Wonga.....in need of a big loan

[bernardgreen]

Why you deleting all your posts John?

Not enough interest..........?

 

[motorbiking]

Lots of people would think to do that but in reality it wouldn’t happen, any money left in the pot gets spent instead. £10000 borrowed at 2.9%, the payment goes out of the bank on payday and isn’t missed.

My parents are very savvy with their money and think they do better with premium bonds than ISA’s.

I think i get where you are going with this thought. Let me help you refine it a bit...

open a santander 123 account and get the money going in there, when you’ve saved a min of £1000

Open an ISA share trading account e.g. Iii.co.uk. transfer over the money and place a buy order on LON:MIDD.

you’ll get 1.5% on the 123 and there is a good chance you’ll make 2-3% on the FTSE 250. (lon:midd). if this seems two complex skip the 123 but buy the stocks in at least chunks of £1000, to minimise fees

 

[ellal]

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

Not the best of ideas linking to an article that can't be read without subscribing

But kind of like asking for a link to a known deleted topic

 

[durhamplumber]

Pay Day loan sharks going bust along with Poundland...

I wonder what that tells us about the economy?

And what we have to look forward to!

Tell all Ellal...from your wonder crystal ball

 

[durhamplumber]

When companies go bust and they owe you money, often it's a case of 'tough luck'. I really hope that those people who owe Wonga dosh don't have to pay them back

In your dreams

 

[Ian H]

I think i get where you are going with this thought. Let me help you refine it a bit...

open a santander 123 account and get the money going in there, when you’ve saved a min of £1000

Open an ISA share trading account e.g. Iii.co.uk. transfer over the money and place a buy order on LON:MIDD.

you’ll get 1.5% on the 123 and there is a good chance you’ll make 2-3% on the FTSE 250. (lon:midd). if this seems two complex skip the 123 but buy the stocks in at least chunks of £1000, to minimise fees

Sounds complicated.

Could you work out what you would have in the bank after 5 years your way? Or even if you borrowed the £10,000 and put it into the stocks and shares what would you have after 5 years?

An example below, it would cost me £718.40 over 5 years to borrow the £10,000. If I did that after 5 years I would have a minimum of £10,000 without the effort of saving up (because it is hard to save).

My thoughts behind it were you instantly have the £10,000 invested rather than building up slowly month by month.

 

[ellal]

Tell all Ellal...from your wonder crystal ball

Well given that relative incomes are lower than in 2008 and household debts are higher, then no crystal ball is needed - just common sense!
(although common sense also seems to have fallen further in certain quarters )

 

[sodthisforfun]

Lots of people would think to do that but in reality it wouldn’t happen, any money left in the pot gets spent instead. £10000 borrowed at 2.9%, the payment goes out of the bank on payday and isn’t missed.

My parents are very savvy with their money and think they do better with premium bonds than ISA’s.

But you'd save £750 in interest fees if you managed to save up (over 5 years). The thing with bonds is you can buy then with a standing order - so you could set up your account to pay £50 each month (or more if you prefer) until you have reached your £10k. You'd pay a loan back similarly, so it doesn't make financial sense to take a loan out to buy bonds. Just trying to help! £750 is a fair amount of money, don't give it to the bank in interest

 

[Notch7]

Not the best of ideas linking to an article that can't be read without subscribing

I read it ok. You must have used your free article allowance.

 

[sodthisforfun]

Well given that relative incomes are lower than in 2008 and household debts are higher, then no crystal ball is needed - just common sense!

But that's nothing to do with Brexit, and your comment about what we have to look forward to post brexit is a crystal ball thing in all fairness.

 

[Ian H]

But you'd save £750 in interest fees if you managed to save up (over 5 years). The thing with bonds is you can buy then with a standing order - so you could set up your account to pay £50 each month (or more if you prefer) until you have reached your £10k. You'd pay a loan back similarly, so it doesn't make financial sense to take a loan out to buy bonds.

I’m still not convinced. Even if you matched the loan payment of £178/month, after 1 year you would only have £2136 invested, but if you borrowed to invest you would have £10,000 invested from day 1.

Maybe i’m going off topic, what’s this thread about again?

 

[sodthisforfun]

I’m still not convinced. Even if you matched the loan payment of £178/month, after 1 year you would only have £2136 invested, but if you borrowed to invest you would have £10,000 invested from day 1.

Maybe i’m going off topic, what’s this thread about again?

Martin Lewis would have a field day with you!!
I guess it's up to you, but I'd rather do a standing order and pay along, plus you're not actually investing £10k of your money, not til you've paid it back. Things can change at a drop of a hat, illness, lose job, unexpected bill, been there, done that and it's a horrible thing to have hanging over your head.

 

[Ian H]

I’d love to ask him!! I think i’ll start a new thread on it

 

[SammyInnit]

Well given that relative incomes are lower than in 2008 and household debts are higher, then no crystal ball is needed - just common sense!
(although common sense also seems to have fallen further in certain quarters )

Brexit, rabid quitters, plummeting pound bla bla

Everyone else seems to be getting on with it yet here you are again, waffling.

 

[JP_]

is it really any surprise when a business that lends people money who cannot afford to pay it back fails?