Advice Needed - Personal Loans to fund Next Bike purchase.

[Danus24]

I sold my bike and a carbon 29er frame to cut down on some debt. I paid off a few accounts and have freed about about R2600 out of our monthly cash flow. I've also got a R1400 Medical aid scheme that I haven't used in 2 years. I was considering downgrading the medical aid keeping most of the key benefits but downgrading and working out paying something around R600 a month. As the Recruitment industry quietens down around Nov / Dec and picks up Jan / Feb. I wanted to pay it off from commission in the first 6 months. I get paid a basic salary and commision ontop of that. Pros and cons on this idea?

[Wayne Potgieter]

Wow, I'd hate to be in your position where the debt is so bad that you can't even afford punctuation...

Bwaaa haaaa

[Cyclewizz]

I sold my bike and a carbon 29er frame to cut down on some debt. I paid off a few accounts and have freed about about R2600 out of our monthly cash flow. I've also got a R1400 Medical aid scheme that I haven't used in 2 years. I was considering downgrading the medical aid keeping most of the key benefits but downgrading and working out paying something around R600 a month.

 

Your wife / GF is going to m0er you !!!!!!

Unless you take out another loan to buy her something just as expensive and then you'll be R60+k in the red.

 

You won't go much faster on that bike

 

Has the guys have said, buy a 2nd hand bike, save and once you have all the $$$ buy the S-Works.

I'm also sure that the price of the bike will drop middle of next year as the next range will be due to come out.

[Slowbee]

I sold my bike and a carbon 29er frame to cut down on some debt. I paid off a few accounts and have freed about about R2600 out of our monthly cash flow. I've also got a R1400 Medical aid scheme that I haven't used in 2 years. I was considering downgrading the medical aid keeping most of the key benefits but downgrading and working out paying something around R600 a month. As the Recruitment industry quietens down around Nov / Dec and picks up Jan / Feb. I wanted to pay it off from commission in the first 6 months. I get paid a basic salary and commision ontop of that. Pros and cons on this idea?

 

No offense, but are you totally mad ? As in bonkers ?

 

Downgrade your medical aid to buy a bike ? You will risk you and your familiy's well being for a bike you actually cannot afford ? For something you want rather than need.

 

And then you want to pay it off on possible commision from work.

 

Rather prove to yourself that you can save the cash for the next few months. I'll bet you the bike will be cheaper next year anyway, and you could get a better one with the cash you have.

 

Personally, your idea is a bad one. The cons far outweigh the pro's. For the life of me I cannot see any pro's, only cons.

 

Did I mention the word bonkers and mad ?? You get the idea ?

[alsoran]

Done the debt thing and almost got swallowed whole and spat out. Was in way over my head and struggling. Decided that enough was enough and cleared all debt. now the only debt we have is the house. Cars are paid off and toys are payed cash. If we do not have it we do not spend it.

 

Life is much less stressful and much sweeter.

 

Use it don't use it.

[Agteros]

Hey Hubbers,

 

Considering taking the plunge and taking out a loan to fund my next purchase. 2011 Spez S-Works HT - Plus minus - R30K

 

Any words of wisdom or recommendations?

I ride a cash bike... It is red in colour, weighs 8.8kg and has some funny letters on the tubing. My pockets do not have holes in them, nor do I have scorch marks on my upper legs

 

CASH is KING!

Edited November 8, 2012 by robox

[SyncSA]

I sold my bike and a carbon 29er frame to cut down on some debt. I paid off a few accounts and have freed about about R2600 out of our monthly cash flow. I've also got a R1400 Medical aid scheme that I haven't used in 2 years. I was considering downgrading the medical aid keeping most of the key benefits but downgrading and working out paying something around R600 a month. As the Recruitment industry quietens down around Nov / Dec and picks up Jan / Feb. I wanted to pay it off from commission in the first 6 months. I get paid a basic salary and commision ontop of that. Pros and cons on this idea?

 

The more you reveal, the worse it gets. Are you actually able to save anything?

[pista]

I sold my bike and a carbon 29er frame to cut down on some debt. I paid off a few accounts and have freed about about R2600 out of our monthly cash flow. I've also got a R1400 Medical aid scheme that I haven't used in 2 years. I was considering downgrading the medical aid keeping most of the key benefits but downgrading and working out paying something around R600 a month. As the Recruitment industry quietens down around Nov / Dec and picks up Jan / Feb. I wanted to pay it off from commission in the first 6 months. I get paid a basic salary and commision ontop of that. Pros and cons on this idea?

