Help :(

DrEskimo

I agree with others that the car is a major cost that is not sustainable. You do not need to spend £17,000 to get a reliable car. You went from one extreme of <£1,000 cars that need work, to the other extreme of spending a large amount. A £4-£5,000 car would have been absolutely fine.

All that said, the deed is done so now it's about the best way to move forward given the circumstance. Your right to voluntarily terminate a HP agreement is based on paying 50% of the total payable amount. At £250/month over 60 months, this wouldn't be until your 30th payment when you've paid ~£7,500. As you are only 6-months in, you are some £6,000 off. If your parents are happy to make this contribution to exercise your right to VT, you would be far better off just getting the £6,000 from your parents, keep it in your bank account and then using it to make the £250 payments each month. At least you get to use the car over the next 24-months, rather than hand it back early.

Furtherstill, I would need to know the amount borrowed and APR, but I would guess the settlement after 24-months would be around £7,000. It's highly likely the car will be worth more than this, so you could sell/trade the car in instead of just handing it back and at least have some money back towards buying a replacement car (or to pay back some of the money lent to you).
The car may be worth more than your current settlement now, but obviously given the circumstances, values and ability to sell cars is massively reduced, so not a good time to consider it.

Hope that's clear. It makes little sense to pay to get the VT point and hand the car back early. You might as well keep it until you reach the VT point (month 30) as it will cost the same either way.

Hope that helps, and good luck.

Emilylouise90

Morning all
1 of the loan we have had for few years
we used it for house deposit at the time.

other loan was stupid  we needed stuff doing for the house asap and for survival tbh as i was on maternity at the time.
stupid decision.

But circumstances have change my husband as dropped 300pm as he lost is shift allowance at work
i was also on the same wage as we worked at the same place, but forced to leave as  my husbands mum looked after the kids full time
but she cannot do this now  its to hard for her due to ill health.
Basically we have had a drop of income around 1000 per month.

Drawingaline

Is there any way either of you could pick up some online surveys atm? Have a scout around this board there are lots of people who do them. You don't earn much, but can put it to one side, or get vouchers which you could use for Xmas maybe?

Emilylouise90

Hi ive tried them they just dont pay enough.
i dont really have too much free time atm
got my hands full x