Can I clear a debt a month??

CammieBX

Hi

Good luck, I think this is a great idea, I have numerous debts and wish that I could do what you are planning to do - pay off one debt at a time. I am 23 years old and have student debts and other debts.

Good luck, I will like to keep an eye on this post and monitor how well you get on. :j

CammieBX

Hey Emily

Firstly just wanna let you know my name is also Emily!!

I have a Citroen car and thats on HP, would like to pay it off in one go and get rid of the debt, but need a car to travel to work everyday.

Would you get an older, cheaper car? I had this idea as my monthly payments are £237 a month for my car and I thought that if I could sell it and pay the remainder of what I owe then I would be better off monthly, but buying an older car maybe worse as it may go wrong and cost more in the long run.

Hope you can sort things out and get your car sorted

Emily xxx

LoLo

Hi, just wondered how you were getting on this month. Hope you are managing to achieve your goal and still be on target to clear this months debt.

scottishspendaholic

Hi there,

I'd love to know too - I've been following your story so far

SS x

Peppa_Pig_5

Hi Emily

It would be nice to hear how you are going. It is so interesting and really inspires me, so I hope you post again soon.

themaccas

Don't know if you've sold your car yet but about 3 years ago I was offered a company car. I had my own car which I wanted to sell but had finance on so I advertised it at a much better price than the garage offered but at an attractive price. I had loads of phonecalls and sold it to the first person who viewed it. I told them there was finance outstanding and they paid off the debt directly to Ford Finance giving me a cheque for the equity. I worked out really well! I got a good price, they got a good deal and the finance was settled.

ehallett

Hello everyone

Thought it was time for an update, I know that a lot of people have been following my progress and thanks for all of your help and advice.

Unfortunately my life is like a soap opera at the moment!! My dad is still in hospital and has been for 4 weeks, he only went in for a hip operation!! To top it all off, my sister gave birth on Sunday. The problem is that she wasn't due until 16th April!!

My poor little Nephew Joshua is in Intensive Care and is expected to be there for 6-8 weeks, he is doing ok fortunately but it was a big shock to us all and my sister is still a bit shaken by it all as he is her first child.

I'm still having trouble finding the money to pay off my car so that I can sell it. My mum has said that she is going to try and get a loan for me so that I can pay the finance, sell the car and then pay off the loan and hopefully have at least £1,000 left over so that I can pay off Alliance & Leicester.

I like the idea of selling the car and then getting the finance paid by the buyer, but I thought that this was illegal? If it is then I wouldn't want to take the risk as I work for the Probation Service!!

Anyway, my mum is going to make an appointment with her bank on Wednesday next week so hopefully I should be able to clear my car loan this month, I'm not sure if I will be able to clear the Alliance & Leicester loan this month but if I can clear the car loan then do you think this still counts towards my target of 1 a month?

I'll post again when I have got some more news.

Best wishes everyone.

Emily x

pixie1

Hi Emily,

Sorry to hear your Dad is still unwell, congratulations on becomming an Aunty I hope Joshua and your sister are both doing well.

Thanks for the update I love reading your thread to find out how youre getting on. I hope you can get the car finance sorted and then sold.

Keep smiling

roswell

may i suggest if your mother has a good credit rating she gets a 0% credit card instead of a loan ?? it would be a lot cheaper in the long run. or even life of balance card.

themaccas

Hi Emily
Sorry maybe I should have elaborated a little. When the people came to view the car I was honest and said there was still outstanding finance on it but they were very keen to buy it. They were going to take out a loan with the AA to buy it and phoned them to tell them they wanted to buy the car but there was outstanding finance. Obviously the AA wouldn't loan them the money on the car with the finance outstanding so they told the purchasers they would settle the finance direct. I just had to contact Ford and let them know what was happening and they were fine with it. If it had been illegal then I am sure it would never have happened. I had never heard of that happening before but it all went through very smoothly. Selling a car with remaining finance is illegal if the finance is not settled and as mine was, it was ok. I did phone Ford before my purchasers came to collect the car to ensure it had been paid off though!
Good luck in selling your car.