very stuck and lost..

jacked

hi guys,
this is a bad one I guess..
im new here, im jack and im 23..
about 4 year's ago I racked up a 4k credit card which I was paying of..then baines and Ernst got me in a debt management plan because I also had a loan and at the time I was struggling with money...before tue debt management plan
I got a vw golf on finafinance...missed a few payments on that but got my account in the green again.
I did miss a few payments on my cards too..

now where im at is the car on finance (5 year deal) needs replacing...its in positive equity by about 3k
I need a new car but I doubt very very much id get accepted for new car finance deal.
I have considered selling and buying a cheap car but I like the feeling of a warranty etc and a new car:mad:
I do struggle with money more if I have it...I blow it
im a bit stuck as to what to do.
I also notice B&E are paying my credit people about 10/20 per month and Im paying them 35 just for the pleasure of passing money on..any adviy will be great
guys.
its time to grow up and get this all sorted out now...id like to move out at some point too but it just all feels impossible right now.
Thank you
jack

DCFC79

Well first of all the 35£ is going down the drain as you could use payplan for eg and pay nothing but have extra to pay towards the debts.

Tixy

If you need to be in a DMP then suggest you switch to a free provider. All your payment will go to creditors and you'll be debt free sooner. IMPORTANT - Where to seek professional impartial advice about your debts.

It will be a condition of your DMP that you do not take out any new credit.

Why does the current car need replacing? on a DMP your options are really either to keep that one or to buy a cheap one with any left over equity.

Thrugelmir

jacked wrote: »

I have considered selling and buying a cheap car but I like the feeling of a warranty etc and a new car:mad:

Trust that you are :mad: at yourself. Buy a cheap car and sort your finances out. Or you'll be catching the bus at some point in the future.

izools

£3,000 can get a perfectly respectable and reliable car. Sell what you have and go down that route. Not having the millstone that is the car finance around your neck will allow you to pay far more off your other debt getting it cleared more quickly.

And as stated, ditch Baines and Ernst, PayPlan or similar will not charge a penny.

Here's the UK top 100 most reliable cars:

http://www.reliabilityindex.com/top-100

Many of which can be had for under £3,000 with reasonable mileage and FSH. Granted a lot of those vehicles are pretty hideous and unappealing but there are some good'uns in there

Like this:

http://www.autotrader.co.uk/classified/advert/201306267503849/sort/default/usedcars/maximum-mileage/up_to_80000_miles/maximum-age/up_to_10_years_old/fuel-type/diesel/price-to/3000/model/s40/make/volvo/onesearchad/used/onesearchad/nearlynew/onesearchad/new/radius/1501/postcode/ex42nz/page/1?logcode=p

Not exactly a KTM Crossbow but perfectly acceptable, reliable, well looked after, sturdy, comfortable, safe and robust motoring, including fresh MOT and warranty

Alternatively, if you want to bankrupt yourself via fuel and garage bills,

http://www.autotrader.co.uk/classified/advert/201306247456389/sort/default/usedcars/model/m3/make/bmw/onesearchad/used/onesearchad/nearlynew/onesearchad/new/page/1/postcode/ex42nz/quicksearch/true/radius/1500?logcode=p

jacked

great stuff guys! thanks for the help so far, I see the honda S2000 is in there:T
Seems a better option...although I cant afford a new car I guess owning my own will be more sense of achievement and if I ever loose my job im still able to drive and have a car.
its a no brainer really.
get rid of B&E is next then...haven't checked my contracts etc but is there anything I may be up against so they try and stop me leaving?

izools

jacked wrote: »

great stuff guys! thanks for the help so far, I see the honda S2000 is in there:T
Seems a better option...although I cant afford a new car I guess owning my own will be more sense of achievement and if I ever loose my job im still able to drive and have a car.
its a no brainer really.
get rid of B&E is next then...haven't checked my contracts etc but is there anything I may be up against so they try and stop me leaving?

Oh I'm sure they'll put up a fight but just say to them well I don't care what you say you aren't getting any more money from me and I don't owe you anything, I'll just pay my creditors direct, end of.

You won't hear much from them after that and I'm sure your creditors will welcome with open arms getting payments direct from you if it means more money for them each month