Hiding your debts? Think you can cope on your own?

rising_from_the_ashes

Rochdale_Guy wrote: »

I'm worried about my car loan with Northern Rock as I'm scared they'll try and take my car, but its not a HP agreement.
It is a 7 year unsecured loan, with £2,747 still left to repay over the next 26 months at a fixed £106 p.month.

Rochdale_Guy wrote: »

...and my car insurance renewal is due mid-April, I know thats gonna be at least £900 and most places charge you extra for paying back in 12 monthly installments

What if my car needs an urgent repair / part and the garage says it'll be £400? You can't just say "no thanks, I'll leave it" and drive it home and stick an unroadworthy car in your garage. It will NEVER get fixed.
.

Why don't you sell the car (assuming it will be worth more than the outstanding loan amount) and get a cheaper car until you're sorted out.

TBH trying to run an expensive car with the high costs of servicing, repairs & insurance whilst on a DMP is ...... madness IMHO (sorry) and a huge drain on limited resources.

If you're worried about the time it'll take to pay things off through the DMP, downgrading the car will mean you're able to do it a lot quicker.

Smaller, cheaper cars are just as capable as taking trips to the country......

scared-sick

Glad you are feeling a lot better after your walk. There are ways and means around everything, sometimes just finding the way is hard!!

Hang in there!

Rochdale_Guy

rising_from_the_ashes wrote: »

TBH trying to run an Audi TT (sure I read this on another thread of yours - huge apologies if not) with the high costs of servicing, repairs & insurance whilst on a DMP is ...... madness IMHO (sorry) and a huge drain on limited resources.

Oh dear rising from the ashes, I think I've given you the wrong impression. I have a little old Ford Fiesta and had a minor head on prang with an AUDI TT sports car when I was turning right into the flats where I live after a staionary white van flashed me across in rush hour. This guy came zooming down the inside lane (not technically a dual carriageway at this point, but they found ME at fault

If I had a bloody AUDI TT then I wouldn't be in this mess, or if I was, the first thing to go would be that expensive car.

Sorry for laughing, it's the first chuckle I've had since Friday night, no offence meant! :rotfl:

Oops! You've edited your post now. Like I said, it's a little 2004 Fiesta, worth about £2,200 according to Parkers Used Car guide.

Baba_Jaga

Hi again Rochdale Guy,

Yes you will get a breakdown from CCCS every month; and for me its good to see it going down each month however small. It keeps it all together for me. Please can I urge you to ring them tomorrow as they will be the best people to advise you on what to cancel, what to pay, and where you go from here. I owed MBNA far more than you and they did freeze the interest, and take a smaller payment and I am now able to pay a bit more, having never thought I would. The bigger the debt, the more monthly payment is given to that particular creditor.......I know you are in a tail spin panic, I know what that feels like (awful, awful, awful:eek:) but I also know it will get better and you are about to come through the worst. Please believe, we are rooting for you.
Baba Jaga x

Rochdale_Guy

Sorry again rising from the ashes, I'm not mocking.

But doesn't having an even older jalopy increase the cost of repairs and servicing?
I'm already paying £1k for the annual insurance and it's a 5 door 1.4 engine Fiesta.
I'd use the same amount of petrol, and the breakdown cover and MOT would remain the same... like I said, if I was considering bankruptcy then the car would have to go, but right now the loan debt is more than the car.

Cheers.

rising_from_the_ashes

Rochdale_Guy wrote: »

Oh dear rising from the ashes, I think I've given you the wrong impression. I have a little old Ford Fiesta and had a minor head on prang with an AUDI TT sports car when I was turning right into the flats where I live after a staionary white van flashed me across in rush hour. This guy came zooming down the inside lane (not technically a dual carriageway at this point, but they found ME at fault

If I had a bloody AUDI TT then I wouldn't be in this mess, or if I was, the first thing to go would be that expensive car.

Sorry for laughing, it's the first chuckle I've had since Friday night, no offence meant! :rotfl:

Oops! You've edited your post now. Like I said, it's a little 2004 Fiesta, worth about £2,200 according to Parkers Used Car guide.

Sorry ..... I remembered you saying in another thread you'd had a crash and that an Audi TT was mentioned - after I posted I wondered if you'd crashed "with" the TT rather than "in" it so I removed it ..... no offence intended:o.

I'm glad I made you chuckle though:)

Try to pop up the SOA when you get a chance - it's much easier to see how things are with an overall picture.

Rochdale_Guy

Baba_Jaga wrote: »

Hi again Rochdale Guy,

Yes you will get a breakdown from CCCS every month; and for me its good to see it going down each month however small. It keeps it all together for me. Please can I urge you to ring them tomorrow as they will be the best people to advise you on what to cancel, what to pay, and where you go from here. I owed MBNA far more than you and they did freeze the interest, and take a smaller payment and I am now able to pay a bit more, having never thought I would. The bigger the debt, the more monthly payment is given to that particular creditor.......I know you are in a tail spin panic, I know what that feels like (awful, awful, awful:eek:) but I also know it will get better and you are about to come through the worst. Please believe, we are rooting for you.
Baba Jaga x

Thank you Baba Jaga.

Thats comforting to know. I still worry as even though you said that MBNA did freeze the interest and take a smaller payment, with me it'll be going from a ginormous £296 minimum monthly repayment to a paltry £50 - or something as insignificant. I really shouldn't worry and let CCCS do thier best.

Right, back to my new basic account opening. Be back soon, thank you
:A

rising_from_the_ashes

Rochdale_Guy wrote: »

Sorry again rising from the ashes, I'm not mocking.

But doesn't having an even older jalopy increase the cost of repairs and servicing?
I'm already paying £1k for the annual insurance and it's a 5 door 1.4 engine Fiesta.
I'd use the same amount of petrol, and the breakdown cover and MOT would remain the same...

Ahhh but I thought you were running a TT!

I guess insurance depends on age, how long you've been driving & location but I'm having an :eek: at that amount ..... mine's £260 and I think that's bad enough!

debtfreewannabe321

Hi ya, you've already had some great advice, thought i'd give my 2p worth as well

I've been on my dmp for a year now and it's great. Most creditors have stopped charges & interest (only 2 of hubby's are being pains!) and we have managed to up our payments (first time by only a few pound, second time from £295 to £502 a month.) so we've dropped our DFD by a couple of years

I would say give them a call, they may ask you to make a telephone appointment, and in the mean time they will give you a list of things to get together. All your creditors, the account numbers, how much you owe, what the apr is on each etc and they are really nice! They allow you money for hair cuts, new clothes, petrol, etc etc...all these things used to go on my credit cards before and now i actually have money for them!

I've done without a credit card, loan & over draft for 12 months now, and it's a huge relief (very scary at first though i won't lie)

SO if they are saying 12 years, go with it, when you find yourself in a better situation you can ring and up your payments to what suits you.

I can log on to the CCCS website anytime i like to see how much i owe to each creditor and how much they have been paid already. So very easy to follow it all

Whilst you are paying the token payments, open a savings account. Put the money that you would have paid the CCCS that month into it...this could be the start of your emergency fund. I am allowed £56 a month to add to my emergency fund so you won't be left short! Sorry i'm rambling now as I do! Good luck

Rochdale_Guy

rising from the ashes £260? Is that fully comp?

I'm 42, been driving since April 2007, and use a KrookLock Thatcham approved steering lock, and keep it locked in a rented council garage (with 3 locks) at night but it's still at the £1k mark

Can't believe I got it down to just under £600 before this minor accident

£260? Wow......