What Loan options do I have?

Tixy

£500 to council tax for this year is this arrears that should have been paid already? or is this the total owing for the rest of the year up until March 2014? Ask the council if you can spread this over the next 6months so it will all be paid before the year end. Owed from this year, we moved in the house back in Jan13, we paid up to march so it might be more than the above figure
have you paid nothing at all since April? If not then this is your priority bill.

£460 flaming PayDay loan that got out of hand. you may need to default on this and offer a repayment plan (to do so you need to cancel the CPA with the bank so they cannot take any more payments, and then offer a repayment plan) What negatives would this have against me? would it just count as a default or would this cause it to go into silly amounts as they have STUPID high %rate? They will enter a default on your credit file. They may try to add on interst at the start. But if you write to them to explain you are suffering from financial difficulties and are in the process of contacting one of the debt advice charities, many payday loan companies will agree to freeze interest.

I have a bill of around £600 to keep the car on road, car tax AND MOT due up, without a car I loose my job instantly no questions, and no public transport is NOT an option as 3 hours commute each way is insane. Will employer consider an advance? how much is the car worth in the current position? if its more than a cheap runaround any chance you could sell this car and buy a cheaper runaround to keep you on the road. Does your wife also run a car?
Nope, they are tight. VERY tight, I am already earning c£8k under the going rate for my job, and due to the IT job market its hard to compete against everyone[/QUOTE]
Your user details mention being a biker. Do you have a bike as well as a car? can you use your bike to get to work in the short term? can you sell the car and manage with just the bike? or sell the bike to get the car fixed?

Tixy

You might find it useful to complete this http://www.stoozing.com/calculator/soa.php to give you a realistic picture of where you are and what you have available for debt repayments.
Also if you post the results on the debt free wannabe section of the forum people will try to see what options you may have and suggest things you might be able to change to get through the current stress.

xe0n

scholesfan88 wrote: »

Your not in the worst position in the world, cut back on luxurys and offer realistic payment plans for your outstanding debts but make sure you keep on top of your current bills.

We do not have luxurys, unless you call taking the kids out every other weekend to free places luxuries (IE: the petrol in the tank to visit said destination). The only other one I can think about is the Internet.... but then again in my line of work (IT) the internet is very important.

xe0n

Tixy wrote: »

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Your user details mention being a biker. Do you have a bike as well as a car? can you use your bike to get to work in the short term? can you sell the car and manage with just the bike? or sell the bike to get the car fixed?[/QUOTE]

I do indeed have a bike, but It is my dads motorbike and is registered in his name so I would not be allowed to sell even if I wanted to. She is on permanent loan to me for emergency backup. (Especially as I do all my own maintenance on it and it costs for insurance a whole whopping............................. wait for it............. £7.99pm with my 6 years no claims bonus!!, compare that to my £100ish for my car insurance PER month with only ONE year no claims bonus :mad:

We have been thinking about taking my car off the road (SORN) and I use the bike for the time being and my wife uses her car as is for childcare commitments (again too far for public commuting). The only thing since having the bad smash back in 2011 I am a tad paranoid riding all year round as I know from experience how much trouble a RTA can cause for life! (Even if you end up with compo at the end of it all!)

EclipsedMind

With the wife stopping working you are in effect going to be running two cars now in addition to your debt problems. Its got to be a no brainer to put the bike on the road and sorn your vehicle. As fro RTA been there done that and I still ride and commute and it was scary as hell for the first year after the bad one but am a better rider for it.

Your debt is not the end of the world but you really going to have to sort it out and cut back a bit especially losing wife's income. I would listen to Tixy and get onto that debt charity as well or this could spiral even more out of control.

As for the kids - my folks struggled raising us at times it dint kill us. Kids need quality time with parents not gadgets and fad items.

All the best

EM

John1993_2

A modern bike is not necessarily much cheaper than a car to run. I've a new BMW GS, and get 40mpg, have servicing once a year at about £300 / time, and only expect around 6,000 miles from a set of tyres, at something like £200 for the set. You've then got protective gear that deteriorates, exposed wiring that gets eaten by winter salt, etc.

I know that every little helps, and it's definitely worth looking at the numbers, but make sure that you don't have your car SORN and then lose the benefit with extra running costs on the bike and occasional taxis.

xe0n

John1993 wrote: »

A modern bike is not necessarily much cheaper than a car to run. I've a new BMW GS, and get 40mpg, have servicing once a year at about £300 / time, and only expect around 6,000 miles from a set of tyres, at something like £200 for the set. You've then got protective gear that deteriorates, exposed wiring that gets eaten by winter salt, etc.

I know that every little helps, and it's definitely worth looking at the numbers, but make sure that you don't have your car SORN and then lose the benefit with extra running costs on the bike and occasional taxis.

Ah but that is because the BMW is a big 1.2L engine, and the boxer engine is not the most economical of designs. Luckily my bike is only a 650 "thumper" (single cylinder) and I do all my own maintenance so the only cost to a 3rd party mechanic wise is the MOT which she sails through. Plus I get around 55/60 MPG which compared to my car @ 30/35mpg is infernally better and faster to get from A to B. I am covered with protective gear (I rode for 6 years all year round before passing my car licence, yup I was one of the nutters you see in the snow on a supermoto!)

But more to the point, I have taken allot on-board as said here. This is my Lightbulb moment to fix up and get things back on track. Or at-least try my very best. :beer:

BeenThroughItAll

xe0n wrote: »

Ah but that is because the BMW is a big 1.2L engine, and the boxer engine is not the most economical of designs.

Unless it's an G650, F700 or F800, of course.

John1993_2

BeenThroughItAll wrote: »

Unless it's an G650, F700 or F800, of course.

While that's true, mine actually is the big lump of a 1200, so he's right enough.

BeenThroughItAll

John1993 wrote: »

While that's true, mine actually is the big lump of a 1200, so he's right enough.

Accepted - I just don't do vagueness.