Omega Owners Forum
Chat Area => General Discussion Area => Topic started by: amigov6 on 24 June 2007, 03:07:15
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:(Much as i REALLY REALLY REALLY want a mini facelift 3ltr manual MV6 i've learned my lesson just in time. I've got 18 months left on a 5 yr loan for buying & re-chassis job on a 1982 Landy which owes me 5k, i'd be lucky to get 2k for it. I also had finance on a 306 peugeot which was nearly paid and i fell for letter telling me i could choose any car up to £4500 from a dealer.
So being a complete t**t i scoured the Trader & bought a 51plate Saxo VTR for 4k. that idid'nt really want. Within 6 months i took out a bank loan to pay off the finance so i could sell the car i nshould never have bought in the first place.
I then sold the Saxo for just short of 3k(another loss) & with that money bought this pc, laminate floor, paid smaller stuff off & my my Mig for £950(first good purchase).
To sum it all up i'm opening my financial mess to all & most of you have more sense. I've stopped in time but do'nt be tempted to finance what you ca'nt afford. all these lenders only want your house.
I'm paying it all off slowly & have no arrears but wo'nt have the MV6 'til i can buy it.
I'm still paying my mortgage etc. but no more finance.
DO'NT DO IT!!!!!!!!!
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You have learnt before it was too late. :y
Very easy trap to fall into, when I was a teenager I ran up far too much on credit cards.
That taught me a hard lesson.
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its all to easy to do. I just bought a Nikon D80 SLR on my credit card, but i have a pile of cash next to me to pay it off. (sale of my boat)
I personally make sure I have the money in full before i buy, i bought my Omega out-right no finance. Cost me 2.7k and most of my saved up student loan at the time.
Best thing i ever did with it, I use the car all the time, and meet you guys because of it :y
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i bought my Omega out-right no finance. Cost me 2.7k and most of my saved up student loan at the time.
Student loans are still a form of finance....its a loan, it incurs interest, it has to be paid back....
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banks and loan componies give out money far to easily . when i was young i got 1 loan after another for cars then i got a credit card ..its amaising how much petrol you can go through when you dont have to part with real money,,,more sence now wont have a credit card now....not to bad as i was staying with mummy at the time.... ;D
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You have learnt before it was too late. :y
Very easy trap to fall into, when I was a teenager I ran up far too much on credit cards.
That taught me a hard lesson.
Aren't you an accountant now LB? :o
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i bought my Omega out-right no finance. Cost me 2.7k and most of my saved up student loan at the time.
Student loans are still a form of finance....its a loan, it incurs interest, it has to be paid back....
The interest is at the rate of inflation, also no one will break down my door demanding money. Even earning 25k, its only £30 per month out of my pay. I have to earn about 21k to even start paying it back.
Its finance, but not as we know it. ;D
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i bought my Omega out-right no finance. Cost me 2.7k and most of my saved up student loan at the time.
Student loans are still a form of finance....its a loan, it incurs interest, it has to be paid back....
The interest is at the rate of inflation, also no one will break down my door demanding money. Even earning 25k, its only £30 per month out of my pay. I have to earn about 21k to even start paying it back.
Its finance, but not as we know it. ;D
Thats right Tunnie, my stepdaughter is 27 and is paying her student loan off at a few quid a month. I think she should have got rid of the burden by the time she retires ::)
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its good to see you've realised before it's too late
i only ever got finance once, on a digital camera for my mum for her birthday, managed to pay it off within the interest free period, being just £250
i'm extremely careful with money, i dont have many luxuries, but i have what i need to get me by, and i have no debt
i too bought my car outright for £2,400 including its extras (the alloys and spoiler), my brother did the same with his lexus at nearly £7k (i told him he could have had an elite for half that, he wouldnt listen!)
when we were younger we couldnt afford to buy such stuff, I only started driving at 23 and my brother at 25, because i didnt have the money and i refused to let finance be an option when spending so much money
i dont have credit cards at all, of any sort, and i plan to go as long as i can without them until i come to a point where i have no choice, but at 26 i hope i still have a long way to go. I wont buy anything unless I have the cash to buy it, and that cash has to be "spare" cash too!
