Car Finance (and other debts) Please, Please Help!

KellyB

Hello,

Background:
I took out a car finance agreement in January 2004. The instalments were £127.50 for 47 months.

All was fine until September last year when I asked to reduce my monthly payments to £60.00 as that was the most I could afford. The finance company agreed to this and all was fine.

I've now been told that I have to start paying £127.50 every month or my car will be taken away.

I need my car for my job and there is no way I can afford to pay £127.50 a month. My dad is currently paying the £60.00 per month because I'm on such a low income at the moment, I can't afford to pay it.

Can they take away my car?

I've read the credit agreement but it doesn't say anything about that. It just says they have the right to request the full balance - will they have to take me to court for that?

I am in debt up to my eyeballs and really don't know what to do. I was with Gregory Pennington for 2 years but then things went bad and I couldn't afford to pay the minimum amount of £60 per month to them so I dealt with my creditors myself.

Now, because I've buried my head in the sand for a little while I don't even know who my creditors are anymore! They've all been passed onto different companies and stupidly I've been ignoring calls and letters. I know I need to sort this out but I literally have only £25 spare a week pays my rent.
I earn approx £45 a week, £20 goes on petrol, £25 on rent and £5.00 on food.

My job is self-employed and I'm not currently earning much but things do seem to be getting better weekly in that department....but it's still not enough at the moment.....I just don't know what to do! Eventually I will earn more but for the time being I have all these people wanting money and I can't afford it!

If I get a CCJ, I lose my job. I can't declare myself bankrupt as I'd lose my job and my car and I don't want to go down that route!

I don't even have a spare £10 to pay towards any of my creditors.... I'm stuck!

I've had to stop everything coming out and going in my bank account because I'm now £425.00 overdrawn - all Lloyds TSB Charges. (I'm in the process of reclaming all my bank charges)

Sorry for rambling on but I really don't know what to do!

I'd love to be able to go to Citizens advice or something but I don't have the money to repay my creditors so I doubt they can do anything to help me.
Unless I have money to pay my creditors, it seems I'm going to be stuck like this forever!

I can't sleep through worrying, my dad has cancer and there is no income coming in for him but he's supporting me at the moment. I feel so guilty and ashamed and I just don't know what to do. I've had "bad thoughts" about just not being here anymore.... I know people say that money isn't everything but it is when you don't have any! I feel stupid for writing this down even....but I know I need help...I've been in debt for about 5 years now and although it was manageable before, it's out of control now.

I'm not entitled to any benefit and anyway, I can't get a bank account because of my poor rating. I've tried the ones listed on this site but no one will let me have a basic account!

I'm in such a mess!

If anyone has any advice they can give, I'd be most grateful

MissDizzee

Hi,

I'm new!

I'm definitely no expert but your income is far far too low. You say your self employed, what is it you do? If your SE why would you lose your job with a CCJ?? Could you go temping for a while to bring in some money whilst you try and get your self employed business off the ground in your spare time? Or If you need to do you self employment full time could you take on a bar job in evenings and weekends to help you meet your payments?

beanielou

Please go to your local CAB ASAP as they can offer your creditors token payments.
Re the car it may be that the car can be repoccessed if you cannot keep up the full payments.It may be better for you to hand the car back depending on how much you have paid & terms of agreement.
Can you try to increase your income meantime?
Take care
Lou

duncans-mum_2

You need to calm down, take a deep breath and stop thinking any bad thoughts.

Firsly you need to contact someone like CAB although you think that you can't offer payments to anyone they can help you and for that you will feel better. You will need to find out whom you owe what to. Get a copy of your credit reports.

And as mentioned above. If you are self employed and cannot afford to live on what you are currently bringing in, then you may need to look for alternative employment. Agency, temping or supplementing your income.

Although it seems bad at the moment, please do not despair, take on board any support and advice people offer you on this forum as it will be invaluable. Keep posting and everyone will help you as much as they can.

KellyB

I deliberately left this thread because I felt a bit silly!

I've kind of sorted myself out and have a temping job so it's helping pay the bills. I'm now on good terms with my creditors and am paying very small payments.

My car is a different matter. They've not contacted me since the last letter, but I've been continuing (well, my dad has) to make £60.00 payments and so far, they seem ok with this.

Thank you to those above for the advice.