Wonga.....in need of a big loan
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sodthisforfun
Shame... Just been reading, their debt will get sold on to a different company apparently.
Poundworld went bust apparently due to mismanagement. I remember hearing about it at the time.
The other reason stores are struggling is that business rates on high street properties is doubling. It's a recipe for disaster imo, a poor decision by government in a country where people are being much more careful with their money.
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Bodd
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Bodd
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The ft doesnt see it as a problem when taken in the context of asset value:
https://www.ft.com/content/761ab30c-b941-11e5-bf7e-8a339b6f2164
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SammyInnit
I can't get my head around the amount of people I know with Mercedes, Audi's, brand new cars etc on finance.
I've never had a brand new car and when I do buy motors I always pay cash.
Cars don't cost the earth if you're happy not being flash. How much debt is incurred because of the desire to have flashy new cars rather than a practical motor that you can realistically afford.
A lot of these car warehouse type places don't really want to sell them to you for cash, they want you to be on a finance plan because that's where they earn the most money - they sell over priced cars with sky high milage and no real history of ownership because it's so easy for people to walk in, take out a finance deal and worry about it tomorrow.
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sodthisforfun
Yep, I don't understand it either, never had a new car, the newest thing I ever owned was a 3 year old van as I needed something reliable and I thought that was a real treat!!
Used to be this security guy working nights where I live, and would stop and chat to him when I walked the dog. He always had flashy cars, new on finance. But he also told me how much debt he was in, had to remortgage the house in order to pay off his debts and struggled from month to month even after that. I asked him once why he had a car that cost quite a few hundred a month and he just said he thought it was important to look the part. Weird.
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SammyInnit
In a way I think for work it does help to look as though you take pride in what you're doing but it has a limit. As you, my newest was a 3 year old van which I thought was a bargain what I got it for, but again it was a cash sale. No finance. I've had it for 4 years now and I just get the odd rusty bits fixed and it's got a perfect service history.
At the end though, it's the work you do that you sell yourself with, not how you get to it.
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Bodd
I think your right.
I've had 1 brand new car.. Lost so much on it, never again.
Vans are different they earn me money so will always buy s new van.
Bodd, what van you got? Is it any good?
Andy
Andy
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Bodd
MM2 Movano semi Auto. 4 years old now. Only problem I've had is the side door plays up. Otherwise it's been a good buy.
Mercedes is now the label to buy these days if you are young.
It amazes me how many young people in there mid 20s I see driving nearly nee or new mercs. Cheap cheap finance deals.
Ive never had a vehicle on finance always bought with cash. I save each month an amount for a car.
Surprisingly there isnt much difference between owning or leasing, the cost of running a car is pretty similar either way, I just cant bring myself to pay out £300 - £400 per month.
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sodthisforfun
My 3 year old van was only a little Peugeot partner and it went wrong all the time, far more than my old bangers 
Yeah, all my cars have been bought with cash too.
Yeah, all my cars have been bought with cash too.
Sensible!
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SammyInnit
My apprentice bought one a few months back on the slate.
21 and a new driver. £3000 a year insurance, £15k for the car+ interest over 5 years and it was 3 years old when be had it. Must be mad.
I suggested he get himself a little van or something ready for when he's going to other jobs on his own; seems he'd rather scuff up a merc.
That's the modern way -
no longer work so you can afford things, but
buy on credit so you have to work more to pay for them.
no longer work so you can afford things, but
buy on credit so you have to work more to pay for them.
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