Been struggling with the debt repayments

Toomuchdebt

and then got told I wouldn't be employed any more after Jan 4th, so I am now back on benefits until I find another job My doc has told me I am not allowed to work in a job that requires standing for long periods of time so shops are out as they all seem to be standing apart from supermarkets, so I have applied to those and looking for other jobs. Until then my debt repayment via stepchange has been reduced down to the minimum So it'll be forever before it's paid off.Kids are back on free meals though so at least I can spend less on the food shopping.

McKneff

So, in what way do you need help?

Monkeyballs

Hi TMD,

Happy New Year! to you...

Sorry to hear that, I guess all I can offer is to tell you to stay positive at least you have a DMP in place and have been able to get the payments cut down to the bare minimum quickly and easily

There is never a good time to lose your job, fingers crossed you will find something somewhere quick! Are the kids still small enough to send up chimneys perhaps?

Main thing is to keep yourself occupied, I'm off work with a slipped disc and it's sooooo boring! Thank god for this site

MB

Toomuchdebt

McKneff wrote: »

So, in what way do you need help?

Actually I don't need help(unless you can find me a job I can do)...just posted to maybe get some support and because if I don't post I'll just get depressed about it all.

Toomuchdebt

Monkeyballs wrote: »

Hi TMD,

Happy New Year! to you...

Sorry to hear that, I guess all I can offer is to tell you to stay positive at least you have a DMP in place and have been able to get the payments cut down to the bare minimum quickly and easily

There is never a good time to lose your job, fingers crossed you will find something somewhere quick! Are the kids still small enough to send up chimneys perhaps?

Main thing is to keep yourself occupied, I'm off work with a slipped disc and it's sooooo boring! Thank god for this site

MB

Thank you, you made me feel much better about it all.Sadly the kids are too big to send anywhere apart from the littlest but he'd cause more trouble that it's worth LOL

The thing that's killing me with the debt is the stupid car-2 years to go-wish I could just give it back!Couldn't include it on the dmp as it's in my Mum's name as I couldn't get credit and because I was working evenings/nights at first I needed transport.Wish I'd just got a cheap banger tbh as this one needs a load of work and won't even be paid off till Feb 2016

Hope you feel better soon.

Monkeyballs

Toomuchdebt wrote: »

Thank you, you made me feel much better about it all.Sadly the kids are too big to send anywhere apart from the littlest but he'd cause more trouble that it's worth LOL

The thing that's killing me with the debt is the stupid car-2 years to go-wish I could just give it back!Couldn't include it on the dmp as it's in my Mum's name as I couldn't get credit and because I was working evenings/nights at first I needed transport.Wish I'd just got a cheap banger tbh as this one needs a load of work and won't even be paid off till Feb 2016

Hope you feel better soon.

You're more than welcome

Shame about the kids though...

With regards to the car, is there anything you can do to transfer the agreement into your name? Is there any way your mum could repay early and then you give her the money back at a rate you can afford? How about selling it on? Would selling it give you enough to repay the outstanding debt?

I think I know what the answer is going to be but I thought it worth an ask

Have you or your mum spoken to CAB or SC about it for advice?

Keep swimming

MB

fatbelly

What sort of agreement is it on the car? PCP, hire purchase, unsecured loan?

Who's making the payments now you are on benefits? Mum? You? No-one?

Toomuchdebt

It's a hire purchase and I'm paying which is why I'm struggling so much-Mum can't afford to pay it off and me pay her back, so we're just stuck with it, also the company won't transfer it into my name.Selling it on wouldn't raise enough to pay what's owing because the car is currently in emergency mode with check engine light on and although fixable, I don't have the money there to fix it(approx 300 pounds)-actually the car was probably never worth what they wanted for it anyway and I won't be getting one from them ever again.

Toomuchdebt

SC were useless tbh-I owe more now than I did back in July-I have made the decision to self manage and have spoken to everyone this morning and all but one have frozen interest and charges and the one that hasn't has agreed to review in 6 months and if payments are being made then they will freeze interest and possibly refund the last 6 months too.They were all happy to accept what I offered them too apart from one who wanted 9 pounds more but agreed in the end-that was the longest phone call I think.They are all sending out acceptance letters in the post-one emailed me already.At least with a self managed one I can throw extra money at the debt if I get any whereas SC said I couldn't do that.I will get this paid off!!!Must go and do a debt free date calculation...I'm guessing 10 years at least LOL

National_Debtline

Hello there,

If the vehicle is financed via hire-purchase you may be able to hand it back early. You have a right known as the 'voluntary termination' right. This allows you to write to the HP firm to give up the vehicle. Exercising this right limits your liability to 50% of the instalments. This means that if you have paid more than 50% of the finance you can hand the car back and walk away from the rest of your liability on the finance. If you have not paid 50% you can still exercise this right, you will need to bring the finance up to the 50% point at some stage later - although the shortfall can be treated as a non-priority debt - so you can just offer a token payment if you need to.

You can voluntary terminate so long as the credit agreement has not defaulted. You may still be liable for certain insurance policies. You can find out more about your options here:
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=16_hire_purchase_debt

It's important to ensure that you follow the correct process if you decide to voluntarily terminate - as simply handing back the car would not be sufficient - you have to exercise this right by making it clear to the finance firm that you're looking to terminate in accordance with s99 of the Consumer Credit Act. There's more about this within the fact sheet I've posted.

Hope this information helps, if you have any questions please give me a shout.

David @ NDL.

Toomuchdebt

Thank you that's very helpful-I'm going to talk to my Mum about this later as obviously she'd have to agree to terminating early as it's in her name I presume?It's only the finance in her name-everything else is in mine-not sure if that makes any difference?