Feels like im going under!

EssexHebridean · 10 January 2023 at 11:40PM

From. Y rudimentary knowledge it’s not the part itself that would be the expensive bit - it’s the fact that you have to dismantle the engine and rebuild to fit it. Also, unless a blown head gasket is picked up very fast while driving, and the car is stopped immediately and not driven again until fixed, there is a huge chance that further damage will have been caused. I had one go on my Renault 5 many years ago - picked up on it as soon as I started smelling smoke and stopped, the car was recovered direct to a garage and in spite of that and a repair being carried out successfully, the car really never was the same again afterwards either.

NiteEyez1980 · 20 January 2023 at 3:23PM

Good afternoon all

Well I got a 09 nissan micra 120k, fsh, 12m mot for £1300. Was best I could do, everything out there when I looked at the mot. Checker or advisories were basically dead cars on wheels.

Fingers crossed on this one.

Have had no defaults from any banks yet. Only threatening letter has been from shawbrook bank giving me to 30/1 or they 'may' ruin me.

I've already drafted a letter so will see what comes back and then write to them with an offer..

All else has been quiet on the western front which is good..

Just thought I'd check in peeps 👍

triple_choc_chip · 22 January 2023 at 2:09PM

Hi NiteEyez1980,

Reading your last post, you seem to have defaulted to your intentions at the beginning of the thread.
We already established via your SOA that you have no spare money to make an offer.
The great advice from others included the need for defaults for the interest to be halted, also that making an offer would result in an arrangement-to-pay marker on your credit file which lasts until 6 months after the debt is paid in full instead of dropping off (becoming invisible) after 6 years.
More advice was to visit one of the charity websites, where they have templates and advice on how to write to your creditors to instigate a DMP.
Please re-visit at least the first 5 pages of your thread; there you will find links to the templates etc. you will need and all the detail about the need for defaults before anything else.

NiteEyez1980 · 22 January 2023 at 4:23PM

Hi triple choc

I posted a new soe a few pages back.

I've budgeted, my income is static, so nothing else is going to change.

lozenlady · 22 January 2023 at 9:21PM

NiteEyez1980 said:

Good afternoon all

Well I got a 09 nissan micra 120k, fsh, 12m mot for £1300. Was best I could do, everything out there when I looked at the mot. Checker or advisories were basically dead cars on wheels.

Fingers crossed on this one.

Have had no defaults from any banks yet. Only threatening letter has been from shawbrook bank giving me to 30/1 or they 'may' ruin me.

I've already drafted a letter so will see what comes back and then write to them with an offer..

All else has been quiet on the western front which is good..

Just thought I'd check in peeps 👍

I've been lurking for a while and just wanted to say I got an 09 micra a couple of years ago for £900. Its been super reliable and passed 2 mots without any problems.

The body work has some dents, the radio doesn't work and it's not the most comfortable on long journeys BUT it's reliable which is the most important thing to me.

Hopefully yours will be the same 😊

triple_choc_chip · 22 January 2023 at 9:53PM

NiteEyez1980 said:

Hi triple choc

I posted a new soe a few pages back.

I've budgeted, my income is static, so nothing else is going to change.

I remember the spreadsheet, I just went back a few pages and didn’t see it but I remember someone advising you about ID in it.
What I meant though is that you’ve suggested again about making an offer; please don’t be tempted to offer anything until you have the defaults. After that you can offer a % of the £200 you anticipate available.
I hope I haven’t offended, I just don’t want you stuck with arrangements showing on your credit history long after defaults would have cleared.

enthusiasticsaver · 22 January 2023 at 11:33PM

Good you have got a replacement car.

Until you have an updated soa and an emergency fund I would not offer anything. You want the defaults to go ahead as the sooner they go on the sooner they will drop off. Please don't be panicked by the default letters. They have no power to do anything except inform CRAs which you know will happen anyway.

enthusiasticsaver · 22 January 2023 at 11:50PM

NiteEyez1980 said:

Good afternoon all

Well I got a 09 nissan micra 120k, fsh, 12m mot for £1300. Was best I could do, everything out there when I looked at the mot. Checker or advisories were basically dead cars on wheels.

Fingers crossed on this one.

Have had no defaults from any banks yet. Only threatening letter has been from shawbrook bank giving me to 30/1 or they 'may' ruin me.

I've already drafted a letter so will see what comes back and then write to them with an offer..

All else has been quiet on the western front which is good..

