Finance Questions

Archive for July, 2008

Question: I brought a car on finance in the UK 8 years ago 2008! They now have said i still owe them money?

Do i still have to pay them? Its been 8 years ago they tried to contact me at my fathers address last februaruy (which would be 7 years) as my father was a guaranter just wondering if i still have to pay?

Answer: If I remember correctly, the statute of limitations in the UK is 10 years for debts.

http://www.creditcardkiller.co.uk/

Question: I asked about financing for a 2001 truck or newer but I better elaborate. Who can help?

My credit is terrible. I'm trying to make it better since my separation,but I am on a fixed income because I'm terminally ill so I can't work one job, much less two. I know that I can pay for it, but I only have my beat up buick for a d. payment. I just wanted to know if there is anyone in the greenville, SC. area that has a truck that would either lease with option or sell it and trust me to pay for it. I do have great personal ref. I had one other car tht was financed through Watson but that was ten years ago. Is there anyplace that can help?

Answer: A bank won't give you a loan because you haven't proven you can make a payment. If a bank (a proffessional lender) won't loan, I sure wouldn't. Furthermore you don't have any money for a down payment. If you can make the payments, why can't you save some?

Your real problem is you are trying to finance a depreciating asset. You will be paying interest forever and that will be made worse with your bad credit and you will have a high rate.

What you need to do if you can really make payments is put what you would make in payments, say $300 a month in
savings. In 20 months you would have $6000 which would buy an acceptable truck. In another 20 months you would have another $6000 plus about $4000-5000 that your truck would be worth.

In 40 months you could have a $10000+ truck PAID for with only a little sacrifice which is a VERY important to somebody on fixed income. You don't have the ability to earn more money, you've got to use what you have to the best of your ability to get ahead.

Compare that to financing a $12000 truck right now on 60 months. In 40 months from now you would still owe $5200 on the truck that is only worth $6000-$7000

Where would you like to see yourself in 40 months? Driving a $10000 truck that is paid for or driving a truck that is hardly worth more than you owe on it?

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