Please help me

Haxeyowl_2

I have just gone thropugh a divorce, and at moment I have the mortgage and all the bills to pay where as once we had two wages.

I have missed a couple of loan payments and with amount borrowed against my name, my credit score is lower than a snakes belly.

My car costs me £241.50 a month (Which was well within our budget when we was married). I have 2 years left to pay on it. it is currently valued at appoximately the same as how much I have left to pay.

Sounds simple, but there is a problem.

I need a good reliable car to get me to work as i do shifts, so using public transport is a no go.

I have seen a fantastic almost new car for £4000.

If i could get rid of my car and pay it off, i could buy the £4000 car.

Borrowing £4000 would leave me paying £100 a month, thus reducing my costs by over £140 a month.

But nobody will help me.

All money goes through credit score, a computer is not human, so it just says you cannot borrow any more.

Common sense would see i am £140 a month better off, and I have actually reduced my debt by £2000 too.

Does anybody know a way around this please ?

People claim they want to help you get out of debt, but nobody does. I have a car costing me £241, and you would think people would think you are trying hard if you reduce your debt payments by £141 a month, but the truth is they are all out to get you, and they love getting late payment fees from you, and they really don't care at all

Hannah_10

I don't mean to sound harsh but perhaps you're setting your expectations too high hoping for the £4000 car. I understand your logic totally in why it would make so much more sense then to carry on as you are, but the lenders just aren't going to.

Be very careful about sub-prime lenders right now too, you're exactly the kind of person they prey on. If you're "pre-approved", if you don't have to complete a credit check, if they use any kind of pressure tactics at all or if you are asked for a payment up front (they call these different names but basically it's an admin fee) then run for the hills.

I have a good reliable car. It looks good too. I paid £500 for it. Took me 4 months to find a car I could afford that was in good condition but I did it. If you started looking now and set yourself a strict challenge then you will find one you can afford outright eventually. Checking the closed eBay listings regularly for cars sold within a 50 mile radius of you, for under £1000 should give you a pretty clear idea of what cars are generally cheap. When you've read a bit you will get a feel for what bargains can be had and what are shockers. For example Mondeo's are cheap (because they're usually high milage and kn*ckered), big old BMW's are cheap (because they have useless fuel consumption and the parts are astronomicaly expensive) but there are certain cars that just no one wants, even though they are good cars. Citroen Xsara hatchbacks are one example. It's is just not a make and model that springs to mind when you're thinking what car to buy, so people aren't looking for them and hence the value for money is excellent. You'll get the hang of it, just allow yourself months rather than days to research the market and find a car you really want. You have the time to do it, there is no urgency, so if you set your mind to it then you could walk away with a total bargain.