Just thought I'd check in peeps 👍

The soa you posted in October (I cannot find a more recent one) shows that you do not have spare money to make an offer. It showed a £1307 deficit without making any unsecured debt repayments and you really have to focus on saving an emergency fund as you now have no access to credit. You want the default to go ahead and the rest is just bluster. They cannot ruin you. They are unscrupulous lenders who aggressively try and frighten people into paying. Send them your soa if you wish but it will make no difference. Undoubtedly once they realise you cannot pay they will sell the debt on.

enthusiasticsaver · 23 January 2023 at 12:04AM

NiteEyez1980 said:

[font=courier new][b]Statement of Affairs and Personal Balance Sheet[/b][b]

Household Information[/b]
Number of adults in household........... 2
Number of children in household......... 4
Number of cars owned.................... 2[b]

Monthly Income Details[/b]
Monthly income after tax................ 3400
Partners monthly income after tax....... 600
Benefits................................ 0
Other income............................ 0[b]
Total monthly income.................... 4000[/b][b]

Monthly Expense Details[/b]
Mortgage................................ 775
Secured/HP loan repayments.............. 328
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 146
Electricity............................. 170
Gas..................................... 170
Oil..................................... 0
Water rates............................. 66
Telephone (land line)................... 0
Mobile phone............................ 25
TV Licence.............................. 46
Satellite/Cable TV...................... 60
Internet Services....................... 20
Groceries etc. ......................... 800
Clothing................................ 50
Petrol/diesel........................... 350
Road tax................................ 70
Car Insurance........................... 84
Car maintenance (including MOT)......... 50
Car parking............................. 38.5
Other travel............................ 120
Childcare/nursery....................... 100
Other child related expenses............ 100
Medical (prescriptions, dentist etc).... 25
Pet insurance/vet bills................. 0
Buildings insurance..................... 56
Contents insurance...................... 0
Life assurance ......................... 0
Other insurance......................... 15
Presents (birthday, christmas etc)...... 50
Haircuts................................ 40
Entertainment........................... 100
Holiday................................. 100
Emergency fund.......................... 50[b]
Total monthly expenses.................. 4004.5[/b]
[b]

Assets[/b]
Cash.................................... 0
House value (Gross)..................... 300000
Shares and bonds........................ 0
Car(s).................................. 2000
Other assets............................ 0[b]
Total Assets............................ 302000[/b]
[b]

Secured & HP Debts[/b]
Description....................Debt......Monthly...APR
Mortgage...................... 133000...(775)......0
Secured Debt.................. 54000....(328)......0[b]
Total secured & HP debts...... 187000....-.........- [/b]

[b]Unsecured Debts[/b]
Description....................Debt......Monthly...APR
Natwest credit card............5276......122.......0
Natwest overdraft..............1200......26........0
Natwest loan...................16000.....254.......0
Next...........................600.......50........0
Creaton (wardrobe) ............500.......16........0
Sainsburys credit car..........9449......180.......0
Virgin credit card.............6549......70........0
Tesco credit card..............4961......61........0
MBna credit card...............5915......151.......0
Hsbc credit card...............3142......130.......0
Shawbrook bank loan............13674.....247.......0[b]
Total unsecured debts..........67266.....1307......- [/b]

[b]
Monthly Budget Summary[/b]
Total monthly income.................... 4,000
Expenses (including HP & secured debts). 4,004.5
Available for debt repayments........... -4.5
Monthly UNsecured debt repayments....... 1,307[b]
Amount short for making debt repayments. -1,311.5[/b]

[b]Personal Balance Sheet Summary[/b]
Total assets (things you own)........... 302,000
Total HP & Secured debt................. -187,000
Total Unsecured debt.................... -67,266[b]
Net Assets.............................. 47,734[/b]

[i]Created using the SOA calculator at www.LemonFool.co.uk.
Reproduced on Moneysavingexpert with permission, using other browser.[/i][/font]

This was the original soa posted in October. You were given a lot of advice at the time as to what you could reduce and I don't know how much of that you took on board. Until you complete that with the figures you are actually spending you do not know how much if any you have spare each month. I assume the car that you recently replaced is your second small runaround?

The things you need to pay are

Mortgage and secured loan (assuming this is secured on your house?)
Council tax and utilities/tv licence
Groceries but even for a family of 6/7 £800 is high. Try and reduce that.
Essential travel costs only whether that is cars (and associated costs) or public transport. I know you said your DIL relies on you but even if she does not drive she can use public transport or do online shopping. You need a full and frank conversation with your family about the hole you are in and work together to get out of it.
Everything else is discretionary and emergency savings need to be built up as a matter of urgency.

NiteEyez1980 · 23 January 2023 at 11:57AM

triple_choc_chip said:

NiteEyez1980 said:

Hi triple choc

I posted a new soe a few pages back.

I've budgeted, my income is static, so nothing else is going to change.

I remember the spreadsheet, I just went back a few pages and didn’t see it but I remember someone advising you about ID in it.
What I meant though is that you’ve suggested again about making an offer; please don’t be tempted to offer anything until you have the defaults. After that you can offer a % of the £200 you anticipate available.
I hope I haven’t offended, I just don’t want you stuck with arrangements showing on your credit history long after defaults would have cleared.

Hi ya, don't be silly, I am so grateful to everyone for their support

Feels like im going under!

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