Paying off Finance with bounce back loan?

[skyhuck]

5 minutes ago, eggsarascal said:

Don't kid yourself, I personally know loads of lads in the building trade that have worked right through and still grabbed the cheap money.

I have worked right through, but 2 jobs have been canceled/postponed, which is negative. 

[eggsarascal]

1 minute ago, skyhuck said:

I have worked right through, but 2 jobs have been canceled/postponed, which is negative. 

Ok, I'm not going to ague with huck, two jobs being held back isn't a live changer, negative yes, but not a cause to grab a cheap loan. Try earning next to nothing for the last two months because the companies you sub into are only doing emergency work, no maintenance whatsoever.

[s o c]

Worth consulting accountant if clearing hp or lease financing in case there are any tax implications from taking ownership of assets or how depreciation etc is being calculated up to this.

 

[skyhuck]

When I applied it said you could not buy new assets, unless replacing and existing asset. No mention that you could not repay other finance, intact it stated that if you had already agreed with the lender that you were settling existing finance, the balance of the bbl would paying into your account not the full amount.

[skyhuck]

1 hour ago, eggsarascal said:

Ok, I'm not going to ague with huck, two jobs being held back isn't a live changer, negative yes, but not a cause to grab a cheap loan. Try earning next to nothing for the last two months because the companies you sub into are only doing emergency work, no maintenance whatsoever.

But the criteria for getting the loan was not “life changing” affects of covid. I’m sorry you are being hit badly, but don’t see why you begrudge other working lads getting a leg up for once?

 It not like there is a limit on the loans and others getting them impacts on you.

[eggsarascal]

6 minutes ago, skyhuck said:

But the criteria for getting the loan was not “life changing” affects of covid. I’m sorry you are being hit badly, but don’t see why you begrudge other working lads getting a leg up for once?

 It not like there is a limit on the loans and others getting them impacts on you.

I don't begrudge anyone getting a loan, what I do begrudge is folk taking the loan when it's not needed, or to pay other loans because the money is cheap, it's not what it's meant for, and we'll be paying it back, not the Government.

[doobin]

45 minutes ago, eggsarascal said:

I don't begrudge anyone getting a loan, what I do begrudge is folk taking the loan when it's not needed, or to pay other loans because the money is cheap, it's not what it's meant for, and we'll be paying it back, not the Government.

We're ALL about to get royally shafted for years down the line. I'm just availing myself of the free lube, you might as well do the same.

 

I bet there's a few on here got themselves a liar loan- otherwise known as a self cert mortgage. My generation have been paying for that for years through unnaffordable house prices and steeply increasing rents, coupled with mortgages for self employed being nigh on impossible to attain. My turn to self certify (my turnover!)

Edited May 15, 2020 by doobin

[skyhuck]

3 hours ago, eggsarascal said:

I don't begrudge anyone getting a loan, what I do begrudge is folk taking the loan when it's not needed, or to pay other loans because the money is cheap, it's not what it's meant for, and we'll be paying it back, not the Government.

The way I see it is the banks are the only ones loosing out due to BBL's.

 They were asked to help businesses that were struggling due to covid, the government offered to stand 80% warrantee for the loans. The banks dragged their feet, offered very poor terms and were very picky about who they would lend too. 

 So the government stepped up and offered these BBL's, if loads of people take them. settle their existing finance, pay nothing for 12months, then lower payments for the 6 years, they are in a better position to ride out the inevitable recession.

 The banks are going to loose millions in interest, but servers the right!

[eggsarascal]

6 minutes ago, doobin said:

We're ALL about to get royally shafted for years down the line. I'm just availing myself of the free lube, you might as well do the same.

 

I bet there's a few on here got themselves a liar loan- otherwise known as a self cert mortgage. My generation have been paying for that for years through unnaffordable house prices and steeply increasing rents, coupled with mortgages for self employed being nigh on impossible to attain. My turn to self certify (my turnover!)

Yes, I know we are going to get rogerd, but the more folk who grab unnessasary money will make the problem for all of us worse..have i got it all wrong?

[trigger_andy]

25 minutes ago, eggsarascal said:

Yes, I know we are going to get rogerd, but the more folk who grab unnessasary money will make the problem for all of us worse..have i got it all wrong?

Im pleasantly surprised you're taking this stance. I have to agree with you.