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Finance Agreements
ITGeek77
Posts: 3 Newbie
Hi,
New to the forum and looking for some advice. Apologies if this is in the wrong area.
I am in the situation where I can no longer afford the monthly payments on the hire purchase agreements for the vehicles and they have already fell behind in arrears.
We need two vehicles (both currently on finance) so one can be used for commuting and the other one on the school run.
One of the vehicles is in negative equity by a significant figure £5k+ and less than a year old in terms of agreement.
The other vehicle I have paid over a third of the contract, however if sold that would just cover the outstanding amount with no money to keep me on the road. Because of my situation I doubt I would get any new finance deal.
The finance company have said they can't put me on a payment plan because I do not have enough income after outgoings and threatening to repossess the vehicles.
Any advice on my options greatly appreciated.
New to the forum and looking for some advice. Apologies if this is in the wrong area.
I am in the situation where I can no longer afford the monthly payments on the hire purchase agreements for the vehicles and they have already fell behind in arrears.
We need two vehicles (both currently on finance) so one can be used for commuting and the other one on the school run.
One of the vehicles is in negative equity by a significant figure £5k+ and less than a year old in terms of agreement.
The other vehicle I have paid over a third of the contract, however if sold that would just cover the outstanding amount with no money to keep me on the road. Because of my situation I doubt I would get any new finance deal.
The finance company have said they can't put me on a payment plan because I do not have enough income after outgoings and threatening to repossess the vehicles.
Any advice on my options greatly appreciated.
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Comments
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You would be far better off in one of the debt forums with this question.1
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Debt-free wannabe — MoneySavingExpert ForumMildly_Miffed said:You would be far better off in one of the debt forums with this question.0 -
You need 2 cars but you can't afford 2 on finance, you need cheaper cars, ideally not on finance or use alternatives like a bike, bus, walking etc
Sam Vimes' Boots Theory of Socioeconomic Unfairness:
People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.
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What other debts do you have? If you stop paying credit cards or loans, could you afford both car finances?
If you only had one on finance, would that be affordable?
What other options do you have for commuting or the school runs, or for both of you sharing a car?
In this sort of situation, you usually have no nice options, so it's a question of choosing the least bad option. So could you complete a Statement of Affairs (SOA) with as accurate numbers as you can for your current expenses and all details such as the lender names https://www.stoozing.com/soa.php1 -
Hi,
New to the forum and looking for some advice. Apologies if this is in the wrong area.
I am in the situation where I can no longer afford the monthly payments on the hire purchase agreements for the vehicles and they have already fell behind in arrears.
We need two vehicles (both currently on finance) so one can be used for commuting and the other one on the school run.
One of the vehicles is in negative equity by a significant figure £5k+ and less than a year old in terms of agreement.
The other vehicle I have paid over a third of the contract, however if sold that would just cover the outstanding amount with no money to keep me on the road. Because of my situation I doubt I would get any new finance deal.
The finance company have said they can't put me on a payment plan because I do not have enough income after outgoings and threatening to repossess the vehicles.
Any advice on my options greatly appreciated.0 -
DUPLICATE TOPIC already posted here
https://forums.moneysavingexpert.com/discussion/6636489/finance-agreements#latest0
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