In the worst possible situation

aj3001

I lost my job due to reasons I won't go into and it has really screwed my finances and I am facing a major problem which I need advice for.

Income: £0 (Currently applying for JSA however)

Outgoings: (per month)

£286 - Car Finance (£10200 remaining) - Unable to get a payment holiday
£70 - Car Insurance
£120 - Petrol

Credit Cards:

Morgan Stanley - Current balance £530 - Available £930 15.9%
Nationwide - Current balance £300 - Avaialble £1200 15.9%
HSBC - Current balance £1500 Available £500 0% until April 2008

I am unable to use ebay (Suspended for other reasons I will not go into), only thing going for me is I still live at home with parents but they aren't rich and can't afford to pay for me, but I can stop paying rent for a bit, I am 18 if it matters and am looking for jobs.

I used to browse the site quite a bit, so I have done normal stuff like getting a PAYG mobile phone, my car is new so no MOT costs. I just don't know what to do from here

the_cat

hi

sorry things are not going well for you at the moment.

Hopefully others will have less drastic advice, but I'm afraid I think that the car will have to go unless a new job comes very quickly. Or at least a downgrade to an old banger. Appreciate you won't want to hear that, sorry.....

the_missis

If it were my situation i would give the car back, i understand there may be fees etc but i sold my car and now i drive around in a £600 rover!! I know its not nice but because you live with your parents, thats about the only thing you can do. If you dont do something soon it will spiral out of control. Can you not open an ebay accoutn in your mums name?

I

Cazzdevil

Definitely consider giving the car back as it's your biggest liability. Giving it back is far more preferable to missing payments and having it TAKEN off you...

Cazzdevil

Out of curiosity, how is your petrol cost still £120 a month if you're not working?

Badger_Lady

Brand new cars are a luxury, the lack of MOT costs doesn't make up for the depreciation and loan costs, I'm afraid. If you sold the car, how much of the loan would remain outstanding? Would you be able to buy a replacement?

I earn pretty good money, but when I had a gap between jobs I had get an '89 Fiesta worth £200 - not much fun, but it's only for the short term until you get back on your feet with a new job

newlywed

Badger_Lady wrote: »

I earn pretty good money, but when I had a gap between jobs I had get an '89 Fiesta worth £200 - not much fun, but it's only for the short term until you get back on your feet with a new job

I've only just replaced my '89 Escort :rotfl:

My current car cost £500.

If you have no money and no job to go to, what are you going to use £120 petrol money for???

Cazzdevil

I work full time, have done since I was 17 (10 years ago!) and I still drive round in a clapped out M reg Mondeo.

No shame in driving an old car, I don't consider cars a status symbol anyway...

aj3001

Thank you for the replies, I don't know what to do over the car, if I was to give it back to the HP company, they would sell it at auction and I will still be liable for any short fall.

Dealership won't have it back either.

Other problem, its a Dodge Caliber, I would put it in autotrader/auto exchange but I don't know how many people would see the ad for such a specialist/unknown car

EDIT: Forgot to mention, the petrol is based on me working where I was, I have still had to go up there whilst drafting an appeal against my dismissal, and my car drinks a hell of a lot more petrol than I was led to believe

rayday2

I think you should still get rid of the car, you say it drinks petrol it is literally a financial drain and you cannot afford it. I am assuming you are young, so plenty of time for cars in the future.

Either that or get a job to fund the car whilst appealing you need money coming in, even if it is collecting glasses in a pub its an income.

Badger_Lady

aj3001 wrote:

Other problem, its a Dodge Caliber, I would put it in autotrader/auto exchange but I don't know how many people would see the ad for such a specialist/unknown car

It could be ideal on eBay, if it's rare and sought-after... you can always put a reserve on it to make sure it doesn't go too cheaply (better than an auction out of your control), and if you've got spare time on your hands at the moment you can really put some effort into decent photos, showing it to potential bidders etc.

Slightly cheeky maybe, but you could cross-promote to people looking for similarish cars that might be interested in yours even though they've never heard of it before - I've certainly had my head turned by some unusual / imported cars on eBay! Just put in the description that "it has a similar ??? to the ????", and it will come up with some searches for that similar car.