debt disaster

jax3003

omg thats like an extra 200quid i would have 2 go towards my debt a month!! i work 40hours per week but the course is distance learning except for 2 x 2week blocks every year over 3 year period. ive just done my final exams. if i pass my salary will increase in sept if not i repeat n dec and then my salary wil increase at latest feb. my employer pays for all fees, exams,books etc so that is why i dont recieve min wage. so it basically means i pay for some of the course really because they are not paying me fully wouldnt that b right?
do u know if there is a template letter for letters to the bank?

Tixy

You could look on the national debtline website sample letters - whilst I don't think there is one that exactly fits your situation you may be able to use 1 or 2 as a starting point and amend them to suit what you want to say.

jax3003

thanx for all your help! really wana question my bosses on the minimum wage debate but im a bit of a wuss.

misspoppy

why don't you call acas first to get advice, they are a free service that advise you on employment matters

jax3003

hi me again, can any1 tell me if my car is on finance can i sell privately and with the money from that pay it off the outstanding balance? i realise if i get less than the balance id still be out more money in the long run.
thanks!

MyLastFiver

jax3003 wrote: »

hi me again, can any1 tell me if my car is on finance can i sell privately and with the money from that pay it off the outstanding balance? i realise if i get less than the balance id still be out more money in the long run.
thanks!

It depends on the nature of the finance you took out on the car. If it is an unsecured loan then you can do what you like. However, given the ratio of income to lending, I expect you signed up to some sort of sub-prime hire purchase. If it is HP then I expect that you don't own the car until you have paid off the finance.

Any buyer of your car can do a search to see if the car has outstanding finance against it. If so, the finance company can still repossess the car even if you no longer "own" it.

I've written this before but car finance seems to be a real source of debt problems for an awful lot of young people. It saddens me to see people who should be out having fun and building a secure future saddling themselves with huge, expensive loans in order to finance a shiny motor. When I was your age I drove an ancient Renault 5 which cost me £300. And yes, it was reliable. Most of the time. OK, some of the time.

jax3003

thanx 4 the advice unfortunately it is not just the car that is the nature of my money probs! i just am a fool with money but i am finally taking control! i rang and found out my settlement figure and i need 2 pay that off b4 i can actually sell the car to a buyer. the prob is i dont know if any1 will pay that much for a converible streetka! any suggestions wud b appreciated greatly!!?

MyLastFiver

Congratulations for starting to take control. At least you're learning young what a pain in the @rse a life with debt is. It took some of us idiots a lot longer to figure that out!

As for the car, you can check its value on Parkers.

jax3003

thanx 4 that link! it was really helpful!

jax3003

me again sori 4 all the questions but ive been searching the site loads and i just have a quick question my od is £2,000. it is a student account. i will be qualified in january. do u think if i transfer my wages etc 2 this account i would be eligible for graduate account so i would have longer time span 2 pay off the debt? many thanks 4 all the help! :j