I had a mate who just spent all his money on garbage, and might I add, this is his dole money, he'd go out and buy a playstation and some games, and leave himself without food for 2 weeks!!
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I prefer to pay cash usually, obviously ;)
But sometimes use my credit card when i have too.....like im about to buy 6 new tyres off the interwebby.
Also when I buy electronic goods, white goods, etc i will use my cc coz my cc comp will extend the warranty to 3 years foc if i phone them up and register it with them.....tho this is limited to so many purchases per year....also they try to sell you a 5 year warranty....tho this tends to be about 1/2 the price the high st shops want for 5 years cover :y
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another reason i dont use cards is card fraud! i look dodgy as hell at cash machines cos i pull on them incase there's a false front panel!!
but that's another story!
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I think most people have or have had loans and finance at sometime.... I did when I lived with my Mum and Dad, I can here them now when I turned up with my Yamaha 350 YPVS :y "Oh Darren why didn't you save up for it, you will be forever paying it back and it won't be worth half as much when you have paid it off!"
But i saw it and wanted it NOW!
this seems to be the way now, no-one wants to wait, no-one listens to Mum and Dads advise either (well I didn't) what do they know.... but then 18years down the line I have two daughters that i am trying to teach the same things.... "If you save half and spend half you will always have some when you need it" but really I know they will do the same ;D
Click the word Picture (http://i155.photobucket.com/albums/s304/Loo-knee/MyElsie.jpg) to see what I bought
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its all to easy to do. I just bought a Nikon D80 SLR on my credit card, but i have a pile of cash next to me to pay it off. (sale of my boat)
I personally make sure I have the money in full before i buy, i bought my Omega out-right no finance. Cost me 2.7k and most of my saved up student loan at the time.
Best thing i ever did with it, I use the car all the time, and meet you guys because of it :y
:)I know some of the lads playfully rip the piss out of you but without being patronizing you've got your head screwed on. I'm twice your age and just realizing how close i came to losing the lot.
I could never buy another house if i were to lose this one, & sadly many people do.
Better late than never. The irony is that without the repayments it would'nt take long to save up for the MV6!!! [smiley=2vrolijk_08.gif]
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Just over a year back, I got seriously in the sh*t with money.. probably 11/12,000 plus debt.
Now, I've got it below 4,000, so I'm paying it off well..
been a tough year though... and in another 12 month's, it'll be well behind me...
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i am probably the worst case senario for this... :-[ i am currently 1 year into an I.V.A. i`ve got 4 years to go then i`ll be debt free..but i`ll never be able to buy a house,get a car on credit,have a cc or even be allowed to have an overdraft not unless i go to your companies that cover people with a bad credit history i.e. pay extornaite rates of interest. Well that was my fault i tried to keep up with the jones so to speak an now i pay the price but i`ve learned all be it to late that if you want it SAVE FOR IT!! don`t get yourself in my mess the only people who win are the credit lenders and the debt management companies who convince you its in your best interest to go into bankruptcy an iva`s.. if you are in this mess don`t panic there is always a way out of it 1st goto your local C.A.B. an talk to em they advise you an help write letters to your credit lenders 2nd cut up your cards even your debit cards pay cash for everything you can keep track of your money better and 3rd talk to the people who matter in your life a trouble shared is a trouble halved there are people more worse off than you i see em most days in my job..one thing i would dearly love to do is win the lottery..not a lot you understand just enough to get me an my family outa this mess..but that wont happen i know it wont cause my task is to work myself outa of it an i promise you i will... :y
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I think most people have or have had loans and finance at sometime.... I did when I lived with my Mum and Dad, I can here them now when I turned up with my Yamaha 350 YPVS :y "Oh Darren why didn't you save up for it, you will be forever paying it back and it won't be worth half as much when you have paid it off!"
But i saw it and wanted it NOW!
this seems to be the way now, no-one wants to wait, no-one listens to Mum and Dads advise either (well I didn't) what do they know.... but then 18years down the line I have two daughters that i am trying to teach the same things.... "If you save half and spend half you will always have some when you need it" but really I know they will do the same ;D
Click the word Picture (http://i155.photobucket.com/albums/s304/Loo-knee/MyElsie.jpg) to see what I bought
;)350 Elsie- wheelie machine!!! ;D ;D ;D
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3 loans 4 cards and mortgage rises don't help
one loan finishes in August the other in December, the final one September 2009.
