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  • FIRST POST
    • piker7160
    • By piker7160 14th Mar 18, 8:26 AM
    • 5Posts
    • 0Thanks
    piker7160
    Hire Purchase at a crossroad
    • #1
    • 14th Mar 18, 8:26 AM
    Hire Purchase at a crossroad 14th Mar 18 at 8:26 AM
    Would appreciate any help please on the following situation I am in. Have a car on HP finance which is due to end May this year, currently pay 215 per month. After this I own the car and it will be worth approx 4.5k to 5K. All the proceed from the sale of the car will be used to pay off and clear 4 credit cards leaving me with just the mortgage as a debt.
    I am just about making the payment on the car and really struggling to pay the credit cards by making the minimum payments etc. My question is should I sell the car now which has a settlement figure of about 1k which the new owner will have to pay (have sold a car this way before and have not had problems provided I have told buyer that there is outstanding finance on it) OR should I just hold out until end of May when it is officially mine? The reason for asking this is that I am really struggling financially at moment but at the same time looking forward to getting rid of the credit cards and the monthly car payment.
    Any advice appreciated.
Page 1
    • DCFC79
    • By DCFC79 14th Mar 18, 8:28 AM
    • 31,933 Posts
    • 20,110 Thanks
    DCFC79
    • #2
    • 14th Mar 18, 8:28 AM
    • #2
    • 14th Mar 18, 8:28 AM
    Would appreciate any help please on the following situation I am in. Have a car on HP finance which is due to end May this year, currently pay 215 per month. After this I own the car and it will be worth approx 4.5k to 5K. All the proceed from the sale of the car will be used to pay off and clear 4 credit cards leaving me with just the mortgage as a debt.
    I am just about making the payment on the car and really struggling to pay the credit cards by making the minimum payments etc. My question is should I sell the car now which has a settlement figure of about 1k which the new owner will have to pay (have sold a car this way before and have not had problems provided I have told buyer that there is outstanding finance on it) OR should I just hold out until end of May when it is officially mine? The reason for asking this is that I am really struggling financially at moment but at the same time looking forward to getting rid of the credit cards and the monthly car payment.
    Any advice appreciated.
    Originally posted by piker7160
    Why are you struggling ?

    Spending more than you should ?

    Look at your other spending and cut back.
    • piker7160
    • By piker7160 14th Mar 18, 9:14 AM
    • 5 Posts
    • 0 Thanks
    piker7160
    • #3
    • 14th Mar 18, 9:14 AM
    HP Crossroads
    • #3
    • 14th Mar 18, 9:14 AM
    Struggling due to my current work hours been cut and only getting minimum wage at the moment.
    • Oakdene
    • By Oakdene 14th Mar 18, 9:23 AM
    • 2,019 Posts
    • 7,473 Thanks
    Oakdene
    • #4
    • 14th Mar 18, 9:23 AM
    • #4
    • 14th Mar 18, 9:23 AM
    Best thing to do would be to post a SOA on the DFW board & people will help
    Does dim arian 'da fi, ond breuddwydion 'da fi.

    Gwlad yr I & Columbia (no Welsh word for Columbia)
    • Silvertabby
    • By Silvertabby 14th Mar 18, 10:28 AM
    • 2,873 Posts
    • 4,098 Thanks
    Silvertabby
    • #5
    • 14th Mar 18, 10:28 AM
    • #5
    • 14th Mar 18, 10:28 AM
    As above.

    How will you manage without the car? Have you factored in the cost of public transport?
    • Tarambor
    • By Tarambor 14th Mar 18, 1:21 PM
    • 3,064 Posts
    • 2,217 Thanks
    Tarambor
    • #6
    • 14th Mar 18, 1:21 PM
    • #6
    • 14th Mar 18, 1:21 PM
    Keep the car. We're in March, May is just 2 months more and then you'll free up money every month you were paying on the car.

    If you get rid of the car you're going to have to fund a replacement, how by paying off your debts and taking out another loan? Leaves you in the same situation.
    • ratrace
    • By ratrace 14th Mar 18, 2:08 PM
    • 553 Posts
    • 371 Thanks
    ratrace
    • #7
    • 14th Mar 18, 2:08 PM
    • #7
    • 14th Mar 18, 2:08 PM
    Can you get a part time delivery driver job even if its only 2 day a week 50 a day x2 x4 = 400 a month extra that should take a lot of pressure off, its not forever just untill you are in a better position
    People are caught up in an egotistic artificial rat race to display a false image to society. We want the biggest house, fanciest car, and we don't mind paying the sky high mortgage to put up that show. We sacrifice our biggest assets our health and time, We feel happy when we see people look up to us and see how successful we are

    Rat Race
    • piker7160
    • By piker7160 14th Mar 18, 6:26 PM
    • 5 Posts
    • 0 Thanks
    piker7160
    • #8
    • 14th Mar 18, 6:26 PM
    HP Crossroads
    • #8
    • 14th Mar 18, 6:26 PM
    Thanks for all the responses. We do have two cars in the household the other one we own which is a super reliable beat up old T reg Honda Civic. Have decided that we can manage with just the one car as my employer is not far away, and will use my bike and keep fit at same time. The way I see it is that we are saving money all-round ie not funding tax/insurance etc on two cars.
    So fed up of being in debt that I am trimming back on everything and will then try to get some regular savings. Don't every want to go back to car loans/credit cards again I am 54 and should be more sensible in my book.
    Cheers
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