Sell car

Lisaellie1

Does anyone think I should sell my car to pay off all my debt? I have a bad credit score so I would not get a loan for a new car.

fwor

There are quite a few reasons to say "it depends" - but if you need a car for work it's probably unwise, unless you live somewhere where public transport is very good, or unless you're paid a lot and can afford to get taxis everywhere - which sounds unlikely from what you say.

HampshireH

A car is quite often a lifeline.

Unless you don't need it I would keep it and review you income and expenditure instead.

If you dont need it then sell it.

StokieBecks

You haven't given much info for people to give a good answer

- How much debt do you have?
- can you afford your debt repayments (and priority outgoings essentially)
- is your car essential
- is it likely to cost you a lot in repairs in the near future?

Post up a SOA (statement of affairs) so posters can see your incomings/outgoings debt payments etc and tailor advice to suit your circumstances

Lisaellie1

Hi, thank you for your replies. My car is essential as I have elderly parents and for work. I can afford the monthly payments and haven!!!8217;t missed any. Just hate being in debt. Need a spare £7000. I only got into this debt through having depression. !!!55357;!!!56866;

Cherryfudge

I think you've answered your questions yourself! You need a car.

Do as StokieBecks suggests above: post a Statement of Affairs and people will be happy to suggest changes you can make. It's never easy but this is a wonderfully supportive place and support can make all the difference between getting rid of debts and getting further in trouble.

Lots of good wishes for getting the problem sorted out.

EssexHebridean

You need to stop trying to fix things by coming up with snap solutions and instead put in place a proper budget which will enable you to clear the debt sooner. As others have said, put yourself together a Statement of Affairs and we can take a look and maybe suggest some areas you could make savings - but selling a car that you actually need, rather than just want, will not help!

John_Jones

Lisaellie1 wrote: »

Hi, thank you for your replies. My car is essential as I have elderly parents and for work. I can afford the monthly payments and haven!!!8217;t missed any. Just hate being in debt. Need a spare £7000. I only got into this debt through having depression. !!!55357;!!!56866;

I do not think that this is a helpful way for you to frame things. You got into debt by spending more money than you earn. You will get out of debt by reversing this, and spending less than you earn.

Can you take on weekend work, or something in the evenings?

FTBNow

Lisaellie1 wrote: »

Hi, thank you for your replies. My car is essential as I have elderly parents and for work. I can afford the monthly payments and haven!!!8217;t missed any. Just hate being in debt. Need a spare £7000. I only got into this debt through having depression. !!!55357;!!!56866;

It's easy to pinpoint your debt on depression: I was similar, I got into around £4,000 (overdraft, credit card, store cards) of debt - £10,000 if you counted the car finance I had - but I can safely say my debt didn't start to go away until I acknowledged that I had to change my spending.

Sure, I got a high from having parcels delivered, or a high from popping into the city centre (as I work in one) and spending a lot of money on clothes: but it wasn't sustainable, and I found my depression just got worse and worse until I eventually had to acknowledge it couldn't go on like this.

A few months later, rather than paying something like £700-800 a month, my debts are £389 - £206 of which is for my car (which I need) and £91 for a loan I had for my Masters degree - and it's manageable. No credit card, no overdraft: I realised I couldn't be trusted and having the money sitting there just encouraged elaborate, unnecessary purchases, so I paid them off and closed down the avenues.

Quick fixes are to sell things you don't need - electronics that kind of thing - and work on changing your pattern of behaviour. Selling a car is an easy solution, but not if it causes an inconvenience to your life which could make you further depressed/spend more money.

FWIW, having some money in your bank at the end of every month - or seeing your credit and store card balances decrease - far outweighs any material goods you may be tempted to buy and is much better for treating anxiety and depression. You can do it. :money:

System

Lisaellie1 wrote: »

Does anyone think I should sell my car to pay off all my debt? I have a bad credit score so I would not get a loan for a new car.

I would if the car is worth a considerable chunk of your debt as there's no point having a shiny car outside your house and being miserable because you're being drowned by the weight of your debts. Keep £1000 aside to buy a cheap runaround, local Facebook stuff for sale pages are full of 10-12 year old cars sub £1000 which are perfectly good and reliable. Use some of the money saved from not making debt repayments every month to put in a regular saver account to buy a better car in a couple of years time or cover repair costs.

bigisi

Tarambor wrote: »

I would if the car is worth a considerable chunk of your debt as there's no point having a shiny car outside your house and being miserable because you're being drowned by the weight of your debts. Keep £1000 aside to buy a cheap runaround, local Facebook stuff for sale pages are full of 10-12 year old cars sub £1000 which are perfectly good and reliable. Use some of the money saved from not making debt repayments every month to put in a regular saver account to buy a better car in a couple of years time or cover repair costs.

The OP posted this back in February and hasn't updated so I assume didn't go ahead.

For some reason John_Jones decided to drag the post up again forno apparent reason.