Resolved Question

Do you think my mum will be able to get me a car on finance?

at the moment her credit rating seems okish to me her credit accounts are as follows:

Freemans limit £5200 and balance is £200.
capital one limit £1000 and balance £300

and she already has 2 cars on finance one was taken from renault on march 2008 and another in august 2009 with a total loan of £19000 and a remaining balance of £10,500,

by the way i cant get it myself as im 17, i would prefer a new car and can afford it, and she has never missed a payment with any of her accounts,

what options do i have can she be a guarantor or what are her chances to get a 3rd car

Additional Details

her total outstanding balance in everythink is £11000, and i would appreciate no smart comments just a decent answers please, unlkess you would like to get finance for me lol

5 days ago

Best Answer - Chosen by Asker

It is completely up to you if you want a new car so please ignore the comments from previous, however your mum does seem to have a lot of finance in her name already so I woudn't advise it.
On the new car however, I would advise you to rethink it!
speaking as someone who has successfully dug my way out of almost £20k of debt run up via loans credit cards overdrafts etc I would urge you not to take on any finances so young!
I was 18 when banks and such started waiving credit card offers in my face and being naive I took the lot and blew it on absolutley nothing of value - got loans to clear them and then ran them all back up! Along with that I had a car of £7k on Finance which I later upgraded to a £13k convertbile.
Long story short.. once you start you don't stop.. luckily I eventually grew up enough to realise my mistake and made it my mission over the last 2 years to pay it all back. I am only 26 now.. and have lost the last 2 years of my life basically by working 2 jobs determined to pay back what I owed by myself. All I have left is the convertible which I wish I had never got! It isn't so great having a fancy car when you are paying ridiculous sums of money in Finance every month and I will be giving it back as soon as I can.
You are young.. enjoy every penny of your money at the moment and save up and buy yourself a little run around! It may seem like a quick fix to get Finance and a nice new car but beleive me, you have plenty of time to pay finance/debts in the future! Good luck whatever you do :O)

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Other Answers (7)

• she wouldnt be able to be your guarantor because your not allowed hp until you are over 18, so u will have to wait until your 18 then attempt to get the finance yourself. I doubt they will allow your mum another car finance for a brand new car, seeing as she had 2 already in 17 months - no one can possibly be sure of their money stretching that far and afinance company are really only out for themselves.
  
  Theres nothing to say she cant try but i doubt it would be sucessful to be honest with you
• your mum could be Garantor for you depending on her income and her total outgoings.

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• You know far too much about her finances!
  You should wait and get finance in your own name or better still, start saving.
  Debt is not a good habit to get into.
• grow up. Why do you need a new car. You can't afford it, if you can't buy it.
• You are not getting a car. Mom has too much debt already
• Uk answer: With a sizable deposit (20% or over - which I trust you are going to pay, since you say you can afford a new car) your mum would probably be accepted by the car finance company provided that her income, which you don't mention, provides enough free disposable income to meet the finance company's calculations of affordability.
  
  Now I'm sure we'd all prefer a new car to a second hand one - however as you're 17 this is presumably your first car, so be aware of the costs including insurance, petrol, and the greater risk in your first year of driving that you might bash it.
  
  Lastly, as others have pointed out the car finance would be solely in your mother's name as you are under 18.
• You wont be getting any hire purchase car in YOUR NAME. You're not 18 yet. As for your mum taking out yet another credit agreement, thats risky, especially since she already has considerable debt.
  
  "You would prefer a new car".....hm.....do you realise how much of your cars value will fall out of the boot when you drive it off the forecourt? Never mind the depreciation over 1 year.
  
  However, when I was 19 my mum acted as guarantor for me to get a finance car. With her in mind I picked out the cheapest, most reliable car they had. Your really have to think of your mum here.
  
  Even though I have a finance car, I WILL NEVER HAVE ANOTHER ONE. I will end up paying over the odds for the car, and its just not a good idea. If I buy another car, I'll be paying cash.
  
  Hope this helps.

Resolved Question

How much money did you save by the time you were 23 years old?

Best Answer - Chosen by Asker

None. I was dealing with the fall out of my mother's death of cancer and then my other parent's death 2 years later of a stroke, by which time I was then caring for my grandfather while trying to keep the family home going.

Not everyone can save. Great for those who can.

Aw thanks :0) Thanks for Best Answer as well! I hope you get to save if you can! xx

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• Keep in mind that all 23 year olds are not equal in many important ways.
  
  For example, I had a free ride to college (scholarships, parents, & grandparents) and was working on my PhD at age 23 (already had my MBA) while working full time. I lived with my parents and in student housing (graduate dorm supervisor while working on my masters) most of the time until I was 25. That's when I finally achieved my goal (Big fat wall street job -- which I ended up hating, by the way).
  
  So -- my life savings of $30,000 (about $100,000 today) sounds very impressive until you realize that only a tiny percentage of the 23 year olds my age (or your age) had the potential to save so much.
  
  Be careful to compare yourself to people in similar circumstances with backgrounds that follow similar paths.
  
  A very simple rule for those under the age of 30 is to use your annual Social Security statement that you get every year and figure out what 20% of your income is for every year you have worked so far. Add it all up and the total is a good guess at what the very best savers would have saved had they had your exact income.
  
