advice

meluvnext

I have some debts and recent circumstances have changed, I was paying them off at normal rate quite manageably. However I think I may be in a situation where I need to ask for help. I currently have a car that I would really like to keep, I got this on finance and I am happy to pay this at the rate I agreed too, the car is most important as it is my ability to go back into work should a job arise.

Could you ask them to arrange something with the other debts (such as credit cards/catalogues etc) and ask they just leave the car situation?

Niowrtt

Don't get attached to a car. A £200 banger will get you to work just as well as something £10,000 ex-fleet.

I speak from experience on this...

meluvnext

Niowrtt wrote: »

Don't get attached to a car. A £200 banger will get you to work just as well as something £10,000 ex-fleet.

I speak from experience on this...

But its not just that I am in a finance agreement, surely you cannot get out of a finance agreement, I couldnt afford £200 up front anyways.

meluvnext

it wasnt over £1000, a smidge less than £5000

Niowrtt

meluvnext wrote: »

But its not just that I am in a finance agreement, surely you cannot get out of a finance agreement

You usually can, and you'll save in interest over the long term. I sold a car 11 months after I bought it for £5000, yes I lost a lot of money but I did get a lot back, rather than effectively a full loss plus interest after four years.

meluvnext

the reason I chose the car I did (a peugeot 107) was because it was the cheapest to insure, even cheaper than an old banger old style nissan micra type car. Add the that it is ridiculously cheap to fill up, possibly costs me £60 per month to run and I use it to go everywhere, also the cheap road tax £20 per year, so there was reasoning when I bought it.