In August I start dealing with card debt - all contacted and behaving.
I have NO mortgage arrears - already told them all mortgage comes first.
For your info. one card has been stopped another on hold, one used and one slowly being dropped down.
BTW the loans are 1 - debt consolidation 2 - LPG install last car 3 - car loan
I am trying to get a few odd jobs on the side - where I can do anytime, currently teaching my self silver soldering.
Thought about an LPG project but they don't seem to get the money to make it worth laying out £900
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i am probably the worst case senario for this... :-[ i am currently 1 year into an I.V.A. i`ve got 4 years to go then i`ll be debt free..but i`ll never be able to buy a house,get a car on credit,have a cc or even be allowed to have an overdraft not unless i go to your companies that cover people with a bad credit history i.e. pay extornaite rates of interest. Well that was my fault i tried to keep up with the jones so to speak an now i pay the price but i`ve learned all be it to late that if you want it SAVE FOR IT!! don`t get yourself in my mess the only people who win are the credit lenders and the debt management companies who convince you its in your best interest to go into bankruptcy an iva`s.. if you are in this mess don`t panic there is always a way out of it 1st goto your local C.A.B. an talk to em they advise you an help write letters to your credit lenders 2nd cut up your cards even your debit cards pay cash for everything you can keep track of your money better and 3rd talk to the people who matter in your life a trouble shared is a trouble halved there are people more worse off than you i see em most days in my job..one thing i would dearly love to do is win the lottery..not a lot you understand just enough to get me an my family outa this mess..but that wont happen i know it wont cause my task is to work myself outa of it an i promise you i will... :y
:)Hi Bertie. A mate of mine's recently gone into an iva through buying cars, taking out c/cards to pay them off & buying another one,etc...... so i understand.
Being relatively near the end of the worst of my two loans( thank f**k) the company in question are hounding me to take more money from them. These people do'nt want you to clear your debt, they want you to keep owing them, + the other companies that get your phone no. from some database.
One who i'd never heard of called 2 yrs ago telling me my 45'000 loan was in place, the total sum repayable was £125,000!!!!!!!!! >:( Needless to say....... >:( >:(. [smiley=thumbdown.gif]
Hope things work out ok for you & yours. Most people know better but if anyone's thinking about financing something they ca'nt wait for i hope our stories put them off.
P.S. Open all your junk mail from these parasites, take the prepaid reply envelopes out, seal 'em up & post 'em back empty so they pay postage. Childish i know but strangly satisfying!!! ;D ;D
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I think most people have or have had loans and finance at sometime.... I did when I lived with my Mum and Dad, I can here them now when I turned up with my Yamaha 350 YPVS :y "Oh Darren why didn't you save up for it, you will be forever paying it back and it won't be worth half as much when you have paid it off!"
But i saw it and wanted it NOW!
this seems to be the way now, no-one wants to wait, no-one listens to Mum and Dads advise either (well I didn't) what do they know.... but then 18years down the line I have two daughters that i am trying to teach the same things.... "If you save half and spend half you will always have some when you need it" but really I know they will do the same ;D
Click the word Picture (http://i155.photobucket.com/albums/s304/Loo-knee/MyElsie.jpg) to see what I bought
;)350 Elsie- wheelie machine!!! ;D ;D ;D
Wish I still had her :'( have you seen how much they are fetchin on flee bay?
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You have learnt before it was too late. :y
Very easy trap to fall into, when I was a teenager I ran up far too much on credit cards.
That taught me a hard lesson.
:-[Indeed. Once bitten........
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P.S. Open all your junk mail from these parasites, take the prepaid reply envelopes out, seal 'em up & post 'em back empty so they pay postage. Childish i know but strangly satisfying!!!
Nice tip. My dad just chucks junk mail back in the post box to let Royal Mail deal with the cr@p they deliver!
