Time to get this sorted!

tbourner

Right then, the wife has agreed we can sell her car after just paying £435 to repair it!! We thought an 05 plate was a good idea as it wouldn't need much spending on it .

We've been plodding along for the last year just about getting everything paid as we want to, but not really knowing how much to squirrel away for yearly payments and stuff, so we're still afloat but also still spending big lumps occasionally that aren't planned for.

We've had a spending diary going for over a year now though so we know how far out we were on my original SOA. I've updated my thread with my latest SOA, but if you could reply in here with any info as the rest of that thread is out of date now. I know I got a lot wrong the first time so hopefully this one is accurate and should get a lot GREENer after we've sold the car as well. :j

Problems now are I need to pay off the finance (£4390 HP on SOA) before selling the car, and I'll only get about £3000 for it anyway, but at least we'll be saving the £60 on insurance etc. plus the remainder will be paid off much quicker if I continue paying £110 into it. Got a meeting on Monday with the bank to ask for a temporary increase to my overdraft!!! Not sure what other option I have if they say no though?

My sig is being updated every month with the last 3 months of my 5 year plan, so keep an eye on that. I'm expecting a bonus of around £1000 at Christmas but really we need a new mattress and I want to pay for the wife to do this canine behaviour and psychology course, so some big chunks of that are already gone, at least I'll have enough to pay off this car repair!!



Feels good to be picking up some speed on the road now, even though there's still a long way to go and some big hills ahead. Big thanks to all the DFW MSEers for all their pushing and help and advice. :T

tbourner

They said no. So I can't pay off the finance on the car so I can't sell it.

Might have to ask Santander if they'll buy it back, don't know what they'd offer though. Otherwise just stop paying them until they come and take the car away - would I still owe them anything in that case?

saltnvinegar

What was the term of the loan on the car and how long is left to pay on it?

If you've paid 50% of the term and its on HP you could just give the car back to the finance company.

4-5 year old cars are the worst and I've learned my lesson on this one! They generally have just finished their warranty, and are just coming up to have expensive stuff needing doing on them.

I've had to pay almost £2k in repairs on our car this year :eek: and am stuck in a similar trap (as we have outstanding finance and what the car is worth is not enough to pay off the finance etc) so know what its like.

tbourner

5 year deal that we've only been paying a year. I don't mind losing some money really we just need to save the extra right now. I'm even considering declaring SORN so I can save on insurance and MOTs etc. and just pay the finance, but that will make it hard to sell as well.

saltnvinegar

tbourner wrote: »

5 year deal that we've only been paying a year. I don't mind losing some money really we just need to save the extra right now. I'm even considering declaring SORN so I can save on insurance and MOTs etc. and just pay the finance, but that will make it hard to sell as well.

Something to be aware of:

If its on HP anyone buying it doing a HPI check will have the finance companies interest registered making it difficult to sell too.

Good idea on declaring it SORN if you really don't need it. I'm not sure where this would leave you on insurance though? Can you insure a car on SORN?

Just wouldn't want to see it stolen off your drive when you're not using it!

SnV

standupguy

have you checked the agreement - are you sure it is HP?

many 5 year deals are put on loan documents rather than HP and if it is a loan then you have other easier options?

dancingfairy

It's confusing with all the car stuff - like the above poster says sometimes it's made to look like HP when it's finance etc.
Have just had a look at your SOA and a couple of thing spring to mind:
a) is it 108 or 180 for electric? in the SOA you've put 180 and in your explanation you've put 108.
b) perhaps you need to consider reporting NPower to the energy watchdog as based on what you've said something isn't quite right if they can indeed quote a really low figure to entice you in and then wallop extra charges on etc.
c) Entertainment including the dogs, cigarettes etc is quite high at 150 a month (200 if you include the dogs food) - this is perhaps an area to try and focus on.
Also if you currently have 70 'spare' and can free up some money from selling the car etc you will be on a roll. Also what do you expect the elctric and gas figures to be in a couple of months as this will also start to help you soon as well.
Good Luck
df

MooFace

saltnvinegar wrote: »

Something to be aware of:

If its on HP anyone buying it doing a HPI check will have the finance companies interest registered making it difficult to sell too.

Good idea on declaring it SORN if you really don't need it. I'm not sure where this would leave you on insurance though? Can you insure a car on SORN?

Just wouldn't want to see it stolen off your drive when you're not using it!

SnV

Most insurers will allow you to put the car on fire and theft only, this takes away any road use and reduces the cost drastically. Typically a 300/400 pa premium would reduce to around 40 / 50 pa. Most insurers wont take you on as fire and theft only though so you're best bet is to stay with your current provider.

Hope this helps!

tbourner

standupguy wrote: »

have you checked the agreement - are you sure it is HP?

many 5 year deals are put on loan documents rather than HP and if it is a loan then you have other easier options?

Do I? Surely I still need the money from somewhere?

dancingfairy wrote: »

Have just had a look at your SOA and a couple of thing spring to mind:
a) is it 108 or 180 for electric? in the SOA you've put 180 and in your explanation you've put 108.
b) perhaps you need to consider reporting NPower to the energy watchdog as based on what you've said something isn't quite right if they can indeed quote a really low figure to entice you in and then wallop extra charges on etc.
c) Entertainment including the dogs, cigarettes etc is quite high at 150 a month (200 if you include the dogs food) - this is perhaps an area to try and focus on.
Also if you currently have 70 'spare' and can free up some money from selling the car etc you will be on a roll. Also what do you expect the elctric and gas figures to be in a couple of months as this will also start to help you soon as well.
Good Luck
df

a) It's £108, sorry that was a typo as I was modifying!
b) There were a few threads around at the time from people saying they had the same thing!
c) We've cut down a lot on takeaways etc. Now we meal plan it's easier to stick to, and like I said the fag money will reduce as soon as I'm sure she's properly given up (9 months until cheaper life insurance! ). I know I sound like a smoker but the dogs really are our only vice, we spend most of the money in winter and average it over a year, so in a month in winter we may go to 2 of the 4 rallies, driving 200-300 miles, paying entry fees and donations to organisers etc. We make food to take so that's saved on burgers and drinks. I know we could cut it down but I don't want to result in us arguing any more because our lives are so dull!!! DW is finally on board with this debt stuff, I think her LBM came a while after mine so we'll see how we go this year with that side of it.

As for lec and gas, I would hope it would drop to around £70-£80 a month for both.

LandyAndy

OP, do you have a car as well? Is it on finance? Could you sell it instead?

LandyAndy

tbourner wrote: »

We've been plodding along for the last year just about getting everything paid as we want to, but not really knowing how much to squirrel away for yearly payments and stuff, so we're still afloat but also still spending big lumps occasionally that aren't planned for.

We've had a spending diary going for over a year now though so we know how far out we were on my original SOA.

tbourner wrote: »

5 year deal that we've only been paying a year. I don't mind losing some money really we just need to save the extra right now. I'm even considering declaring SORN so I can save on insurance and MOTs etc. and just pay the finance, but that will make it hard to sell as well.

What on earth possessed you to take out a five year finance deal when you already knew you were in difficulties?