Help!! Confused and BROKE!!

JasX

This travel.... doesn;t sound like 'normal' commuting so if its work related isn't it chargable to the client / expensable to the company you're contracted to.... ? isn;t there a contract of some kind that specifies who pays for work related travel? what does everyone else at the firm do?

Finally if the contract does stipulate you must travel anywhere in the world at your own expense as frequently as the employer choses is there something you can do with the tax status of these expenses?

Tixy

Wentworth direct are brokers - they'll charge you a fee and then may not offer you the loan you want. A few threads of this board about them, not seen any of them that were positive.

Here is one for starters https://forums.moneysavingexpert.com/discussion/2699265

ViolaLass

JasX wrote: »

This travel.... doesn;t sound like 'normal' commuting so if its work related isn't it chargable to the client / expensable to the company you're contracted to.... ? isn;t there a contract of some kind that specifies who pays for work related travel? what does everyone else at the firm do?

Finally if the contract does stipulate you must travel anywhere in the world at your own expense as frequently as the employer choses is there something you can do with the tax status of these expenses?

I agree - these sound like unusual expenses. At the very least, if the client won't pay for them and HMRC agrees that you're self employed, then the expenses are tax deductible.

bouncydog1

thefamousexcuse wrote: »

Servicing the loan again wont be a problem as my partner and I would pay it off together, we are both working, he is salaried so we have a regular income. Its just trying to find someone that will actually loan me the money.

I can drive I just need to pass my test and I am quite confident in that.

Just a quick question has anyone ever heard of Wentworth Direct Finance? They have offered me the full amount of the loan but I am a bit weary because I have never heard of them before. Has anyone had any previous dealings with them? I have read a few reviews and some are very negative....is it the usual sort of person who just writes a negative review or should I really stay clear??

x

Don't want to put the dampers on it, but you are 18 - what happens if you and your partner split up? You will then be left to service the loan on your own, plus the rent, council tax etc. etc. You have an income of £1600 per month before tax which is not really enough to be paying out for living expenses and a hefty car loan. Running costs for a car are not cheap - a low group vehicle at your age is likely to cost a minimum of £2k to insure - possibly more - add the fuel, MOT, servicing, depreciation - total madness.

By all means continue with lessons and take your test and then consider the options once you have fully taken into account everything mentioned. As others have said, the level of travel costs you are incurring are above the norm and should either be claimable from your clients (if not you need to revisit your contract terms with them) or recoverable as a business expense.

I would also suggest that you do a budget (use the link on the Debt free Board) so that you can properly see what you can afford. Do it twice - with you and your partner's income and again on your own for worst case scenario.

Finally, do not take any advice from ciscokid whatsoever - his own financial affairs by his own admission are a living nightmare!

mrcow

Pass your test first. Worry about the rest later. If money is that tight that you can't afford a driving lesson a week, then post up your SOA and work back from there.

It's absolutely pointless to get a loan out for a car that you can't even use. If money is that tight, it will be gone before you've even had a chance to look at cars.

Your bank are probably doing you a big favour long-term.

mrcow

Wentworth Finance Direct - are you serious?

Don't touch them with a bargepole.

Stop looking for dogey loans on the internet - you're going to end up in a whole heap of trouble.

pinkarsenalprincess

It also seems very daft to me to buy a car now, using a loan which will accrue interest....which you can't drive while you are still learning and during which time the car will depreciate in value.

Common sense says that you pay for the lessons weekly and think about getting a car when you finally pass your test. You might be a very good driver and pass relatively quickly....or you could end up taking a very long time to pass.

Emmzi

you earn 400 a week and 150 goes on travel so really you only earn 250 a week, which is good for 18 but not amazing.

Your job doesn't sound that great to me, and I'd be looking for a proper salaried position asap.

KingElvis

mrcow wrote: »

Wentworth Finance Direct - are you serious?

Don't touch them with a bargepole.

Stop looking for dogey loans on the internet - you're going to end up in a whole heap of trouble.

This is the best advice so far, you're going to be in it up to your neck in the near future if you don't stop this business.

andy.m_2

you need to pass your test, then a loan makes marginally more sense.

borrowing in case is a recipe for disaster i promise