Cannot Afford Loan Repayments

nikki2804

Okay well I wrote this thread out, saved in and it disappeared. So apologies if it reappears.

My partner had previously taken out a computing course through Advent Computers. We have looked into cancelling this but after taking advice from CAB etc we have accepted that we will need to pay for the finance. (Still think it was miss-sold but hey)

Now a lot has changed since he took out this course, originally he was living at home with parents etc. Now we have a baby, our own house and bills to pay etc.

Advent arranged in-house finance for him at £150 p/m repayments. We have written to them countless times asking to reduce the payments but they will not accept that we cannot pay. They did agree to drop the payments to £50 for 3 months but then it will jump right back up.

Now, I finish maternity leave in November but will be going back part time. I simply cannot afford to pay the childcare costs if I went back full time. So our income will drop to about £1500 p/m. This includes our minimal tax credits and our Child Benefit.

Monthly Incomings £1500

Monthly Outgoings

Rent £495
Council Tax £113
Car £165
Phone/Broadband £17.95
Mobile £25
Contents Insurance £5
Road Tax (savings Stamps) £10
Baby Milk £40 (at least)
Nappies £40
Groceries £80/£100
Gas/Electricity £100 (taken by DD)
Petrol £40 (minimum)
Welcome Finance £136
Loan Store £56
Credit Card £100
TV License £12

Total £1454.95

So I have £45.05 left incase of emergencies. This doesn’t take into account any clothes etc that I would need for my baby.

Does anyone have any advice for what I can do? Hopefully the above shows how little money we have to pay the finance.

[Deleted User]

why not try the DFW board for help in reducing your outgoings?
you could reduce your gas/electric by shopping around(just saved £25 month on mine using same company but an online account),not sure new born nappies will be £40(try own brand),£25 for a mobile can prob be bettered
follow my drift?
good luck

CLAPTON

go over to the debt free wannabe board and post up a full budget

see here for format

http://www.makesenseofcards.com/soacalc.htm

l

nikki2804

Cheers
Unfortunately I cant change my phone, 6 months into an 18 month contract.

£100 is the agreed DD with EON. Our heating bills are actually horrendous and EON is the cheapest for our area.

I have tried to lower my outgoings. There as low as they can possibly go.

As for the own brand nappies, TBH ive tried them but find that the wean goes through them far quicker than branded ones.

What I really wanted to know is if theres anyway I can get them to accept a lower payment and realistically whats going to happen if I can't pay?

Someone suggested stopping all payment and waiting until it goes to court but TBH im not wanting to go down that route. The debts there and it will be paid but I just cant afford what they want.

CLAPTON

nikki2804 wrote: »

Cheers
Unfortunately I cant change my phone, 6 months into an 18 month contract.

£100 is the agreed DD with EON. Our heating bills are actually horrendous and EON is the cheapest for our area.

I have tried to lower my outgoings. There as low as they can possibly go.

As for the own brand nappies, TBH ive tried them but find that the wean goes through them far quicker than branded ones.

What I really wanted to know is if theres anyway I can get them to accept a lower payment and realistically whats going to happen if I can't pay?

Someone suggested stopping all payment and waiting until it goes to court but TBH im not wanting to go down that route. The debts there and it will be paid but I just cant afford what they want.

in the nicest possible way re-read my post

on the debt free wannabe board there are lots of people in similar situations and so you will receive lots of advice and support from very knowledgeable people

please go over there

Dirty_Dave

How much do you pay for nappies? We use Aldi naps, they are about 5.60ish to £6 for 50, however keep looking in Asda because they have great deals on Huggies & Pampers nappies, including boxes of wet wipes quite cheap.

rosie383

As far as nappies go.... I normally use Lidl ones at £5.60 for a pack (42 of size 5). When doing some shopping in Aldi last week, I bought theirs for exactly the same price, but there is no comparison in quality. I have had to change my wee one almost every night for the last week, and she has soaked through to her clothes quite a few times in the day too. This hardly ever happens with Lidl nappies. Give them a go if you can get to Lidl. Much better than any of the big brands IMHO. I use Tesco or Asda own brands if they are on offer, but wouldn't go for Aldi again.

nikki2804

CLAPTON wrote: »

in the nicest possible way re-read my post

on the debt free wannabe board there are lots of people in similar situations and so you will receive lots of advice and support from very knowledgeable people

please go over there

I have reposted on the DFW board which is why I said cheers i.e cheers for the information.

My further reponse was answering another question which had been asked. Maybe I should have clarified on this.

I normally bulk buy nappies from CostCo when there on offer. I'll have a go with the Lidl nappies as a few people have mentioned them thanks.