Should I refinance

UFC said:
Danielle, the fact that you need to borrow and refinance to get through life suggests you are doing something wrong.

Best of luck.
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No it's called having a car to pay for, bills, rent, petrol, shopping etc and clear my debts in top of this. You'd swear no one else in the country was in debt.

Just to clarify I havent borrowed money in years, i'm just paying off a debt and I think the fact i've paid 8k off it says something.
 
Danielle24 said:
No it's called having a car to pay for, bills, rent, petrol, shopping etc and clear my debts in top of this. You'd swear no one else in the country was in debt.
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Rubbish. If you cant afford your lifestyle then you need to make the relevant cutbacks not borrow and refinance to continue it.
 
truthseeker said:
Rubbish. If you cant afford your lifestyle then you need to make the relevant cutbacks not borrow and refinance to continue it.
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You obviously have your mind made up that i've living a champagne lifestyle on a lemonade budget and that i'm always borrowing which is far from the truth.
 
Well you did manage to run up an enormous amount of debt in a short period of time and now want to have more debt for a longer period.
And you claim
No it's called having a car to pay for, bills, rent, petrol, shopping etc
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Thats not a champagne lifestyle, thats living beyond your means.

You also say earlier in the thread that you have a different attitude to money now - how exactly? You want another loan to clear a current loan and to run for longer - how is that a different attitude?
 
truthseeker said:
Well you did manage to run up an enormous amount of debt in a short period of time and now want to have more debt for a longer period.
And you claim
Thats not a champagne lifestyle, thats living beyond your means.


You also say earlier in the thread that you have a different attitude to money now - how exactly? You want another loan to clear a current loan and to run for longer - how is that a different attitude?
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So eating and having a car and paying my rent is living beyond my means?

Because I know now that i'm more conscious of budgeting and the cost of things and that i'm not going to run up any more debt.
 
Danielle24 said:
Because I know now that i'm more conscious of budgeting and the cost of things and that i'm not going to run up any more debt.
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Brilliant. Then youve answered your own opening question - dont refinance because that would be running up more debt.
 
truthseeker said:
Yes if you ran up 21K of debt doing it.
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As i've said i'm not running up debt now, I was foolish in the past which is when I ran up the debt, not just from living expenses.

My car cost 11k. 3k for debt not mentioned. About 600e for medical treatment. 650e college overdraft. 1k for wedding in Greece. So it's really just over 4250 that was personal spending.
 
Danielle24 said:
As i've said i'm not running up debt now
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But if you do the refinance thing, you ARE running up more debt, in terms of how long it will take you to pay it off, and you are doing this to finance going back to college, and
and to be able to enjoy my life more
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The reality of being in debt is that sacrifices have to be made if you want to get out of that situation. The personal sacrifice to you, if you want to clear the debt quickly - is 2 more years of things as they are (which will improve soon anyway with the pay rise).

Instead you want to make the debt last longer so you can go back to college and enjoy life more.

No matter what way you wish to see that yourself - it comes across as 'I want' and 'I want now' - thats fine, but if you do these things that you want, then you will be putting yourself into a position where you are in debt for longer.

That directly contradicts your posts where you say you have changed, you are more conscious of budgeting, you have a different attitude now etc...
 
truthseeker said:
But if you do the refinance thing, you ARE running up more debt, in terms of how long it will take you to pay it off, and you are doing this to finance going back to college, and

The reality of being in debt is that sacrifices have to be made if you want to get out of that situation. The personal sacrifice to you, if you want to clear the debt quickly - is 2 more years of things as they are (which will improve soon anyway with the pay rise).

Instead you want to make the debt last longer so you can go back to college and enjoy life more.

No matter what way you wish to see that yourself - it comes across as 'I want' and 'I want now' - thats fine, but if you do these things that you want, then you will be putting yourself into a position where you are in debt for longer.

That directly contradicts your posts where you say you have changed, you are more conscious of budgeting, you have a different attitude now etc...
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I see what you're saying and i've made more than my fair share of sacrifices over the last couple of years, an expensive lesson to learn but learnt nonetheless. I'm not planning to let this run over 5 years but just to give me a bit of breathing space for a few months to save college, pay car insurance for the year instead of monthly etc. As soon as I get college etc sorted, i'm planning to throw more off my monthly payments, that's the beauty of the Credit Union.
 
So would I be right in saying that what you really want is a break from current debt financing, then back to it after youve sorted a few things out?
 
Can you defer payment on any of your current loans - rather than a dramatic 5 year refinance on 10K of it, maybe your needs would be met by a different type of change?
 
I don't think you should refinance.
Could you start a thread in the money makeover section and perhaps people could give more feedback.
Also in relation to the shares - are they through your company, and if so and when they mature as you say in 2 yrs do you still have to be working with them?
Your never to old to go back to college so don't be worrying about the age thing.
 
SoylentGreen said:
Just as I thought, you don't qualify for a loan from the Credit Union after all. So it's back to square one then for you.

Any other plans?
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What the hell are you talking about I haven't gone to apply why would I have applied when I didn't know whether I wanted to take out a loan. I've never had a problem getting a loan with the CU seen as how I haven't missed a payment with them in years I very much doubt it would be a problem.
 
There are lots of people who have not missed a payment previously, have a perfect credit rating, good earnings and have never had a problem getting a loan, that are being turned down for loans now. Financial institutions are applying tighter lending conditions and that stretches to credit unions too.

Danielle24 said:
What the hell are you talking about
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Less aggression would be nice too!!
 
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