 

You can't be serious?

What does your wife have to say about your plan?

[Mr Winter]

I ride a cash bike... It is red in colour, weighs 8.8kg and has some funny letters on the tubing. My pockets do not have holes in them, nor do I have scorch marks on my upper legs

 

CASH is KING!

 

I hate debt so my advice would be to safe up first, but if you going to go the loan route have a look at the revolving credit account from FNB. The interest rates are lower than a personal loan and once you have paid off 15% of the original loan you can use that 15% again, this might come in handy seeing as your salary is not constant.

[Eddy Gordo]

Your wife / GF is going to m0er you !!!!!! Why should she, he has worked hard for his money and can spend it how he pleases

Unless you take out another loan to buy her something just as expensive and then you'll be R60+k in the red Totally not necessary, dont you spoil your other half through out the year with gifts etc??

 

 

Sorry man, I have never understood this logic. My wife does not control my funds, I do as it is mine. However I do contribute to about 90% of household items. I spend my money as I please, I buy my wife a gift every now and again, and she knows that her money is hers, mine is mine!!! but I still see to the house and family. She never got married to me for money and to control my money.

Edited November 8, 2012 by Riyadh

[pista]

Sorry man, I have never understood this logic. My wife does not control my funds, I do as it is mine. However I do contribute to about 90% of household items. I spend my money as I please, I buy my wife a gift every now and again, and she knows that her money is hers, mine is mine!!! but I still see to the house and family. She never got married to me for money and to control my money.

 

You sound like a chauvinist with little respect for your family

[Danus24]

I have a separate Medical Aid plan for wife and daughter. Which is top of the range. I only took out medical aid for myself after a torn ligament operation set me back R35k which I paid off a few years ago. Since then I have done nothing on the medical aid. Just wasting away. Thinking I just need a emergency hospital plan and some of the usual benefits. I do have a set basic salary but that covers everything comfortably but excludes toys.

 

Haven't told the old lady. Thats why I'm asking for advice. Checking out my options. Would like to cover all bases before jumping into the proverbial deepend.

Edited November 8, 2012 by Danus24

[alsoran]

Sorry man, I have never understood this logic. My wife does not control my funds, I do as it is mine. However I do contribute to about 90% of household items. I spend my money as I please, I buy my wife a gift every now and again, and she knows that her money is hers, mine is mine!!! but I still see to the house and family. She never got married to me for money and to control my money.

 

Everyone is different. Ours is all one pot. We have separate bank accounts but I don't think of it as my money or her money. We are a team a partnership and it is our money same as if there are issues they are our issues.

 

That is part and parcel of being married in my opinion but as i said at the start everyone is different.

[Cyclewizz]

Sorry man, I have never understood this logic. My wife does not control my funds, I do as it is mine. However I do contribute to about 90% of household items. I spend my money as I please, I buy my wife a gift every now and again, and she knows that her money is hers, mine is mine!!! but I still see to the house and family. She never got married to me for money and to control my money.

 

I understand what you saying but the OP said " freed about about R2600 out of our monthly cash flow " which would mean that they working together. If he had said " freed about about R2600 out of my monthly cash flow " then I think it would be more like your situation.

[Mojoman]

I have a separate Medical Aid plan for wife and daughter. Which is top of the range. I only took out medical aid for myself after a torn ligament operation set me back R35k which I paid off a few years ago. Since then I have done nothing on the medical aid. Just wasting away. Thinking I just need a emergency hospital plan and some of the usual benefits. I do have a set basic salary but that covers everything comfortably but excludes toys.

 

Haven't told the old lady. Thats why I'm asking for advice. Checking out my options. Would like to cover all bases before jumping into the proverbial deepend.

You just know Sods Law will come into play once you cut back on the medical aid!

[Danus24]

Champion hubber you do come off as a little harsh... I get your viewpoint/oppinnion and respect that. Thank you for it. Respect others as well.

My logic might be flawed but thats why I'm here seeking advice. We have people who share our same passions and have made mistakes and like to share their experiences with others. I obviously would not put my family in danger to buy a bike. Just looking at the various ways and means to work this out and try and make it go right.