Scared - don't know what to do

Daft_Pegasus

I don't quite understand the calculations on your car.

It looks like 2 months ago you bought the car for £12500 (finance for 3 years and your SOA states 34 months remaining). You owe £6259.40 on it, you are due to pay a second payment soon (no idea of how much that is for), and in 34 months you will have to pay £6000. According to your SOA you pay no interest on this.

Is the second payment £259.40? It seems a strange amount for a second payment.

My first reaction whether or not I have the figures correct is, why on earth did you buy an Audi (A3/A4 at a guess) for that amount, on your salary?

Having got that out of the way, could you now sell it for say £10K and pay off the £6260 that you owe, leaving you with approx £3700 in cash? You could pay off the Barclaycard debt and have about £800 towards your second car (go to a car auction and you can easily pick up something for that price which will do the job for a while). In the meantime you'd be saving £250 a month which will eat into the Barclay loan very quickly getting rid of all the interest paying debt before the baby arrives (Congratulations BTW).

Daft_Pegasus

Also I must point out that when we had our first child we had a citroen AX. The pram just about fit in the boot and if we went to the shops then the shopping bags ended up in the back seat with DS. Not ideal but it worked.

Penpop

I bought the car for £12500 and I pay £184.10 p/month for it. in 3 years time I will have paid £6259.40 and will then be given the option to either pay the remaining balance (£6,000) and keep the car OR give the car back and use that remaining £6000 on another car - which is what I am going to do.

I bought it cuz I could afford it seeings as in theory im only paying the £6259.40 for the car not the full price of £12500.

Thanks

Daft_Pegasus

I get it now.

I'm not an expert in SOA's but I don't think it can be classed as an asset of £12,500 since you don't own it

Penpop

Ok, sorry for the confusion - I shouldnt have put that

Daft_Pegasus

OK looking again at your SOA you don't waste money on needless things (he says biting his tongue about the car). Therefore you have to concentrate on upping your income.

Have you told your parents that you're pregnant? Are they happy with the news? I ask because I'm surprised they would move you out into a more expensive house if they know your situation. Remember they know exactly how much you earn too.

Secondly you have to ask your dad for a payrise for both you and your other half. The worst he can do is say no and for that you lose nothing.

Finally look around the rest of this site for idea's on how to make money in other ways. The Up Your Income forum is an excellent place for ideas. The GIOL forum is full of people making money by matched betting.

I was listening to the radio today (Martin Lewis on Radio 2) and they had a caller who built a chicken run in her garden from old pallets. They bought 4 chickens for £6.50 each and get 4 fresh eggs a day. Chicken feed was £1.00 a week. The eggs her family don't eat are sold to friends and neighbours. That could be healthly fresh eggs for you and your baby along with a little extra income.

RoxieW

penpop - you have my sympathies with your situation but I'm finding it hard to get my head around the fact that you drive a financed audi yet cant afford market rents/utilities. I hope you'll take this in the spirit it's intended but it definitely gives the phrase 'fur coat and no knickers' meaning!
I'm sure you werent planning on getting pregnant but you are and you need to be able to afford a place to live/bills etc. I'm confused by the car arrangements but if there is anyway you can get out of this then please do it. Unfortunately theres no easy way here. You need to lower your outgoings and up your incomings. Theres no two ways about it.

RoxieW

ok - ran the figures through entitled to for you and based on just your partners salary you should receive about £140 mth tax credits - not much is it! But you should also recieve some housing benefit to help towards your rent. The calculator said £160 week but obviously I dont know the exact circumstances etc . It's worth looking into though as that would pay a big chunk of your rent. Not sure you'd be able to pay this to family though - so you may have to look for another private rental.

heather38

have you checked the small print of your car deal? i only ask because a few years ago i did the same deal with citroen for a saxo, and written in the small print was the detail about 'market value' basically using your figures, i'd paid off £6500 and should have been left with £6000 to put towards a new car, however citroen had discontinued the saxo and replaced it with the c2 so the market value was less, and instead of £6000 i was left with £3000 towards a new car. iyswim. they are really bad deals and i ended up with nothing at the end to put towards a new car, i gave the saxo back and took out a straight loan for a new car.

i am currently expecting our 2nd child and it is hard, i work pt in my job and took a huge paycut so i could be a nearly f/t sahm. i only work 15 hrs pw evenings and weekends so i can look after our daughter. my OH is like yours and has no formal qualifications (well he has gcse's and a levels) he used to work in a supermarket, when i got pregnant with my DD he looked for a better paid job so we could afford for me to cut down at work, he now works for a bank and is currently on the management training scheme.
your OH really needs to get a better paid job, forget loyalty to your dad, you and your new baby come first and you have to provide for them.

MrsTinks

Havign no qualifications doesn't mean you can't get a better job... Neither I nor OH have anythign better than A levels (mine is a baccalaureate so it confuses most employers rather than help although it's actually better than A-levels - infuriating ) we have done pretty well for ourselves although we have a few years on you and your OH (about 8 or 9) and with LOTS of hard graft you can get just as far as people with qualifications coming out of their ears so both of you need to get on with it There is nothing stopping you getting better paid jobs if you want - and there are ways of earning from home like the "naughty" phone lines etc and text services - ok they're not everyones idea of a savoury job but they are legal and can pay pretty well - especially the phones. I've tried the texting - wasn't for me but I thought I'd try it to see if I could do it and basically work from home... the answer was no for me But if it means increasing your income... you might have to swallow some pride!