Thriftkitten by name NOT by nature....

TheGardener

Thriftkitten wrote: »

to take part ex my old car with a new one 9k I owe on it and only 8 months into my 5 yr term.

Most car finance agreements do have a BR clause so it is highly likely you will have to hand back the keys for this car if you chose BR However, I bought a run around for £700 and it has cost me less in maintenance than my old 'good' car over a similar length of time!! I know there is an element of luck buying old cars but its worked for me. Would you get anything back on this one if you took it back? Enough for a car worth around £1000? Your options for negotiation are limited once you are BR - while you are still a 'good' customer - is there anyway you can go back to the garage and say your circumstances have changed and you need to do a deal to get something cheaper?

Thriftkitten

TheGardener wrote: »

Most car finance agreements do have a BR clause so it is highly likely you will have to hand back the keys for this car if you chose BR However, I bought a run around for £700 and it has cost me less in maintenance than my old 'good' car over a similar length of time!! I know there is an element of luck buying old cars but its worked for me. Would you get anything back on this one if you took it back? Enough for a car worth around £1000? Your options for negotiation are limited once you are BR - while you are still a 'good' customer - is there anyway you can go back to the garage and say your circumstances have changed and you need to do a deal to get something cheaper?

No I very much doubt it... fresh finance company this time as for some reason santander came up with the cheapest deal over fiat finance, I still owe more than the car is worth so not an option. I mentioned about reading somewhere to offer token payments which would enable me to save enough for a cheap run around, but I'm scared to do this until i get the green light from professionals. I could possibly save it but would take me a while longer really and wanted to get the ball rolling

Flm67

I was in the same position with my car and they had no interest in it. The finance company sentence a letter to say they were repossessing the car but when I called them they said there was no need to as I hadn't missed a payment. So even though there was a BR clause in the agreement I kept the car.

Thriftkitten

Flm67 wrote: »

I was in the same position with my car and they had no interest in it. The finance company sentence a letter to say they were repossessing the car but when I called them they said there was no need to as I hadn't missed a payment. So even though there was a BR clause in the agreement I kept the car.

Oh I should be so lucky... however, if Santander look back the will only see 8 months worth of no missed payments s the other 14 years was with FGA capital and Fiat finance

TheGardener

Flm67 wrote: »

I was in the same position with my car and they had no interest in it. The finance company sentence a letter to say they were repossessing the car but when I called them they said there was no need to as I hadn't missed a payment. So even though there was a BR clause in the agreement I kept the car.

Although it is up to the finance company whether they are happy to keep an agreement in place - it will depend on how much the OP is spending on the payments, if the OR decides its too much, the OP may not have much say in it.
It may well still be an option to try negotiating with the garage - while you are not BR the - worst they can say is no

Thriftkitten

Embarrassingly posted!:o

Statement of Affairs and Personal Balance Sheet

Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 0

Monthly Income Details
Monthly income after tax................ 850
Partners monthly income after tax....... 0
Benefits................................ 900
Other income............................ 170
Total monthly income.................... 1920

Monthly Expense Details
Mortgage................................ 0
Secured/HP loan repayments.............. 170
Rent.................................... 400
Management charge (leasehold property).. 0
Council tax............................. 80
Electricity............................. 80
Gas..................................... 80
Oil..................................... 0
Water rates............................. 65
Telephone (land line)................... 15
Mobile phone............................ 95
TV Licence.............................. 14
Satellite/Cable TV...................... 20
Internet Services....................... 0
Groceries etc. ......................... 300
Clothing................................ 30
Petrol/diesel........................... 120
Road tax................................ 0
Car Insurance........................... 40
Car maintenance (including MOT)......... 20
Car parking............................. 0
Other travel............................ 0
Childcare/nursery....................... 0
Other child related expenses............ 40
Medical (prescriptions, dentist etc).... 0
Pet insurance/vet bills................. 0
Buildings insurance..................... 0
Contents insurance...................... 0
Life assurance ......................... 30
Other insurance......................... 0
Presents (birthday, christmas etc)...... 20
Haircuts................................ 0
Entertainment........................... 25
Holiday................................. 0
Emergency fund.......................... 0
tobacco................................. 70
Total monthly expenses.................. 1714


Assets
Cash.................................... 0
House value (Gross)..................... 0
Shares and bonds........................ 0
Car(s).................................. 0
Other assets............................ 0
Total Assets............................ 0


Secured & HP Debts
Description....................Debt......Monthly...APR
Mortgage...................... 0........(0)........0
Hire Purchase (HP) debt ...... 9000.....(170)......0
Total secured & HP debts...... 9000......-.........-

Unsecured Debts
Description....................Debt......Monthly...APR
CC1............................3500......65........0
overdraft......................2300......55........0
Store Card 1...................500.......25........0
CT overpayment.................2000......65........0
HB overpayment ................4000......25........0
Catalogue......................400.......35........0
Store Card 3...................150.......20........0
Store Card 2...................350.......20........0
Total unsecured debts..........13200.....310.......-


Monthly Budget Summary
Total monthly income.................... 1,920
Expenses (including HP & secured debts). 1,714
Available for debt repayments........... 206
Monthly UNsecured debt repayments....... 310
Amount short for making debt repayments. -104

Personal Balance Sheet Summary
Total assets (things you own)........... 0
Total HP & Secured debt................. -9,000
Total Unsecured debt.................... -13,200
Net Assets.............................. -22,200

Can I add that the Housing Benefit over payment I am fighting.... they claim they were NOT informed that my foster son had returned to his natural mother so they continued to pay for 3 children instead of 2... for 4 years.... I must mention that I moved house 2 years ago and filed 2 seperate housing benefit claims in two years because first I was a full time student, the following year up to present I am working 23 hours in a hospital... At present I am paying full rent and paying £25 toward the arrears, although I have written a somewhat colourful letter stating that I will NOT be held accountable for this debt when I have provided evidence from child benefit and HMRC to show that everyone was indeed informed when he left so that his natural mother could make a claim for him now that he was home..... So why wasnt this noted, filed correctly or picked up on when I filled in new housing benefit applications quite clearly stating who lived in my home.... IE 2 children not 3

Created using the SOA calculator at https://www.stoozing.com.
Reproduced on Moneysavingexpert with permission, using other browser.

TheGardener

Thriftkitten wrote: »

Also I am a member of Unison as I work for the NHS, they have some kind of debt helpline also which I suppose can't hurt to give them a call. Any advice on this would be welcome

I'd stick with the professional debt charities myself - they are the experts, there have been posters on here who have been given well meaning, but dangerously wrong 'amateur' advice.
BR is a specialist subject - its waaay past the "Can you cancel your Sky TV and cut down on the costa coffee" school of reducing your costs which is basically what I got from my local CAB (however, in their defence, our local CAB have a lot of expertise in housing matters..)

Thriftkitten

TheGardener wrote: »

I'd stick with the professional debt charities myself - they are the experts

I am hoping though that if BR is my only option they may be able to help with the fee.

luvchocolate

Hi presents, entertainment and tobacco not allowed this will have to be found elsewhere I am afraid. x

egrescrimp

You could increase your groceries to £400 to help with what luvchocolate mentioned.

Your clothing budget is far too low, with their being 3 of you go for £75 (you could possibly try £100 but that may get pushed down).

What is in your other child care related costs? £40 seems pretty low! specially for things like school dinners, school trips, after school clubs.

Add a holiday fund of £40, £20 for you and £10 each for your children.

I notice you don't have contents insurance, you may not have it now due to expenses but you can put down £10 to £15 for this.