It never rains but i pours! :(

Biogrove

Hello, just after some advice from anyone please????

Me and my wife have just lost our house through repossession. Long story as i have explained in other posts so wont bore again! Unfortunatly my car has now decided to stop working, so we are looking to get one. My job involves travelling so if i lose my car i lose my job!

As mentioned have been repossed and i am waiting to hear from the mortgage company on their decision on 'what to do with us!' I am behind on a few other payments too!

As mentioned we need a car but at the moment dont have any funds to pay for it. I am unsure whether we will end up going bankrupt, but for the immediate future need a small loan to buy a replacement car. Would there be any implications in getting a loan at the present time considering our circumstances???

It never rains but it pours, or so we have been telling ourselves for the last year

As always, any help would be very much appreciated

Thanks

Cash_Waster

Have you got any friends/family that can lend you £500. Keeping it off the radar might be advisable if you are going to go BR

Biogrove

Hi,

Thanks for the advice, i shall certainly ask but i know not many family members have alot of spare cash at the moment!

Its not set in stone that we will have to go BR, but i suppose getting credit is a no-no at the moment then?

I really dont know which other way to go! :eek:

Thanks for the advice though! Any other comments would be very much appreciated

MicheH

When we're in debt and trying hard to pay back that debt we end having our income being used to pay our essential bills and the rest chewed up in debt repayments. You do not know if you're going to go BR yet do you, you know you're struggling but bankruptcy is the last thing on your mind, hoping to find an alternative way to get out of your mess but having said that instead of gaining a new credit source for a new car, it maybe would be a better idea to use the credit still available to you to pay for repairs of the car you have. If you do have to go BR and you need the car for your job, well OR examiners in my experience are human, do undertand the need for using credit to keep you ticking over but I think buying a replacement car at a time which will be obvious to any OR when they look back at your finances will see you are struggling right now. And plus you're asked the question when did you begin to struggle financially and when did you realise you had to go BR.

To sum up my drivvel, if you're insolvent right now I would think you'll be frowned upon should you go BR having bought a new car right now but servicing the credit you have available to repair your car will probably have an OR turn a blind eye.. needs must but maybe a new car isn't quite a need if the car you have is not beyond repair

Biogrove

Hi,

Thanks for the passage, it does help! The thing is it would cost more to fix my current car than buy a new one, so i would rather use the 'credit' available to get this.

As for going BR, it is down to what the bank does with my repossessed house. They have still not come back to me, the only reason i would go is if there is a large equity deficit from the sale (there are a few existing loans tied to the house, and i get the feeling it wouldnt go at auction for the total balance outstanding).

I do understand how bad it would look if we went BR yet only getting more credit a few months earlier, but i will lose my job if i cant get to my place of work. I live in lincolnshire and the public transport is non-existent here so i have no other means of getting there. Looking at local car dealerships, there is no cars there for less than £2k! :eek:

Again, thanks for the advice and any more would be very well received!

MicheH

so at the moment you are not insolvent - i.e. you can pay the debt and out goings you have? At the moment you're no where near going bankrupt as far as I can see. Who knows what will happen in the future, any shortfall in the house might just be able to be paid with a windfall next month

As long as you can pay for the monthly payments of a loan for a car or whatever then I don't see a problem because right now you don't need to go bankrupt. Be careful of HP etc though, I've read things about cars being taken off people because of bankruptcy even though OR has allowed them to keep a car. There's more to it than this and the good people will tell you more about it if you need to. Also be aware that should you need to go BR in the future with regard to shortfall in the house the OR will have an interest in any car worth over £2000. Our car was worth £2200 and we were very lucky to have kept it.

Just a few pointers, hope I'm correct in saying what I have. The OP is clued up and relises might have to go bankrupt when/if hit with any shortfall untill then life as usual????

grossbeak

You can get a perfectly serviceable second hand car for far less than £2000, start with ebay. We got a really great Nissan Primera for £225 in Jan this year, sailed through its MOT and runs like a dream. We'd rather get a really cheap car every two or three years than fork out thousands on a depreciating sparkly new or near-new vehicle.

Biogrove

Thanks for both your replys:

I shall have a look on ebay and see whats available, i didnt think this way as i could well buy a car and it breaks down afterwards and have to fork out again, i only looked at the garage so that the guarantee would cover things like that! But i shall certainly have a look!

As for being insolvent, basically its two debts that have forced us into repossession. Firstly, i had a business for 10 years, and as times got tougt i kept remortgaging the house to keep the business afloat and in the end it couldnt carry on. I lost the business, moved out of the property into rented accommodation. The mortgage company took the house off me, of which there was a secured loan on it (again gone into the business :mad:). SO i am now in rented accommodation. I am just scraping through financially, except the payments on the old mortgage and secured loan of which i am not paying. Alot waits on the house auction sale, but the way the market is i think it wont meet the outstanding debts!

I am also dealing with the CCCS, but from anyones experience would this situation end up in BR?

Again, MANY thanks for your help!

grossbeak

Bumping your thread in the hopes that someone with knowledge can answer your last question.

Biogrove

Thanks grossbeak