Help :(

Willing2Learn

And if your son causes so much damage to things, then I really don't think you want a nice new car.  Surely he will cause havoc to the interior of the vehicle?  Whereas it does not really matter if he causes damage to a cheap runabout.    (I am trying to wear down the resolve of you and your husband lol...and get you guys to give up the HP motor)

Emilylouise90

Hi yes similar traits, he is almost 4 and due to start school this coming September.

He loves being in the car we have had no issues  surprisingly.
I know the car is alot monthly
just really hard to get rid especially when had cheap cars and had nothing but bad luck, were trying think of way to get a little extra income
just really difficult

I have checked with my husband  about the car and i have got it wrong.
It was 72months x 250  we have   68months left.

Willing2Learn

Emilylouise90 said:

I have checked with my husband  about the car and i have got it wrong.
It was 72months x 250  we have   68months left.

I think you and your husband reluctantly realise what you need to do.  Keep the car and it means you won't have enough money for over 20 years for nice days out, holidays, gifts and that sort of thing.

or

Give the car back, get yourself a cheap runabout, using the money that you will save during the next 6-9 months when you withhold payment to your unsecured accounts, getting this all done and dusted over the next six years or so.  Your children will still be young, and you will have money to enhance your quality of life so much sooner.  You will have all those good times as a family within touching distance as you won't be skint any more...

PaulW922

Emilylouise90 said:

How do i approach this just cancel my direct debits x

No! That is not a good idea as you will immediately fall into arrears with no plan in place.

Lots of comments about your car but a true HP agreement where the debt is secured on the car itself makes handing it back after just six months of a 60 month agreement tricky. So you might need to discuss with the finance company 

You might want to consider a debt management plan. These are available free from charities such as Step Change and Payplan. (In fact you should never pay for one). In a DMP the manager will help you work out how much you can afford and negotiate reduced payments with your creditors. You can do all this yourself with advice from this forum but a DMP is another option or you to consider.  They may also be able to help with car HP (if it is HP) 

A DMP does means you will fall into arrears or default on a number of obligations so it might not be the way forward - perhaps trimming your bills is sufficient. But is is an option

Emilylouise90

Morning, so we have decided to get rid of the car  my husabnds parents have kindly  said they will pay the money to do this.
Would it be okay to just pay a small fee in  dmp like 50pm so money wont be as tight And still have money left over to do more stuff as a family and house matinence. 

Then pay more once a change of in come comes hopefully when all my children are at school.

Willing2Learn

I am honestly really pleased for you all.  You are both making the right decision. 

A DMP is a informal payment arrangement.  You are free to pay as little or as much as you like.  Just so long as your budget balances.  The more you agree to pay, the quicker this all finishes.  But you definitely want something in your budget for entertainment for you and your family. 

You should send off those letters to your unsecured creditors to ask for some breathing space.  I gave you a link in a previous post.

Don't worry.  You will have the money for a runabout in a flash...and you will have a healthy Emergency Fund too!!

Please keep us updated on what the HP people say on how much to terminate the agreement and hand the car back. 

Emilylouise90

Hiya i will do.
Atm husband is on furlough so we av couple months breathing space on the mortgage and loans. Im just really scared off getting a ccj if i only a pay small amount.
Would you say if i could afford 150 monthly, just pay 50 in dmp and the rest in a savings account for 7 years or so  and then make them offers x

Willing2Learn

As long as you stay in touch with your creditors to let them know your payment plan, then there is no risk of a CCJ.  So don't worry


See what the settlement figure is first, for the termination of your HP agreement.  We need to know all of your outgoings before you commit to a payment plan.

Drawingaline

Hi
It will get better. You have taken the first step. 

I have two children I receive DLA for. This money comes in and just goes into the household pot. It isn't spent on them specifically as such. Obviously if they need something for their needs we get it, my middle son needs one to one swimming lessons so that obviously costs more. I know people who keep the DLA seperate and as savings for their child, but they are in a position to do so. We are not. And I don't feel guilty about that. Remember ensuring a stable home environment is also an important part of raising a child. Maybe if it makes you feel better, tuck £50 of the DLA aside for him and put the rest into the household pot. 

TheAble

How did all the debt come about? Cutting costs etc is all well and good but it's important to understand how you got into this situation.