Settle Car??

[Noob-Noob]

I really don't think you are thinking this through. Youv'e had an overwhelming response on this forum from people advising not to go through with this and still you sticking to it. It's totally your choice, but I think you need to atleast understand what people are saying.

You seem to be living in a place that you is falling apart, you can't really afford to fix it, and yet you want to with a loan and you complain about not being able to buy shoes. Just doesn't make sense dude. No offence. Sell the car, pay up the loan and buy a nice Tazz for 30k. Sell your property and move in with your parents for a few months, and settle your credit card. In a year, you'l have a decent amount in savings(from the house you sold) and you'l be able to buy a new place debt free.

I would love to know how much you earn though, given that you said you are underpaid.

I have thought this through, and the more i think about it, the more it makes sense
On my car i still owe 120k(settlement amount)(150k capital balance) with 5 years left at R2700pm,

So if i take out a loan of 300k, at R2900pm, with the additional R1500pm, i will be paying of the car in 3 years, the additional 5 years left i can pay of all the renovations on the house, and remember with a house you dont lose money, what you put in you get out, so it’s not money wasted

And this way i have an extra R1900 per month, so how is this a bad idea?

Selling the house is out of the question, i inherited the house from my grandparents, and one of the agreements was i won’t sell the house,
I cant rent out the house, because honestly, who will pay actual cash to stay there at this moment?, and even if i do get someone, im pretty sure the tenants would want me to fix everything around the house, so again, where does this leave me?
If i carry on the way I’m doing now, each month I’m a further 2000 into depth,

And if you want to know my salary, you can IM me, but i cant post it publicly

 

[Priapus]

Lament,

I tend to agree with you in a sense.

Is the 100K a definite pay-out, or a "maybe" payout?

Yes, it's a bad idea to make more debt, when you're in it. However, it seems you've really thought this through. I would say go for it. Why?

Because that little bit of money every month makes the world of difference, If you can clear your debts in 8 years time, great. However, if you have some doubt and think you are going to be paying it for more than 10yrs - then, don't do it.

 

[Unhappy438]

Sell your luxuries , you cant afford them when you are in such bad debt. You are just digging a deeper hole for yourself by taking out more debt.

 

[F1 Fan]

I have thought this through, and the more i think about it, the more it makes sense
On my car i still owe 120k(settlement amount)(150k capital balance) with 5 years left at R2700pm,

So if i take out a loan of 300k, at R2900pm, with the additional R1500pm, i will be paying of the car in 3 years, the additional 5 years left i can pay of all the renovations on the house, and remember with a house you dont lose money, what you put in you get out, so it’s not money wasted

And this way i have an extra R1900 per month, so how is this a bad idea?

Selling the house is out of the question, i inherited the house from my grandparents, and one of the agreements was i won’t sell the house,
I cant rent out the house, because honestly, who will pay actual cash to stay there at this moment?, and even if i do get someone, im pretty sure the tenants would want me to fix everything around the house, so again, where does this leave me?
If i carry on the way I’m doing now, each month I’m a further 2000 into depth,

And if you want to know my salary, you can IM me, but i cant post it publicly

I totally understand where you are coming from, but you thinking short term, agree? I think you may come to regret this in a few years.

However, If I were you I may be inclined to take out the bond as well. Not the best idea, but it would ease the burden for the time being.

 

[Noob-Noob]

Lament,

I tend to agree with you in a sense.

Is the 100K a definite pay-out, or a "maybe" payout?

Yes, it's a bad idea to make more debt, when you're in it. However, it seems you've really thought this through. I would say go for it. Why?

Because that little bit of money every month makes the world of difference, If you can clear your debts in 8 years time, great. However, if you have some doubt and think you are going to be paying it for more than 10yrs - then, don't do it.

It’s a definite payout, exactly 100k

It’s with Nedbank on one of these fixed term accounts, that was the guaranteed payout.

I agree its a bad idea to make more debts, but then all my debts will be in one account, and the amout is far less than i’m paying now, i also dont have that much dept, everything is probably 15k at the moment, 135 including the car,
So the rest will go for home renovations, and thats something i really want to do, the hole idea here is not just to settle my dept, yes its a big part, but the way i see it, im going to be beter of, and i’ll be upgrading the house and should i one day decide to sell the house (big if), then i will get all that money i spend on the house back!

And I’m committed now to pay it off in 8years, if i setup a debit order, then i will have no choice but to pay it of quicker

Even after 4 years when that 100k becomes available, that will leave me with 4 years, so or i can almost settle it, or i can buy a new car cash and let the 8years run its course, things might change as well, maybe i get a huge raise, or i find another job (maybe a CEO is reading this and offers me a job..lol), but at this exact moment in my life, i think this is a goodish idea

 

[Noob-Noob]

I totally understand where you are coming from, but you thinking short term, agree? I think you may come to regret this in a few years.

However, If I were you I may be inclined to take out the bond as well. Not the best idea, but it would ease the burden for the time being.

I won’t necessarily say short term, my dept is short term yes (if i do something about it), but the house im planning in staying the next 20 years, so the things i fix now, will have to last a long time

And thing is i wont be worse off, im going to cut up my credit, Woolworths and Edgars cards, everything wil remain cash, and i will actually have extra cash with which i can plan a budget...

 

[ToxicBunny]

This whole plan of yours will only work if you are paying off all the short term debt, in the same time frame as you would have originally, otherwise you will be worse off financially at the end of the day.

 

[guest2013-1]

phone the bank, get a settlement amount, transfer money. the end

 

[Fiesta]

He said he got it somewhere... :erm:

inheritance/lotto second division/ABSA-MTN sim swap fraud/who knows where!

this i like lol