Help. Advice needed re: Cars

MrsST

FWIW, my husband is now driving a £250 runaround that is not pretty (at all, lol!) but has been doing around 500 miles per week in it since the beginning of Sept.

It's better than not having a car at all and it's a lot cheaper to insure than our old cars were.

Sunk

LilyBart wrote: »

Sunk, I'm jealous! Mine is only 8 (that's son, not car, which is 2 years older) but perhaps if I get him a Beginners' Guide to Car Mechanics for Christmas....

"new" engine in September, new exhaust in October... Ouch!

By the way, I think the OP said she couldn't afford the couple of hundred pounds for a banger. But yes, if you post up an SOA, I'm sure there will be plenty of helpful suggestions for places to trim your budget.

lol....my car is 25years old, becoming a classic now.
ps
Don't tell the OR that they are probably going up in price.
Austin metro long may they live.:rotfl:



I think we do need to see OP SOA lily.
Sometimes one has to sell something to gain something, which I did.
As long as the OR knows all should be well, it's when you dispose then hide problems start.

mcjordi

i think most finance companies have a clause allowing reposession of the cars if bankrupcty is taken, i know this as i have a mate who got a nearly new clio on finance and went bankrupt 6/7 months later they took the car back

maxmycardagain

In Deep has gone off for a sulk (in her brand new car)....to the villa in spain....

ooops

dalip

maxmycardagain wrote: »

In Deep has gone off for a sulk (in her brand new car)....to the villa in spain....

ooops

Oh max you do make me laugh,you have such a way with words:rotfl: . Took some getting used to but i got there in the end:o Dx

In_Deep_2

maxmycardagain wrote: »

expect a IVO anyway then No it will be bankruptcy actually.

what i struggle to understand is why you bought two brand new cars (1 only a month ago?) when you knew quite obviously that your incomes were about to fall so badly as to consider going BR, yet now it seems hubby will be earning well so are you cancelling the BR?...

My husband bought his car over a year ago not sure if you know but finance agreements run for more than a month. My car was ordered 3 months ago and then 2 weeks ago the bottom fell out of our lives so don't judge me.

maxmycardagain

In_Deep wrote: »

My husband bought his car over a year ago not sure if you know but finance agreements run for more than a month. My car was ordered 3 months ago and then 2 weeks ago the bottom fell out of our lives so don't judge me.

hand em both in and save yourself £500+ a month then cos the OR wont allow the HP as deductable

as for vehicle finance i can assure you ive had more than you have and never defaulted, usually clearing at the half way point, bottoms dont collapse in 2 weeks, thats the bit i dont accept, your OH wouldnt have been unaware theres a credit crunch and recession coming at least 4 months ago, before you took delivery of your new car, so why take delivery?

maxmycardagain

expect a IVO anyway then No it will be bankruptcy actually.

er, have you actually READ any info on here?, i meant a IPO/IPA

this is a monthly payment ONCE you go BR, from your surplus, which we cant calculate cos you havent posted an SOA

my point is that as the OR wont accept your request to allow HP payments for £31,000 worth of cars he will include that as additional surplus

he will set a IPO/IPA at 70% of any surplus

as your OH is getting a "very well paid job" (your words), you can expect a IPO of £600+ (£350 alone due to the car HP) or more, per month, for THREE years...................

maxmycardagain

of course if you dont pay the HP, and as you havent gone past halfway on the term, the vehicles will be taken off you by the HP company

In_Deep_2

Until you know the details of my particular case then don't tell me that bottoms don't fall out of peoples worlds in 2 weeks because they do. We were doing fine we were busy and were saying to other people "recession what recession" it was not affecting us and we were set to gain from it if anything. Then 2 weeks ago we realized we had no phone calls about work, no phone calls at all actually and we spoke to a few of our friends who do the same as us and they said it had been like that for them too. For us no work means no money, no money means nothing gets paid. We are now officially trading insolvently and after having had our business that we built up ourselves and has taken 10 years to do we are going to lose everything and yes its all happened in two weeks. Our first year of trading turned over 48k this year we turned over 250k.

If I could avoid bankruptcy I would believe me we have never had bad credit and never defaulted on anything, we have no ccj's and never not paid our way. We are devastated about it but we have seen and IP and she says its our only way out.