Updated SOA - advice please!

runninglea

lobsta100 wrote: »

I just spoke to FGA Capital (who the Fiat PCP is through). Not good news. No option to just hand back. Lady on the phone was really helpful, was trying to give cashflow advice in general! But bottom line is if I ended agreement now would make a massive loss on the car.

So for now, will have to look at settling on the Ford and downgrading instead.

Typical isnt it - just read the loan agreement when you get home anyway.

We are surviving with one car at present but my OH is starting an evening job next week which will involve an 1 1/2hr bus and walk each day to get to childminders then work.

She is not happy and wants a runnaround!

miggy

lobsta100 wrote: »

I'm not sure how happy I'd be with a motorbike or how happy the wife would be for my safety!

I'm calling Fiat finance at lunchtime to discuss my options and see what money I'd have left over if I settled now.

Fair point about the bike!

Shame the Fiat people couldn't take the car back - but as runninglea says, it may be worth checking your written agreement just in case.

miggy

lobsta100 wrote: »

However the "maaser kesafim" - giving 10% of ones wealth - is considered an obligation also, with some conditions and a few exceptions. There are also varying opinions on what you calculate the 10% on.

I did wonder what the 'increase' is, especially as most of us aren't now planting crops and literally increasing X amount of wheat to X + increase.

I didn't know about the maaser kesafim, though someone once told me that there is an obligation in Judaism when giving, to give to the extent that the recipient also has something to give away. I don't know if that's the case but I thought: 'What a civilised idea'!

lobsta100

miggy wrote: »

I did wonder what the 'increase' is, especially as most of us aren't now planting crops and literally increasing X amount of wheat to X + increase.

I didn't know about the maaser kesafim, though someone once told me that there is an obligation in Judaism when giving, to give to the extent that the recipient also has something to give away. I don't know if that's the case but I thought: 'What a civilised idea'!

Yes the concept of the best form of charity is to give someone the opportunity to help themself/ be able to give themselves - I guess similar to the old "give a man a fish .vs. teach a man to fish" story

I will check the written Fiat agreement when I get home to see if there are any early repayment/ hand back clauses.

Thanks

miggy

Any news regarding the car?

And if you and your wife are interested, there are lots of ideas to educe living expenses over on the Old Style thread.

Hope today's gone okay?

pleasedelete

If your parents can afford £300 plus a month in nursery and cleaners I think you need to have a long honest chat with them. This isn't really the help you need. It's more basic than that - with 1 income (no criticism just fact) you will struggle with mortgage etc even without the cars and not have much luxury in life for a long time.

Can they afford to settle your car loans for you? And before people leap on my back I know it's not their debt or their responsibility but as a parent if I could afford it and my children needed it I would give it to my children. We often see people leaving large sums to their children who by then are in their 50s etc. If that money had been given away 20 years earlier it would have benefitted the children and grandchildren so much more. I know it's a hard subject but are you the kind of family that can talk openly about money?

cutestkids

pleasedelete wrote: »

If your parents can afford £300 plus a month in nursery and cleaners I think you need to have a long honest chat with them. This isn't really the help you need. It's more basic than that - with 1 income (no criticism just fact) you will struggle with mortgage etc even without the cars and not have much luxury in life for a long time.

Can they afford to settle your car loans for you? And before people leap on my back I know it's not their debt or their responsibility but as a parent if I could afford it and my children needed it I would give it to my children. We often see people leaving large sums to their children who by then are in their 50s etc. If that money had been given away 20 years earlier it would have benefitted the children and grandchildren so much more. I know it's a hard subject but are you the kind of family that can talk openly about money?

Unfortunately I have seen on more than one occasion situations very similar to this.

If parents keep on bailing adult children out of debt or paying for cleaners and childcare the Adult children never learn to live within their means and come to rely on this additional source of income.



Then one day what happens if that help suddenly is not there anymore.

My impression of this situation is a wife who has been very much shielded from the realities of life by her parents and really has no concept of anything financial and no real sense of having to make do and get on with it, lets face it we would all love to have a cleaner in a couple of times a month and to be able to afford to put our children into fee paying nurseries but the stark reality is that for 99% of people we clean our own homes with no outside help and our children get a free, very part time nursery place at the age of 3, usually only for a few hours a day.:(

ms_london

Hi Lobsta

Sounds like you are taking comments on board so well done - some times even admitting you are struggling is a big step and actually making changes takes a lot of getting your head round if you lived a certain way for a while and never questioned it. So don't be too hard on yourself, I do agree that other people shouldn't judge quite so quickly, perhaps their own experiences and prejudices coming out.

xx

JCS1

Ask your employer if they operate a charity giving scheme through the payroll. Such charity deductions are pre-tax deductions (similar to most works pension schemes), so you would be able to donate the same amount and pay less tax - therefore slightly increasing your take home pay.

http://www.hmrc.gov.uk/individuals/giving/payroll.htm

If you are a basic rate tax payer, and as you donate £190 a month you would save 20% tax which would be £38 a month.

If a higher rate tax payer, based on £190 a month and 40% tax you would save £76 a month.