Kevin
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i hate delivering the crap we all recieve, just as much as i hate recieving it, but by delivering it, it pays my bills :y
as for the prepaid envelopes, even if you bin them, the company that sent it has already paid for them
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i hate delivering the crap we all recieve, just as much as i hate recieving it, but by delivering it, it pays my bills :y
as for the prepaid envelopes, even if you bin them, the company that sent it has already paid for them
Just like when we had to deliver readers digest. ;D
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I tend to fill out the forms (with rubbish obviously) and send back in prepaid envelope, just so the companies have to open it and start entering before they realise its rubbish..... .....I am very childish...
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I tend to fill out the forms (with rubbish obviously) and send back in prepaid envelope, just so the companies have to open it and start entering before they realise its rubbish..... .....I am very childish...
now thats a better idea :D
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I tend to fill out the forms (with rubbish obviously) and send back in prepaid envelope, just so the companies have to open it and start entering before they realise its rubbish..... .....I am very childish...
now thats a better idea :D
Though it takes time and effort.....
....unlike the stock replies I have for the political parties come local election time ::)
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i have been in debt myself, a large sum of money as well, today thinking about it scares me.
Now i have no credit cards, the miggy is paid next month and the next car will be bought cash, we have a mortgauge and that is it, if the money isn't there we cant have the luxuaries......
I work for a large credit card company, i do a lot of the training for their collections dept, they speak to people who have fallen behind with thier payments and try to negotiate a way forward, we hear some very sad stories, and then there are others who run up debt and have no intention of paying it back (they see bankruptcy as an easy way out )
If you are in dificulty and you want help you have three free options....
if you owe less than £8K with less than 2 lenders the CAB will give you advice on how to deal with these debits.
More than £8K and more than 2 creditors, two companies who are excellent and FREE, CCCS www.cccs.co.uk or payplan www.payplan.co.uk.
There are lots of debit management companies, many of them will charge lots of money and give crap advice, CCCS and Payplan are free and charitable organizations.
hope that helps anyone who needs help
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Don't touch finance personally, every car, motorbike or other item I've owned has been bought cash. I have three credit cards all of which have a direct debit set up on my bank account to clear the entire balance -- have never paid interest on them.
My approach is: if I can't afford it now, I'll wait until I can afford it.
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I guess I'm lucky, I only have a mortgage and have managed to stash a few quid just in case.
The mortgage frightens me sometimes but, its a 5 figure sum so much less than most these days and it has 15 years to run thanks to some excellent advice when I renewed it the first time (I always move it at the end of the deal period). The guy who did it ran a few cases for me, 25 and 22 years repayment etc, it worked out as about 30 quid difference a month and saved thousands on the term!
I learnt at an early age about money as we didn't have much, at the age of 13 I got a job and saved money to buy things like a colour TV, bike and a stereo.....it taught me a lot!
I got through student life without a loan or debt thanks to working my arse off in the summer holidays.
Even with cash in the bank I wont just go and buy something I want (like an LCD Tv which I do want!), I save for it and then get it. Interestingly, I find you make considerably more thought through purchases that way.
I do have a credit card as its pretty much essential for work expenses but, pay it off at the end of every month and bank the reward points
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I guess I'm lucky, I only have a mortgage and have managed to stash a few quid just in case.
The mortgage frightens me sometimes but, its a 5 figure sum so much less than most these days and it has 15 years to run thanks to some excellent advice when I renewed it the first time (I always move it at the end of the deal period). The guy who did it ran a few cases for me, 25 and 22 years repayment etc, it worked out as about 30 quid difference a month and saved thousands on the term!
I learnt at an early age about money as we didn't have much, at the age of 13 I got a job and saved money to buy things like a colour TV, bike and a stereo.....it taught me a lot!
I got through student life without a loan or debt thanks to working my arse off in the summer holidays.
Even with cash in the bank I wont just go and buy something I want (like an LCD Tv which I do want!), I save for it and then get it. Interestingly, I find you make considerably more thought through purchases that way.
I do have a credit card as its pretty much essential for work expenses but, pay it off at the end of every month and bank the reward points
Sounds like a similar experience to me, only I have a bit longer to run by a year or two.
I came from a family of 5 kids, and Mum didn't really work until we were nearly teens, so money was scarce, so learnt at an early age not to fritter money away.
