selling car to pay debt back quicker?

redballoon_2

Has anyone done this?

i posted a while back, about my outgoings and incomings.
We are massively overdrawn at the mo by 2000.00 :eek: (in limit) from when hubby was out of work a month back and we have a cc debt as well.

We worked out that we can pay back 830.00 each month, clearing the cc debt in 8 months, leaving us with 100 per month to spend on anything else we may need (all bills inc food and petrol taken care of out of budget)

then once that is done, we will still pay 830 per month put put it into savings and destroy all cc cards for good. :T

hubby is vvvvv. crap with money :mad: and spends it when we havent even got it to spend. so i take care of it now and i hold all the cards. :T

he has tho, come up with an idea about selling our VW which we should get about 1800 - 2000 for it and buy a friends ford granada diesel car, which will be cheaper to run as hubby does lots of miles each day and he only wants 200 for it. have no idea what state its in, but hubby is in car trade so knows the score.

if we did do this, then our overdraft would be cleared in one go, making me feel less stressed.

any advice?

Thanks

:wave:

LookingAhead

hmmmm. WEll sounds good but the thing with old cars is -a s you will of course know - the maintenance to keep them roadworthy.

I hope someone who knows a lot about cars comes along soon to offer more porfessional advice....but I personally would be worried about big things on the car needing repairing/replacing etc if it is quite old.