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[Kevin Wood]

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 .

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

[wastedperfection]

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

[Big Rod]

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.

[Kevin Wood]

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!  

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

[r.welfare]

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  ) 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...

[Big Rod]

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...

 

Having said that, I bought an MOT'd and taxed 'L' plate Omega CD for £100!!   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!  

[r.welfare]

Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod?  

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.

[Big Rod]

Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod?  

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

[amigov6]

Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod?  

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]

[STMO123]

Have you still got that 3.2 MV6 I test-drove for you from DK Cars a couple of summers ago then Rod?  

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

[amigov6]

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...

;DI had'nt thought of that but now you come to mention it i reckon i could take immature behaviour to another level!!! 8-)