I have given up my car today :-(

kyronsmummy

Hi Guys,

Well one of us had to do something, so I have called me finance company today and basically once i have received the paperwork I will be handing my car back to them. We run 2 cars and it is just not feasible any longer, what with the rising costs of running them, and I can only imagine what our creditors think when they see that we have 2 cars and they are getting £1 per month!!

I'd like to think that a weight had been lifted, but I feel the opposite, burdened with debt and generally feel like a failure.

Has anyone got any experience of this? I have only had the car for 2 years, and the finance agreement was 5 years so I am not half way in yet. Therefore I will still owe them around £900 once it has sold at auction. Apparently we can make an arrangement about this following the sale. Does anyone know if this can be included in our DMP?

Sorry for the long post, but any help greatly appreciated.

G-G_4

Hey there,

I don't have any advice on the DMP.

I do however have advice on life without a car..

It's easy, fun and you will be amazed at how much less stressed you will feel.. It's wierd at first, but you will soon get used to it and feel so much better knowing how much money you are saving!

I starting driving when I was 16 (motorbike) and since I was 24 had never been without a car or bike (sometimes both).. I have now had 8 months of no vehicle and it's been great fun learning how to get buses and trains etc.. I feel much better for it.

I am now insured on the OH range rover, so I can get about again

MrsTinks

It should be possible to include the outstanding amount in your DMP as it's a debt.

percypenguin_2

Well Done at giving up your car. Its a massive step and no wonder you feel down about it. Try and think of the positives 1) Saving money and paying off debts of course! 2) You get to walk or cycle places so your fitness will improve 3) You are helping the environment 4) To reiterate- paying off debts!

Good Luck hon! PP

tealady

Hi. I don't have a car (due to the cost) but manage OK with buses, trains, shank's pony and the occasional taxi. I arrive at work stress free and have managed to read loads of books (borrowed for free from the library of course).

louietudor

quote
Hi Guys,

Well one of us had to do something, so I have called me finance company today and basically once i have received the paperwork I will be handing my car back to them. We run 2 cars and it is just not feasible any longer, what with the rising costs of running them, and I can only imagine what our creditors think when they see that we have 2 cars and they are getting £1 per month!!

I'd like to think that a weight had been lifted, but I feel the opposite, burdened with debt and generally feel like a failure.

Has anyone got any experience of this? I have only had the car for 2 years, and the finance agreement was 5 years so I am not half way in yet. Therefore I will still owe them around £900 once it has sold at auction. Apparently we can make an arrangement about this following the sale. Does anyone know if this can be included in our DMP?
Sorry for the long post, but any help greatly appreciated.
end

i may be wrong and im sure someone will tell me if i am but i think if you have a loan secured on your car then on a DMP its considered a priority debt if you need it for work and therefore you can continue to pay this in full with whats left apportioned to your remaining creditors

duchy

No parking tickets, no road rage.....no unexpected breakdowns
Instead of feeling down think of the positives.
I added up what running a car was costing me in a year (and I don't have the fallback of a second car in the household which means your costs for unexpected taxis etc will be less) the REAL costs-petrol, tax, repayments, depeciation, car washes, feeling obligated to give lifts totally out of your way etc and it was a heck of a lot more than £900 when taken against public transport.
You'll be quids in and healthier too-not to mention that bit closer to your dfd.

smiths84

Hi Louietudor

Sorry can't help on DMP, but for heaven's sake don't feel like a failure. You've done a brilliant thing!
We gave up our (only) car about 18 months ago after being landed with a £5000 bill to replace the gearbox. It is the best thing we ever did. I agree with G-G - it is wierd at first - but pretty soon you'll be feeling fit, free of the financial and practical burden (like parking/getting stuck in traffic) and smugastheycome every time fuel prices go up. My hubby runs to work, I walk everywhere or get the bus. Sometimes, if there's so many of the family travelling together that the cost is about the same as the bus, we get a taxi - the expense is still a pittance compared to running a car. We save up all our car-needed tasks (like going to the dump or travelling across country to see parents) and every so often hire one. Its about 65 quid for a three-day weekend. True we live in a city close to bus routes which helps. But that's a deliberate lifestyle choice precisely to kepp our travelling costs/time down. We have three kids including a 6 month old baby and manage fine. I would not go back to having a car if you paid me. So don't feel a failure!