Paying off Finance with bounce back loan?

[eggsarascal]

But... if you aren't out of pocket due to this virus you shouldn't be taking the cheap loans, but you know that.

[skyhuck]

39 minutes ago, eggsarascal said:

But... if you aren't out of pocket due to this virus you shouldn't be taking the cheap loans, but you know that.

You have to have been 'negatively' impacted by covid, don't think there will be many who haven't been. 

[eggsarascal]

13 minutes ago, skyhuck said:

You have to have been 'negatively' impacted by covid, don't think there will be many who haven't been. 

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.

[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