Newbie in debt please help

CammieBX

Hi

I am in the same boat as others on this board Gradiated last year, earn about £1300 after tax (NI & Student loan). I pay £350 a month for rent and household bills, but have to pay £230 a month on HP car, plus other bits and pieces. My out-goings are about the same as my incomings.

Watched Make me Rich yesterday and all Martins tips I already follow - have cheap car insurance, buy Tesco value products, pay all bills by direct debit.

What else can I do!!??


BG Note

I have just split this from an old thread. :xmassmile

jamesp_3

CammieBX wrote:

Hi

I am in the same boat as you. Gradiated last year, earn about £1300 after tax (NI & Student loan). I pay £350 a month for rent and household bills, but have to pay £230 a month on HP car, plus other bits and pieces. My out-goings are about the same as my incomings.

Watched Make me Rich yesterday and all Martins tips I already follow - have cheap car insurance, buy Tesco value products, pay all bills by direct debit.

What else can I do!!??

Thats an expensve car for you earnings. Sorry - it is. My earnings a more than yours an i wouldn't consider paying that much. You say you have to pay it - why?

Jim

CammieBX

Hey Jim

Yeah it is expensive, when I first bought it I was living with a friend and could afford it (its a newish car). Then, due to circumstances I had to leave my friends house and my partner and I had to move into private rented again. I live 26 miles from where I work and so need a car, my partner tries to help me each month and pays the petrol.

jamesp_3

CammieBX wrote:

Yeah it is expensive, when I first bought it I was living with a friend and could afford it (its a newish car). Then, due to circumstances I had to leave my friends house and my partner and I had to move into private rented again. I live 26 miles from where I work and so need a car, my partner tries to help me each month and pays the petrol.

I had a similar circumstance too. My wife fell ill and we lost her income - all of a sudden paying nearly £200 a month seemed very expensive and i wished i'd been saving the money instead.

You have to weigh things up. You need a car but do your earnings justify such an expensive one. Cars are incredibly expensive (not just the loan but insurance, tax, fuel, maintenence) and if your HP agreement allows, you may be much better off getting rid of it and buying something much cheaper and econmonical. I'm going to carry on my agreement because i've only got 9 months left on it but when its over i'm downsizing!

Jim

nearlyrich

I have just split this post from last week from an old thread where it hadn't had many replies so far...I have pm'd Cammie to let her know so any help and suggestions appreciated as always.