from my account, this is running for the next 3 years 
Option 1 :
Move out now, keep on paying the loan for the duration as I won't really have the spare cash to be putting lump sums away.
Option 2:
Stay at home and clear the loan asap which I reckon would be in the next 6-8 months by sticking what I would be paying for rent, food etc into savings and then paying the balance, I will then have no loans, credit cards etc.
I have no reason to move out other than its just something that I think its time to do, I am not moving in with anyone and im fine to stay at home so option 2 is probably better.
Opionins please !
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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Moving out is great, and nothing feels better than not being under your parents reign anymore. It's not nice having debt looming over you tho, especially since you'll be wanting to furnish and kit out your new gaff. I'd wait til you have a bit of money behind you tbh.
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
Moving out is great, and nothing feels better than not being under your parents reign anymore. It's not nice having debt looming over you tho, especially since you'll be wanting to furnish and kit out your new gaff. I'd wait til you have a bit of money behind you tbh.
Ye, the debts not to good, I don't fancy having to pay out £200 a month for the next 3 years
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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£200 a month isn't bad if it's for the right reasons. If it's paying off a loan that you've spent ages ago, then it probably doesn't feel too good, no 
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Ian W
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Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
£200 a month isn't bad if it's for the right reasons. If it's paying off a loan that you've spent ages ago, then it probably doesn't feel too good, no
Its for a car  
I have the car but its value has plummetted and no one wants to buy it 
I don't mind keeping it but I can't afford to run it, get my own place and pay the loan.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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The easiest way to work everything out is put it all down on a spreadsheet. Account for your social life and monies for going out and personal stuff, etc. If you're just gonna be "scraping by" then I wouldn't recommend it.
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James
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Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Can you afford to pay rent/mortgage, loan repayments and the cost of running a house on your salary?
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by James
Can you afford to pay rent/mortgage, loan repayments and the cost of running a house on your salary?
Yep I can afford all of the above but running the car I bought with the loan while living on my own will be a bit tight I think plus I can't afford to fix it when it breaks (as all cars do from time to time)
I am happy to sell it and pay off the loan but im having no luck with that so I though paying the loan off would then allow me to move out.
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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What car are you trying to sell? If it's not selling then it mustn't be reasonably priced tbh. All my cars have sold within a couple of days.
Ebay is always a good last resort. At least you know it will sell....whether it's for the price you want or not is another story.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
What car are you trying to sell? If it's not selling then it mustn't be reasonably priced tbh. All my cars have sold within a couple of days.
Ebay is always a good last resort. At least you know it will sell....whether it's for the price you want or not is another story.
Its my S3, been for sale about 6 weeks and had one call
http://www.pistonheads.co.uk/sales/700119.htm
Seems more than reasonably priced IMO, car market is dead
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
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I bet if it was up for £5k it'd sell. I tend to just undercut every other car on there for a quick sale.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
I bet if it was up for £5k it'd sell. I tend to just undercut every other car on there for a quick sale.
It probably would but as im not getting kicked out or i *have* to move out im not letting it go for so little, the wrong attitude I suppose but its easily worth the asking price and I would rather just wait !
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Fair enough. That's sorted then. If you're not desperate to move out, don't. 
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
Fair enough. That's sorted then. If you're not desperate to move out, don't.
Suppose, was good air my thoughts 
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Nothing like having your own place tho 
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
Nothing like having your own place tho
Its coming, if not the next month or so then before next summer
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Brett
Premium Member
Registered: 16th Dec 02
Location: Manchester
User status: Offline
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Not interested in a kitten for your new gaff by any chance?
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by loafofbrett
Not interested in a kitten for your new gaff by any chance?
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James
Member
Registered: 1st Jun 02
Location: Surrey
User status: Offline
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Renting or buying?
If buying I would wait at least until just before they put the stamp duty back.
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AdZ9
Member
Registered: 14th Apr 06
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From my personal experience, clear your debt first as you'll regret it once renting.
I rent with my gf and i also pay back monthly for my car loan and insurance, wish i had just saved up for 6 months at parents and not have had to get a loan.
6-8months will fly by, trust me, especially over these winter months i find it easier to save as its to cold to go out etc
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Graham88
Member
Registered: 16th Apr 07
Location: South East Kent Drives: E46 M3
User status: Offline
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WTF! I was looking at S3's 6 months ago and X plates were £8-9k. That's fucking shocking.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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quote:
Originally posted by Graham88
WTF! I was looking at S3's 6 months ago and X plates were £8-9k. That's fucking shocking.
Tell me about it mate, I paid £8k for it less than a year ago.
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Ian W
Member
Registered: 8th Nov 03
Location: Wirral, Merseyside
User status: Offline
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James - Renting, got no deposit, spent all my cash on cars the last few years
Adz, think that its just going to be debt clearing now for the next months then get somewhere
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marklawton
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Registered: 24th Apr 05
Location: Pensby, Wirral Drives:Golf mk4 GTI
User status: Offline
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move out and just keep paying your loan off. i moved out at the begining of this month and is one of the best things i have ever done
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J da Silva
Member
Registered: 10th Apr 03
Location: The FACTory
User status: Offline
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Without reading the other replies (sorry if I repeat things) But I'd clear your debt now, as I think property prices will drop considerably. So by the time your loans gone, the place you would of bought will be a good percentage cheaper.
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