  10% per year is what you "should have saved" all things being equal.
  
  But things are rarely equal.
  
  ;-)
• $6,000 to buy a car for cash.
  I took finance classes at school and learned that paying interest only makes banks rich.
  Also learned that by paying cash - you can get a huge discount off the purchase price.
  Saved a lot on car insurance - got liability only and saved at least a thousand dollars.
  /
• I didn't have more than a few hundred dollars but I was debt free with a master's degree.
• I'm nearly 21 and plan (realistically) to have £9,000 in savings by the end of august but the problem is i'll still be £15,000 in debt...
• $3000, adjusted for inflation that would be $16,000 in today's dollars. About a half years pay for me then.
• Not much. I had just paid for college on my own, but didn't have any student loans. From 23-24 I saved $5000 and purchased a house.
• I was very...very, drunk.

Resolved Question

Do you have to be good credit to have a next directory credit account?

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Yes, they're quite strict and fussy too :-(

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No other answers.

Resolved Question

Advice on saving with debt.?

My son wants to save up to go travelling in Oct but he is still paying off a loan. I have recommended that he should pay off the loan outright first and then save, but apparently it would cost him an extra £29 to settle so he wants to just let it run for a year while he saves.
Whats best?
And what should be considered?

Additional Details

Paying it off would leave him with a £1000 overdraught at 18.9% The loan was at 11.3% and had a year left. He could work off the overdraught in a month.
Which is best?

5 days ago

Best Answer - Chosen by Asker

The interest he is paying on an outstanding loan is going to be far higher than the paltry interest he would get in a savings account. It is always best to pay off debts before trying to save. The £29 settlement fee is hardly here or there is it.

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Other Answers (2)

• Find your nearest Credit Union and get him to join that. If he saves with them until October, he might be able to have saved enough to borrow enough to clear his debt and still go away. I don't know how much he owes. The interest he would pay would be much cheaper than any bank. As he pays off his loan, he will also pay a small amount into a savings account as well. As the debt reduces, his savings increase and he can then borrow again.

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• Silly to put money in a savings account paying less then 1% interest while having outstanding debt with an interest rate of 12% or more. Pay the 29 it is still cheaper in the long run

Resolved Question

Can i pay my cheques into a different bank?

Ive got 3 cheques that i want to pay in to my Halifax account, however there are no local banks and i am wondering if i could pay the cheques into a different bank? such as natwest?

Best Answer - Chosen by Asker

If there is a Lloyds or Bank of Scotland branch near you then you could use these as they and Halifax are all part of Lloyds Banking Group now. The main reason for using them is that they are less likely to charge you any additional fees and the money is likely to be in your account sooner than if you use a non group bank such as Santander or HSBC.

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• Post them to your branch with a paying in slip. The address will be on your statements or chequebook. Write your account number on the back of each cheque.
  Easy!
• anywhere you like - just be prepared for them to take a couple of days longer to clear the system.

Resolved Question

Oh dear how do I get 10 k?

Want so much to get off benefits & have a good job as finished my degree. (Community Work) Been offered a go at Polaris Media, which has a few poor write ups. Been also offered a trip abroad by a friend who seems to know how to make good money. But don't want to get too involved with him, don't want to ruin the friendship.

What do I do?????? I want to earn great money...... I'm a voluntary worker but I can't keep on like that!!!

Best Answer - Chosen by Asker

If an idea was that good, they'd keep it to themselves and close associates, rather than tout it around the internet.
http://www.moneyxperiment.com/tag/polari…
And if it's the one I seem to be tripping over, well, their main site, never seen any affiliates, then you are paying them to be a member.
If it sounds too good to be true, then it probably is!

Mum used to be a home help, and that's not just cleaning, sometimes what's needed most is a chat and some company, so the people skills do come into it.

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Other Answers (1)

• Look for work,

Resolved Question

I am due to come into quite a sum of money from an?

insurance pay out. I deserve every penny but all I want is to fall in love. how do I know if a guy wants me or my money. i want to buy something with it, like some property but will this just attract the wrong guys

Best Answer - Chosen by Asker

Separate your love life from your home life , live in a palace but when a guy asks to come home with you tell him you share a flat and you would be uncomfortable bringing him home . Go to his get to know him and if he genuinely likes you for who you are he will not be upset when you reveal your wealth to him . A genuine guy might even feel you are above him once you reveal your wealth someone like that would take away all your fears .

Incidentally have you considered putting the money into a trust fund ?
As far as i am aware a law firm will take care of your money investing it etc while paying you a monthly wage . The money itself is secure and can never be spent so for the rest of your life you will never have to worry about money . Obviously you will not be going out and buying a Ferrari but you could continue your life in similar circumstances but with perhaps double the income . You will be able to afford a more expensive mortgage and enjoy a steady continuing successful life meeting people and perhaps lovers along the way .

If a millionaire buys a million pound house he cannot afford to eat the next day .

Hope this helps and good luck to you for the future .

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Other Answers (3)

• Easy. Just don't mention the money.
• Yep, don't mention it. Spend it wisely and be discreet, men need never know.
• Don't mention it, keep it hidden.