More going out than coming in :( Advice please

Sarahjane519

At the top of the application for the loan for the car. It says Fixed-Sum Loan Agreement. But a few pages in it says Motor Loan?

I can not see anything about Hire Purchase?

Sarah

standupguy

Sarahjane519 wrote: »

At the top of the application for the loan for the car. It says Fixed-Sum Loan Agreement. But a few pages in it says Motor Loan?

I can not see anything about Hire Purchase?

Sarah

That means it is not HP and therefore you cannot hand the car back under a voluntary termination - it means you are liable for all the payments.

However, from what you say, there may be a deal to be done with the Finance company as it is likely that you will be unable to pay the monthly payment.

This will mean your account will fall into arrears and the Finance company will have to accrue higher and higher bad debt provisions as the arrears mount.

They cannot repossess the car as they do not have title to it so their alternative is to ultimately take you to court but will only be awarded a monthly payment of what you can afford to pay at that time.

So, they may well consider an offer to take the car back in full and final settlement of the agreement - if so you need to make sure that you have this in writing from them prior to releasing the car.

If you can manage this it will release the £280pm repayment but if you need a car you will have to find the funds to get an older vehicle?

Sarahjane519

Thanks for that

So if it's not on HP can we sell it? and downgrade to something smaller?

Sorry this really is all new too me.

Thank you again

Sarah

Sarahjane519

Pee wrote: »

Ah, so he is busy with the new deal scheme. My apologies. I didn't understand that. Could either of you advertise for and do any babysitting?

I think insurance quite often is a con and if you had it, it may not have paid out.

Are there any benefits he is entitled to? I'm pretty sure on those figures you should be able to get some help with council tax.

Sorry I missed that post.

I will try and see about a C/Tax reduction. Just to add I work with kids all day and don't really want to take it home as well lol

Thanks

Sarah

Pee

Point taken!!! If you do want an evening job, you def want it to be something completely different. On the basis a change might be almost as good as a rest, but more of the same will not help!!!

So the new deal business, he is setting up a small business under that scheme? Is there potential for this to start making money and is there any timescale?

Sarahjane519

We are definatly going in to the red this month . I'm lost how to get out of this hole
We have managed to hold it off for so long but now its coming to a head.

Please what can I do

Sarah

pebblespop

could you look for a bar job?

i wanted to go on holiday a few years ago and started working behind the bar at the local football club two nights a week - they had functions on all the time. i got about £80 in my bank every week and tips in cash. it was hard work as i was working full time but i quite enjoyed the atmosphere of the bar.

it would help you out a lot

Sarahjane519

Thanks for the reply.

I have tried ringing CAB but the person for this area is away on holiday for 2 weeks

It may be a bit too much me taking on another job as I am also doing an open university course too. So I don't have alot of spare time.

Sarah

GeorgeUK

Have you asked the bank if it's possible to have a payment holiday on the loan?

How much short are you?
(Wondering if it may be possible to get a 0% card)

Have you contacted CCCS or Payplan?

Pee

There are three options - earn more than you spend, spend less than you earn or a bit of both.

Will you be doing the OU course over the summer? Is the OU course a priority or can you freeze it for twelve months?

Is the new deal scheme the best way of your OH producing some income?