Impound fee too much!!

Effy.Shaw

Hello... And help! Lol

My other half flipped his car on Sunday and was informed that the tow charge would be £250 plus £20 per day storage fee. We get paid on Friday, meaning it will be £350!
We have no minimum hours jobs and this week we will only collectively be bringing home about £300...

Insurance is a no go, because having just paid £400 after it's mot I could only afford third party, fire and theft... Nothing is covered for this.
The other half is wanting to avoid involving insurance and transfer it to a new car... Whenever we can afford one, rather than having to declare a crash etc.

Not paying will mean it will just keep adding up but we literally can't afford it. We can't even say the 300 could all go towards it because I don't have any leeway with not paying other bills. I have a payday loan repayment to make, rent to pay which is already court ordered payments and we obviously NEED to buy food.

I feel like I'm losing to debt as it is without this on top of everything.

forgotmyname

Sign the car over to them?

Richard53

It's not what you want to hear, but you should inform your insurers, even if you don't make a claim. If you don't tell them and they find out from another source, they could cancel your insurance. That means declaring it every time you apply, with higher premiums and difficulty getting cover for the rest of your driving life.


You sound like you are in a tight corner. Good luck.

jamesd

Effy.Shaw wrote: »

I have a payday loan repayment to make, rent to pay which is already court ordered payments and we obviously NEED to buy food.

Tell the payday lender. The car has higher priority than the payday repayment and they are supposed to be understanding in such situations. Ask them to agree a renewal so you can take care of the car or set up a payment plan.

If they don't agree, tell them that you are withdrawing their authorisation to take payment under the Payment Services Regulations and you'll contact them again once you know how much money remains.

Also ask the storage place whether they are willing to reduce the charges given your dire financial circumstances.

Then also look at lenderscompared to see if you can find a cheaper rate on the loan. That's the site that doorstep lenders are required by law to use but there are also other sometimes decent rates from other lenders there. Decent compared to payday loans, anyway, not compared to mainstream good credit loans.

konark

Why bother getting the car from the pound, if it's been flipped it's virtually worthless. As Forgotmyname suggests just sign it over to them and give them the V5 and keys.

Ray_Singh-Blue

Here from MrMoneyMustache is an amusing "car decision chart" (fig 1)

Less than $50k net worth / less than 10 miles from work? ----> bicycle.
more than 10 miles from work? ---> move closer. U-Haul (van rental)
Occasional trips? ---> rent a car ($25 per day)
Really need a car? 2011+ Nissan Leaf ($6k+)
Long road trips? 2005+ Toyota Prius ($5k+)
Net worth more than $2M? ----> Tesla Model S ($70K)
Off Roading / SUV? ----> NO

Rain_Shadow

AdrianC wrote: »

I call troll.

First post, ridiculous scenario, "so entitled!" attitude. Too obvious.

Beat me to it.;)


The log in, post, log out and never log in again is quite indicative too.

loskie

you cant afford a car. so let it go.

gabitzul

And the profile already has a picture... Trying too hard.

Thumbs down from me as well.

If it's real, I would sign the car over to them as well and walk / bus as already suggested.

PS I love MMM site - brilliant, I am trying to implement as many of his tips as a I can. Early retirement - such a nice dream... Sorry for OT.

Herzlos

Troll or not, if the cars been rolled it's going to be a write off anyway unless it was exceptionally expensive, so I'd hand the keys to whoever has the car (police impound?) and let them scrap it. It'll save you having to pay to get it back and then giving it to a scrapyard.

Effy.Shaw

I'm not trolling...I don't even understand how I come across as entitled at all...I have no money and having had an account on here before I thought there might be something I'd not thought of...

I didn't wait around for replies because I think would reply soon at that time of night. But yeah... Thanks...

It sounded to me like we couldn't just sign over and not pay, it sounded like we had to pay either way, is this not the case?

As for walking, not an option, work is too far away and I start at 6am... Plus i have a bad ankle and can't walk any great distance.