Trying to sort out my daughter's financial mess

joeblack066

niksyg wrote: »

I am pretty sure it was all above board, the dealership I got my new car from just settled the payment figure. The finance company seemed happy as they got their money...hang on, thinking about it, it may have been a loan as the car tecnically belonged to the finance company, not the dealer I originally got it from.

Anyway, OP I think the option is to concentrate on uppong your daughters income and reducing her unnecessary spending!

Dealers do have the option to settle the HP and refinance for you for a new vehicle, so this is probably what happened. It's the people who sell an HP car privately that are doing the naughties lol!! Joe

GeorgeUK

They may not let her out of the phone contract, but they may allow ger onto a cheaper tariff.

Oneday77 wrote: »

Car wise, sorry George, she has to have paid at least half of the car including initial deposit before she can hand it back, assuming it is secured on it that is.

Alot of the car companies insist this is the case, but it isn't. A voluntery termination means you can hand the car back at any time but will be liable for the 50%. (Section 99 of the Consumer Credit Act 1974)

http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_how_to_deal_with_hire_purchase_debt#chapter6

MyRubyRed

Not sure if this will help ..only to say there can be light at the end of a dark tunnel.xx

I can't comment re the car.
Re the Orange issue. My daughter got herself into a similar issue with them ...but with far greater debts and whilst she had tried to keep this under wraps and discuss a payment plan with them they were intimidating and threatening. I knew nothing of this at the time but I challenged her, after Id taken three to four calls from Orange looking for her, I did witness her attempts to resolve the problem with them (on speaker phone) and I was horrified at their responses. I got her to call Orange again and confirm to them that they were authorised to speak and deal with me. Totally different response when there was not a frightened nad dare I say it young debtor talking to them. Upshot was that a very reasonable payment plan was arranged ..and adhered to.
The phone was only one of a few things my daughter had messed up on, no credit cards but there were overdrafts also. But it did take her a while to come clean totally and only after I started opening every piece of mail that dropped through my door. Only once she realised the only way out was to come totally clean about the mess she was in, was I really able to help. I, like you was not in a position to clear the debts for her but I took the same action re the overdrafts and arranged an agreement for settlement.
The good news was that:-
She paid everything off within 12 months,out of her own money (additional P/T jobs and much restriction on her social activities) and without financial help from anyone else.
She realised that her parents were there to support her and the guidance given was indeed in her best interests.

Wishing you well in helping her sort things out

heatherykins

I work in Social Care and agree wholeheartedly with what previous posters have said. If she has the skills and experience, an agency will snap her up and give her work by the bucketload. Good, reliable workers in this field are worth their weight in gold. The wage she is currently receiving seems that she is not full time and the company can't guarantee her full time hours as her wage has dropped after xmas (They likely used her to cover holidays etc back before xmas). It would be worth getting a copy of her contract and pinning the company down to find out exactly when she is working and for how long so that she can make other employers fully aware of her availability to maximise her potential for being offered work.

And I agree - it would be worth your daughter ensuring that your support is there, but working along with you to sort this out - then she will learn valuable skills in negotiating, problem solving and organisation - all vital for any social care worker! Good luck to you both x

Blackpool_Saver

It's certainly true that the kids need lessons in finance isn't it.
While you are helping her, I hope she will be watching and learning for the future.
I dread this as my son is very lacking in financial knowledge, part of his college course teaches financial stuff and I shall be filling in the gaps.
The very best of luck to you and your daughter.

Lottebear

If her job requires her to drive other people should she not get some form of allowance towards insurance and petrol?

Hootie19

Thank you to the helpful posters so far.

Excuse me for not replying individually yet, but I'm still sorting the paperwork out into a coherent filing system.

The worst appears to have happened re the car.

It is indeed a hire purchase agreement, and I have found a letter (Royal Bank of Scotland if that's relevant) saying:

We refer to our Default Notice and regret that you have not paid the amount of the total outstanding arrears as detailed below.

In the circumstances we therefore TERMINATE your agreement and require you to return the goods IMMEDIATELY.

Total arrears £792.74



Sigh - is that it? Is there no way of redeeming this? We cannot find £792.74 just like that to pay arrears. Is there any point in trying to negotiate with them?

I am cross with her for getting into this mess in the first place (which all arose because she wouldn't take our advice and listen when we said she couldn't afford a new car. At the time she was in a different job and was bringing home £900 a month) but also feeling so sad for her, for being in this much of a mess at such a young age, when she should be able to be out and about enjoying life.

joeblack066

When was this letter issued? It may be that you can reinstate the agreement, tho they are likely to want a higher monthly payment to cover the 4 months that she has missed. That extra work is all the more necessary now!

Hootie19

Sorry, should have said the date on the letter is 19th January.

joeblack066

So a phone call first thing in the morning to see if thiscan be sorted then?

Let us know how you get on.