Wife made redundant - what should I do?

Bit of insight into our situation:

We bought our house in zone 2 London last year, our mortgage is pretty low at £1200 a month. Low enough that i can cover the mortgage and bills (never more than £2500 a month) with my salary, with a bit left over.

My wifes industry is relatively niche, and this has given her the push she needs to set up her own online business (she trialled it in the past on a small scale and made reasonable profits, but now want to reinvest these rather than drawing a salary until its more stable). This is great as I am a remote worker so can be based anywhere, meaning we're no longer tied to London, or any city for that matter. We're having our house valued to sell, with a view to halving our living expenses.

Really the main thing I need advice on is in relation to a car. I have put down a 1k deposit on an 11k car, with the 10k balance to be paid on collection on 01 November. 8.5k of that 11k is from a bank loan, with monthly repayments of £200. Where we're planning to move we'll absolutely need a car. I'd appreciate your advice on how to proceed with this.

Option 1: continue with purchase and scrape by in the hope that wife can contribute before we eat through our savings
Option 2: cancel purchase, lose 1k deposit, buy cheaper car for 2k, and have no monthly repayments


  • comete
    comete Forumite Posts: 7 Forumite
    I should say that I am selling off some of my racing bicycles, which should realistically enable me to bring the car loan down to 6k pretty instantly.
  • getmore4less
    getmore4less Forumite Posts: 46,882
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    will the dealer let you pick a cheaper car?

    what does the business plan predict for the scaling up the business
  • Takeaway_Addict
    Takeaway_Addict Forumite Posts: 6,537
    Part of the Furniture 1,000 Posts
    I would post this on the debt free board- I appreciate you're not really in debt but its better than this board for budgeting etc
    Don't trust a forum for advice. Get proper paid advice. Any advice given should always be checked
  • comete
    comete Forumite Posts: 7 Forumite
    Due to the type of dealer it is, that's not really an option.

    Annoyingly as this happened unexpectedly and maybe a year sooner than we had planned for, there's no firm business plan in place.
  • comete
    comete Forumite Posts: 7 Forumite
    Will do, thank you!
  • moneyhelpuser5
    moneyhelpuser5 Forumite Posts: 31 Forumite
    Have you considered an 0% credit card?
This discussion has been closed.
Meet your Ambassadors


  • All Categories
  • 338.9K Banking & Borrowing
  • 248.7K Reduce Debt & Boost Income
  • 447.6K Spending & Discounts
  • 230.8K Work, Benefits & Business
  • 601K Mortgages, Homes & Bills
  • 171.1K Life & Family
  • 244.1K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 15.9K Discuss & Feedback
  • 15.1K Coronavirus Support Boards