hi there, around 9 months ago i took out a loan for £6000, i'm repaying this @ £158.57 a month over 4 years,i recently got laid off from my job, the loan payment was meant to go out today but yesterday i cancelled the direct debit for it (after i rang the loan company telling them the situation, they advised me to cancle direct debit and let them know when i want to pay the payment before the next months payment), i've got around £40 in the bank, i started a new job today but won't get paid for 2 weeks (work a week in hand) and thats just over minimum wage.
i used the loan to purchase a car, i was wondering would the loan company accept my car to pay off the remaining debt? (its around £5200), the car is worth around £4800.
Or have any of you got any ideas? it's really stressing me out so much so that i can't sleep.
2006-11-20 12:55:39 · 10 answers · asked by gjd3k 1 in Business & Finance ➔ Personal Finance
call the loan company again. explain that you will be able to pay x amount in 2 weeks, and x amount 2 weeks later. they quite possibly will give you a little leeway.
2006-11-20 13:06:23 · answer #1 · answered by Sam 3 · 0⤊ 0⤋
Go back to the loan company an see if you can re- finance the loan. They may well do this if it means you can carry on making payments. It will mean that the loan period will be longer and you pay more interest etc. But at least you will not be on a credit black list. Think about insurance to protect yourself, just in case of a repeat with the job situation.
2006-11-20 18:37:31 · answer #2 · answered by honey lugs 3 · 0⤊ 0⤋
If it is a mortage or college student loans than yes I do have debt but I am trying to pay those off as quickly as possible as well as save the maximum allowable in my 401 K and IRA. I am on schedule to be totally debt free by 43 which isn't bad given the status of so many other people. My parents were terrible at managing their finances so I learned from their mistakes and have stuck to it. I don't want my wife or children to have to worry about their financial status while I'm here or when I'm gone. Stay with it and keep on the path that you are going.
2016-05-22 02:57:06 · answer #3 · answered by Anonymous · 0⤊ 0⤋
try speaking to the loan company and see if they will let you pay it over a longer period of time then you will pay less per month, or sell your car and get a runaround car mine was £500 had it a year and never spent a penny on it least then you can pay off the majority of the loan, dont stress too much though it is only money as long as your making an effort to do something about the situation, good luck
2006-11-20 18:54:30 · answer #4 · answered by Anonymous · 0⤊ 0⤋
please be very carefull if you offer the car back to cover the debt. my husband and i did that and because we hadnt paid enough of the debt off originally, we are now paying the whole amount back....£8,000 and have nothing to show for it. We were £750 under the amount to end the debt! If your loan is with a bank, they may very well beable to help you but if like us,and approached a company who advertise on tv, saying yes we can help, then try and keep the payments going as long as possible.
good luck with your new job by the way
2006-11-24 04:25:49 · answer #5 · answered by Snuffy 4 · 0⤊ 0⤋
won't you need the car to keep your new job? If not, it would probably be smarter to sell the car yourself. In the US at least, loan companies sell items in auctions and they typically go for much less than their full value. anyway, dealing with the problem is important, but stressing too much isn't. when you look back on your life 25 years from now, all this stress and worry will seem like a waste of good living...
2006-11-20 13:06:48 · answer #6 · answered by ss 2 · 0⤊ 0⤋
Detail the car and sell it, can you take public trans to work and back? After you start getting regular checks again pay off. the rest of the debt. (use the money you sell the car for to make a big payment) on your debt. If you don't you'll just wind up pissing it away.
2006-11-20 13:05:29 · answer #7 · answered by tom_nearhood 3 · 0⤊ 0⤋
sell the car for whatever you can get and pay off that amount to the loan company. at least then you will only have a small amount left to pay
2006-11-24 10:06:28 · answer #8 · answered by crazeeladee no more 5 · 0⤊ 0⤋
you might have to take on a 2nd part time job until the loan payments are more in control
2006-11-20 12:59:32 · answer #9 · answered by Mopar Muscle Gal 7 · 0⤊ 0⤋
you have to sell the car to pay the debt
2006-11-20 13:04:34 · answer #10 · answered by Anonymous · 0⤊ 0⤋