Mrs TheBoy's mum died very early, so she had a similarly hard financial upbringing as well, although she won't trust herself with credit cards/store cards etc. Too easy she reckons.
I guess I've been lucky, when I moved out at 18, I managed to lodge with someone for 3 yrs at a good rate, allowing me to save for my first house at 21, which gave me a good start on the housing ladder.
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I think getting on the property ladder is a big eye opener with respect to learning the value of money and the cost of credit. Having to get into debt by 5 or 6 figure sums and seeing how much the credit costs and how gradually you can afford to pay it off really turned me off getting credit for anything else, although I have always been careful with my money. .. and then I compare my 5 point something percent mortgage rate with the rates offered on loans and credit cards people take out :o.
At least with a house purchase it's relatively unlikely in the current climate to get into negative equity, which reassures me that I could always downsize and dig myself out if the unthinkable happened.
If you buy anything but property, and especially cars, on credit you're immediately in a situation where if you sold up you would still be in debt with nothing to show for it.
Besides, I don't really consider anything "mine" until I own it outright, my house included, so I wouldn't have much pride in a car, for example, that was on H.P..
Kevin
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Yeah i agree with you kevin. I have had a few cars on finance , some good some bad , but there is no feeling like paying for a car outright. It just feels yours and not borrowed.
I have had bad credit in the past , due to my mrs being disabled and me not being able to go to work as i had to look after her. But to be honest , i wouldnt take on ANY credit if they begged me to.
Omegas are the best cars in the world (in my opinion) , and an added bonus is that the narrow minded , style obsesses that run em down is what makes em so affordable to the genuine people like us.
Matt ;)
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Seems that it's quite a common malady. When you're in the situation where your creditors want more every month than is in your wage packet, it feels quite lonely.
I've been down that road myself. Got my first 'decent' paying job and started getting 'pre-approved' credit cards through the letterbox. Who was I to refuse. then a couple of loans for cars that I didn't need and then a consolidation loan and it soon got very out of hand. I think I ended up with about £25k of unsecured debt.
That was six years ago. I originally went to a bunch called Baynes and Earnst and they were about as much use as a chocolate fireguard and it was going to take me for ever to pay all my debts off, so I sacked them and did it myself.
Paid it all off in three years flat! And I even managed to get a mortgage in the meantime.
Thing is though, money scares me now. I'm terrified of getting into debt again. I do have a credit card with a tiny balance on it for business/emergencies, but that's it. Even the outgoings on my mortgage gives me the willys. I think I'm more conscious of it now as I'm the sole earner and we have a young family too.
I've bought all my and SWMBO's cars cash for for the last six years and would avoid finance at all costs.
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Omegas are the best cars in the world (in my opinion) , and an added bonus is that the narrow minded , style obsesses that run em down is what makes em so affordable to the genuine people like us.
True. It's good to know how it must make them feel doubly gutted when you leave them standing off the lights! ;D
It's true of any second hand cars these days, though. So many people get suckered into buying new cars on HP that you can get a bargain on most models of car if you can lower yourself to buying second hand! Yet, when I think back to when I was a kid I can't remember knowing anyone who didn't run a 2nd hand car.
Kevin
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Absolutely true. Having been interviewing graduates for most of the last 2-3 weeks, it amazes me that they all turn up in brand-new cars - either on credit, or paid for by mum and dad no doubt!
Of the 20-odd cars I've owned in the last 10 years, only one was on finance, and I got bored of that (who wouldn't - it was a nearly-new Rover-400-shaped Honda Civic ;D) within a year so had saved up enough to pay off the settlement. Everything else has been bought for cash, although I do have a company car now which makes sense from a business perspective.
I just don't get the concept of taking out finance to purchase a depreciating asset...and what amazes me is, with a bit of nous, these people going to the big dealerships to pay £50 down and £25 a week for the rest of their lives could get a decent running car for £500 or less which would, with a bit of sensible servicing and TLC, run for a good few years without problems. All of my 'cheapies' I would have been happy driving as my everyday car for at least 6 months, doing 2-3000 miles a month - even the 1992 Rover 420 I have sitting outside the house which cost £50. Obviously the Elite estate would have needed the oil leak fixing first, mind... :-[
What also surprises me is how choosy people are at the disposable end of the car market. I acquired a very tidy (once I'd given it a good clean and polish) K-reg Cavalier 1.6 with 10 months' MOT and 4 months' tax. Fully serviced and ready to go, I put it up at £250 outside the house. The postman wanted a new car but felt for that money he'd "like something a bit newer". I suspect he's still looking...
