Welcome Finance Question

jojopo000

Hi Guys,

I know this is a very knowledgable board so am hoping you can give me some advice.
I have a car and a loan with WF, I missed both payments on these last month due to lack of money so they have just called me, they weren't nasty and have said that if the loan gets sent to their collections department the car loan will too and I will loose the car as even though they are seperate agreements they are both tied so I will end up loosing the car. Is this correct? They were taken out 12 months apart, they said about going to a Debt Managment Agency and then the loan could be rewritten though the DMA.
Please don't judge me on my questions, I just want to see where I stand.
Thanks.

RAS

Hi

Exactly what do you mean y you have a car and a loan with WF?

Do you have a loan to pay for a car?

or one loan for other purposes with Wf and a second loan to pay for the car. How much of the value have you paid back?

jojopo000

RAS wrote: »

Hi

Exactly what do you mean y you have a car and a loan with WF?

Do you have a loan to pay for a car?

or one loan for other purposes with Wf and a second loan to pay for the car. How much of the value have you paid back?

Hi and thanks for replying,
Am sat here close to tears at the moment but never mind, such is my life.
I have a car loan (HP) with them that started last year in January and then a seperate loan that was to get rid of a bailiff that was taken out in November last year.

thanks

RAS

Please can you get the paperwork for the "HP" out and make absolutely sure it is HP and not another type of creidt agreement?

jojopo000

RAS wrote: »

Please can you get the paperwork for the "HP" out and make absolutely sure it is HP and not another type of creidt agreement?

it says on one page in bold caps, high purchase and credit agreement on trade premises.
and under the T's&C's, under OWNERSHIP OF THE GOODS AND YOUR OPTION AT THE END OF THE AGREEMENT. 4.1 The goods belong to us and will become yours only after you have paid us all sums etc etc

RAS

Hi

If is is an HP agreement, then they can reclaim the car if you have not paid a certain percentage of the value.

Threatening to take it away because you default on another loan strikes me as being contrary to OFT Guidelines and possibly other regulations, but you need better advice than I can offer.

I would not entertain the DMA. This sounds like a managed loan and if you are struggling to pay the existing arrangments, it is hard to see how you will meet the revised ones.

I note that you have been considering BK and are not doing so now? And that OH has started a job?

Have you considered speaking to the debt charities about your situation? http://www.moneysavingexpert.com/loans/debt-help-plan#help/. Some of them are open to calls until 8pm.

You may be able to arrange a DMP in the short term.

I taken the liberty of adding some of your SOA information from the other board, but if you can add to it, it would help us help you.


WTC £60.44 a week
CTC £127.62 a week
My pay was £730 take home but now on Maternity Pay only it will be approx £500 for the next 3 months.
CB £160 per month
Housing Benefit £525, this should be going up due to wages going down, should know next week and when I am back at work it will be approx £500 a month.


Bills

Gas £10 a week
Elec £10 a week
TV License £10 a week (due to reduce next month)
Council Tax £20 a week (and we still have approx £1000 arrears)
Rent in Advance from Council £20 a month (would this get inc in BR?)
Food inc baby milk and nappies £110 a week (sometimes more)
Petrol £15 a week (things like RT and car going wrong get paid for as they happen but means going without elsewhere)
Rent £800 a month
Virgin £40 a month (I know this cannot be included and would have to come out of any excess income, if there is any!)
Mobiles £20 a month (thats on 2 phones)

Debts????

jojopo000

Thanks for your reply and help, I am still going down the BR route but just need to see what the finances will be as I know mine will remain now at £500 or less and DH has to pay the rent etc, so we are in theory no better off but until I know what the financial situation will be I cannot progess any further with the BR. Hope that makes sense?

RAS

Makes sense.

In the mean-time, you need to give priority to paying that car loan in the short-term if you do not want it repossessed and to getting some serious short-term advice so you can manage the time before you go BK as well as you can.

i would recomend that you do not speak to people on the phone and if necessary send them letters to that effect. It is easy for people to imply things on the phone and frighten you that they would not dare put in writing.

How about ringing CCCS or National Debt line now?

jojopo000

Thanks for the reply am sat here in tears in front of the kids too, what a cr*p mother i must be. If I get a quiet moment i will call them but at the mo is near on impossible to get a quiet mo.
When I go BR if I say DH pays the bills except the housekeeping which i pay with my wages would the OR accept it?
I feel so awful at the moment, what sort of person am i? I cant even manage to sort my self out to go BR

RAS

Hey love, you have three small kids, not enough sleep and you are at home on your own and trying to cope alone with all this debt. That is heroic.

Have you spoken to your HV or doctor about your distress, as a lot of women struggle after child birth and maybee you need some support? Do you have any family close by?

jojopo000

RAS wrote: »

Hey love, you have three small kids, not enough sleep and you are at home on your own and trying to cope alone with all this debt. That is heroic.

Have you spoken to your HV or doctor about your distress, as a lot of women struggle after child birth and maybee you need some support? Do you have any family close by?

I have some "Happy pills" for PND as I had it aftrer the middle one but I also remember how awful they made me feel when I started taking them so I havent started them as need to be able to function for the kids.
Family? Lets just say my mum has never had the kids for even 5 mins as her view is that she has done her time with kids.
Thanks for the kind words RAS.