Help car being repossessed

RAS

hellohello1 wrote: »

Monthly income after tax................ 1070
Partners monthly income after tax....... 1050
Benefits................................ 180
Other income............................ 0
Total monthly income.................... 2300

Monthly Expense Details
Mortgage................................ 650 - repayment or interest only?
Council tax............................. 150
Electricity............................. 70 - this is high, can you go on a mission to turn everything off and check whether you can get a cheaper supplier. Then swap via www.quidco.com or another cashback site
Gas..................................... 60 ditto
Telephone (land line)................... 12
Mobile phone............................ 15
TV Licence.............................. 11
Satellite/Cable TV...................... 19 - do you really need this - go freeview
Internet Services....................... 12
Groceries etc. ......................... 300
Clothing................................ 20
Petrol/diesel........................... 80
Road tax................................ 20
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 60
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 18
Contents insurance...................... 0
Life assurance ......................... 25
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 20
Holiday................................. 0
Emergency fund.......................... 0
Total monthly expenses.................. 1622

Assets
Cash.................................... 0
House value (Gross)..................... 110000
Shares and bonds........................ 0
Car(s).................................. 3000
Other assets............................ 0
Total Assets............................ 113000

Secured Debts
Description....................Debt......Monthly...APR
Mortgage...................... 102000...(650)......NaN
Total secured debts........... 102000....-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
GMAC...........................2000......203.......0
HALIFAX........................5000......100.......0
HALIFAX........................9000......180.......0
NEXT...........................500.......50........0
MINT...........................400.......20........0
MINT...........................2000......20........0
HALIFAX........................550.......30........0
Total unsecured debts..........19450.....603.......-

We really need the APRS on these debts - see the snowball on www.whatsthecost.com

Monthly Budget Summary
Total monthly income.................... 2,300
Expenses (including secured debts)....... 1,622
Available for debt repayments........... 678
Monthly UNsecured debt repayments....... 603
Surplus(deficit if negative)............ 75

Personal Balance Sheet Summary
Total assets (things you own)........... 113,000
Total Secured debt...................... -102,000
Total Unsecured debt.................... -19,450
Net Assets.............................. -8,450


Re the car - have dug out the agreement and definately states HP agreement - also says we can hand back after paid half the car which we have paid more than that - it says to reposess it they must have a court order in Scotland (thats where we live).

Are you going to hand it back?

OK, if you have been buying stuff, what can you sell to pay off your most expensive debts? Amazon, e-bay and car boot sales.

Do you have room for a lodger - tax-free you know.
Can you pay the Council tax over 12 rather than 10 months?

hellohello1

Hi

Thanks for that RAS. There are 4 of us in house me, hubby george and 2 boys aged 9 and 6.

Have actually been speaking to my team manager about things but not laid out quite exactly what is going on. Am bit scared to be honest as feel they sometimes judge people. I know its my fault and don't need them to go on about it!

Think we have like a staff support team will find out tomorrow and then maybe contact them. I really just dont want everyone (ie my bosses) knowing about it.

Aud
x

hellohello1

the mortgage is repayment - spoke to Halifax about interest only and they said have to take out an insurance which will cover the loan ie some sort of endowment - once added that to what the mortgage would be, thought would be a waste of time.

have just recently swapped gas and elec to Eon and only paying this for 3 months as did not want to have big bills after xmas or see the payments going up. - will contact them see if can lower the payments.

re the sky know should give it up but my kids would go nuts. Also we dont go out much so tend to watch it - also it gives me better picture.

Unfortunately no room for a lodger - we live in a 3 bed ex council house which dont even think would be able to sell which was something I thought about.

thing is have not really been buying stuff - have nothing to show for debt apart from new windows in house which had to get as the one in my oldest sons room was falling apart. use of the credit cards has been just for living over last few months.

it does appear hopeless but maybe the staff support team will be able to help.

Re the car - yep George going to contact them tomorrow and tell them to take it - it does seem a shame as we only had 6 months to go on it but it has to be done. I personally gutted as use for work but can get bus not a problem.

RAS

OK

You need to head over to the Money Saving Old Style forum and read up on feeding 5 thousand on a few loaves and fishes. Some of the threads are scary, but you can cut the groceries by £100 at least.

And do post those APRs as they are important.

hellohello1

will get the info out on the apr's and let you know

thanks for the help x

halight

Hi,
Good luck with cutting your monthy speending. It can be done!!!! And once you start you will be amazed at how much fun you find it !!! Really try it.
As soon as you start and you start to see how much you can save and atill live very good you will start to look at other ways to save.
Once you start to get money back in the bank ( and yes it will heppen over time) Find somthing that will be good for you your oh and your boys and traet yourself but dont forget you can money save on this too by makeing sude you get the best price and the most for your money!!!

Good luck and remember it wont be long before you get back on your feet and sort your debts out and pay them off.
IT WILL END AND BE OVER BEFORE YOU KNOW IT.....
WHEN IT GETS HARD TRY TO REMEBER THIS

hellohello1

help again!!!

George phoned the company and they would not take an arrangement apart from us paying the full arrears today which we cant. They are sending someone out to see us on monday and they want to see the log book. Does this mean that we have given them permission to take the car?

Have not posted since last week as my wee boy been in hosp having an op. Am so stressed out about all this and obviously about my wee man. All fine with him now just need to sort this out. Am going to the bank today see if they can help before contact the colleague assistance helpline. Not sure if can get a staff loan to cover everything cos the rate they offering is 6.4%. Not even sure if they will give us it!

If someone can let me know about letting these people come to the house that would be great. George offered them a lower payment but they said had to come to the house and go through our affairs etc. Am panacking!

Thanks

Aud

sugarpants_2

Aud

Oh dear hun. Couldnt you remortage?

What car is it?

RAS

hellohello1 wrote: »

help again!!!

George phoned the company and they would not take an arrangement apart from us paying the full arrears today which we cant. They are sending someone out to see us on monday and they want to see the log book. Does this mean that we have given them permission to take the car?

Hi

If this car is on HP, you can give it back and there is no outstanding debt. it is very likely that what the company want to do is to get you to sign documents that make you liable for the shortfall.

Please RING NDL or CCCs immediately. Looking at web-sites in no use in this situation.

Consumer Credit Counselling Service: Full debt help service. Link: CCCS Tel: 0800 138 1111

National Debtline: Full debt help service. Link: National Debtline Tel: 0808 808 4000

ovenreadywombat

Hi,
I have returned 2 vehicles back to the finance companies, one 2 years ago and the other 2 weeks ago.
They were both with Black Horse finance.
The usual drill is this,
You ring the finance co and ask for the department for Voluntary Termination
Thay take some details from you, I think you have to be up to date with the payments and over the half way point
In my own situation I was one payment away from the half way mark, the car was £280 per month
They said if I paid £37, I think this was the interest on the last payment, I could return it.
I did pay the £37, they sent me a form, this asks if the car is a runner, mot'd or taxed.
Also you get a list of car auctions where you can take it to, if the car is a runner you can drive it your self to
the auctions. The morning I recieved the paperwork, I rang the closest auctions to me. They said bring it anytime.
The car was out of my hands by lunchtime.
If your car is a non runner there are charges for the finance co having to recover it.
I'm no expert, but reading your post seems as though they are coming to see you to try and extend the
term of the HP. Or talk you into some kind of deal. They don't want folks returning motors to them as the second hand car market is on its
knees at the moment.