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Fully serviced and ready to go, I put it up at £250 outside the house. The postman wanted a new car but felt for that money he'd "like something a bit newer". I suspect he's still looking...
;D ;D ;D ;D
Having said that, I bought an MOT'd and taxed 'L' plate Omega CD for £100!! :o It only lasted 20 minutes mind you.
If I wasn't held to ransom over my company car allowance, I'd be happier driving a much older car. There're lots of cars that I'd like to try out that I fancied in my earlier years. Now with depreciation, I can afford them! :y
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Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod? :y
Yep, co car policy is the only reason I don't drive a cheapy every day. But have happily racked up troublefree miles in sub £500 cars over the years.
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Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod? :y
Aha! I knew your name rung a bell from somewhere!!
Sadly no Rich' I don't. I sold it not four weeks ago to another forum member. It now resides most of the time in Hertfordshire.
Stonking motor that I loved it. Sad to have to see it go. Have a look at the wheels I'd put on it though!! 8-)
http://www.omegaowners.com/forum/YaBB.pl?num=1180701209
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Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod? :y
Aha! I knew your name rung a bell from somewhere!!
Sadly no Rich' I don't. I sold it not four weeks ago to another forum member. It now resides most of the time in Hertfordshire.
Stonking motor that I loved it. Sad to have to see it go. Have a look at the wheels I'd put on it though!! 8-)
http://www.omegaowners.com/forum/YaBB.pl?num=1180701209
:)All your replies make interesting reading. Those who never have and those who have but wish they had'nt! To sum up, despite everthing i've no arrears(just!) Worst of 2 loans nearly paid, credit card paid off & cancelled, Omega bought cash, & no finance on household goods, electricals etc.
I recently needed a new fridge/freezer but before signing on the proverbial dotted got an 18mth old from a nieghbour who was emigrating & have a similar age washing machine waiting(present one's leaking on cycle) free ffom a storage co. who were going to "skip it" complete with transit bar, pipes & fittings while i was at work(truckers perks) because customer went to Aus.
Mortgage only £230 per month so there are other ways.
Being an HGV driver i only take home £400+ weekly but i'll be alot comfier soon. [smiley=2vrolijk_08.gif]
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Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod? :y
Aha! I knew your name rung a bell from somewhere!!
Sadly no Rich' I don't. I sold it not four weeks ago to another forum member. It now resides most of the time in Hertfordshire.
Stonking motor that I loved it. Sad to have to see it go. Have a look at the wheels I'd put on it though!! 8-)
http://www.omegaowners.com/forum/YaBB.pl?num=1180701209
:)All your replies make interesting reading. Those who never have and those who have but wish they had'nt! To sum up, despite everthing i've no arrears(just!) Worst of 2 loans nearly paid, credit card paid off & cancelled, Omega bought cash, & no finance on household goods, electricals etc.
I recently needed a new fridge/freezer but before signing on the proverbial dotted got an 18mth old from a nieghbour who was emigrating & have a similar age washing machine waiting(present one's leaking on cycle) free ffom a storage co. who were going to "skip it" complete with transit bar, pipes & fittings while i was at work(truckers perks) because customer went to Aus.
Mortgage only £230 per month so there are other ways.
Being an HGV driver i only take home £400+ weekly but i'll be alot comfier soon. [smiley=2vrolijk_08.gif]
That's a perfectly reasonable wage and, unlike a lot of people, you dont think you could get just as much not working. Good luck to ya mate :y
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I tend to fill out the forms (with rubbish obviously) and send back in prepaid envelope, just so the companies have to open it and start entering before they realise its rubbish..... .....I am very childish...
;D ;D ;DI had'nt thought of that but now you come to mention it i reckon i could take immature behaviour to another level!!! 8-)