More going out than coming in :( Advice please

Sarahjane519

Thanks for all the replies.

The guy at the CAB had a good look, but he thinks it is on HP as it mentions the car alot in the papers. But he say he was not 100% sure and he would stand corrected.

GeorgeUK wrote: »

It would be worth finding out whether the car is actually on a loan or HP.

If on HP, you may be able to hand the car back as a voluntary termination and be liable for only 50% of the original price rather than possibly have the car repossessed. If it is a loan, then the car is yours and you can treat it like any other unsecured debt.

charlie2517

Hello,

Just to say hello, you've started wheels in motion to getting things sorted, I hope this gives you some comfort.

When the brown stuff hit the whirly thing for me I took in a lodger, not my ideal but it provides money without me having to do anything extra. Not sure it's something that'd work for you and I see someone else suggested it. Do you live somewhere were you could rent a car space if you have one? As a supermarket says every little helps! I endorse also the advice on prioritising your creditors and paying them in that order and also writing to them with offers.

Big hugs!

Charlie x

Sarahjane519

Well the Car company have just taken the money out So we are now overdrawn.
We don't have an overdraft either Dunno what to do

dancingfairy

o.k don't panic I'm sure someone will know the best course of action. But don't worry there are options.
Did you have a direct debit set up? or a standingorder that wasn't cancelled or did they just take the money? Have you informed them of your situation?
Did you get to the bottom of whether your Car was on Hp or a loan as this will make a difference.
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VanillaDelia

Hi there, is there any chane you can cancel the DD today online, it may reverse it by close of business, if not the bank may not grant the DD if your going to be overdrawn, so it may spring back, but will incur charges. If this is the case you need to cancel the DD as the HP company might reapply again. If you have not had charges before the bank may waive these this time only.

dancingfairy

If they had just taken the money and you had not given permission and this was not how you normally paid you can tell the bank it was an unauthorised payment and get them to refund you - however I think it would be slightly unfair if you have not written to the car co. and told them of your situation and told them you were having problems.
If it was a Direct Debit then again you should have written to the company to advise them you wanted the DD cancelled AND Cancelled it at the bank. If the bank did not cancel it then it is their fault.

Really need to know whether the car is on hp or a loan though as to what your best course of action is.

Is there any way you can talk to the bank - are they going to refuse the money and charge you or are they going to take it out anyway and charge you for going overdrawn?
df

Sarahjane519

Thanks so much for the replies.

It is set up as a direct debit. We rang them up earlier in the week and told them that we could not afford to pay it this month . I dont know how to find out if it is on HP or not. We did ask at the CAB but they don't know either. We have an appointment to see someone about or debts at the CAB but its not for another month

RAS

Have you tried ringing CCCS or NDL as both of them could advise you on the car agreement. They are open until late.

Or see if a local solicitor will do a free half hour consultation?

Sarahjane519

Will try that thanks

Sarahjane519

Just had a letter come from Lloyds. They are going to charge us for the unplanned overdraft. They are chargeing us £15 for the month plus £20 for each day (upto 10 days) we are in the red plus intrest Talk about kicking us when we are down. There is no way we can do this. That's another £200+ a month they want to charge us. Plus any money we get coming in will just be wiped out too What do we do?