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Credit Card debt /Car finance balloon payment/ redundancy
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fizzlermm88
Posts: 7 Forumite

Good evening all,
Please accept my apologies if I am posting in the wrong forum. I would like to reach out and get some advice regarding my current debt situation.
At the moment I currently have two credits cards:
Interest Free until 11/21 balance £5673.45
Interest Free until 11/21 balance £5021.42
At the end of June my car finance agreement comes to an end (it is a standard PCP with the three options). My plan at the minute is to pay the balloon payment off £4641 and keep the car.
To throw a spanner into the works, I have been placed on furlough (thankfully!) however my employer has notified me that my job role is now redundant. I am facing redundancy and they are reducing the headcount in my department in half. My furlough period ends on June 30th. My employer is planning to serve redundancy notices from June 15th. My employer has stated we will be paid contractual notice and stat redundancy pay.
I have secured a temporary full time role at minimum wage 2 weeks ago (finally) after numerous applications.
I currently have £2,000 in savings.
My current plan is to pay the car balloon payment with my savings and income from current role (furlough / additional job). However I will still be short around £1,000. Do I do a money transfer when my job security is leaking bleak? I am feeling extremely stressed about which route to take.
Regards,
fizzlermm
Please accept my apologies if I am posting in the wrong forum. I would like to reach out and get some advice regarding my current debt situation.
At the moment I currently have two credits cards:
Interest Free until 11/21 balance £5673.45
Interest Free until 11/21 balance £5021.42
At the end of June my car finance agreement comes to an end (it is a standard PCP with the three options). My plan at the minute is to pay the balloon payment off £4641 and keep the car.
To throw a spanner into the works, I have been placed on furlough (thankfully!) however my employer has notified me that my job role is now redundant. I am facing redundancy and they are reducing the headcount in my department in half. My furlough period ends on June 30th. My employer is planning to serve redundancy notices from June 15th. My employer has stated we will be paid contractual notice and stat redundancy pay.
I have secured a temporary full time role at minimum wage 2 weeks ago (finally) after numerous applications.
I currently have £2,000 in savings.
My current plan is to pay the car balloon payment with my savings and income from current role (furlough / additional job). However I will still be short around £1,000. Do I do a money transfer when my job security is leaking bleak? I am feeling extremely stressed about which route to take.
Regards,
fizzlermm
0
Comments
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It looks as though the job market is going to be a difficult place to be over the coming months. What do you do for a living, what do you normally earn and how in demand is your skillset currently? If you feel it's likely that you'll be able to find something on similar money then I'd say go for it, pay off the car. If not then can you do without the car/ buy a cheaper car for the time being? It's an unprecedented time and I think having easy access to money has never been more important.0
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