Don’t worry these things happen a lot more than you think. It’s an awful situation to be on when you were just trying to work and earn money for you and your family. You should get a good mortgage broker. They’ll be able to advise you best.
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Car loan - £3,600 ish
Student loan - £3,300 ish
Mortgage - £60k ish
And like £300 on my credit card
My aim is to be debt free (other than mortgage) in 15 months!
ETA - at the start of 2020 I had almost £4,000 of credit card debt which I paid off and now almost have enough saved to pay my car and student loans, but am just going to make my monthly payments for now. When I had all the credit card debt I felt so awful about it but I was consistent and making that last payment was the best feeling ever!
Student loan - £3,300 ish
Mortgage - £60k ish
And like £300 on my credit card
My aim is to be debt free (other than mortgage) in 15 months!
ETA - at the start of 2020 I had almost £4,000 of credit card debt which I paid off and now almost have enough saved to pay my car and student loans, but am just going to make my monthly payments for now. When I had all the credit card debt I felt so awful about it but I was consistent and making that last payment was the best feeling ever!
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I'm not in any debt. I try my best to live within my means and I'm quite frugal by nature.
I'm thinking of getting a new car as mine is 11 years old now, but I hate the thought of taking out finance. I've found a car I like that's affordable and ticks all my boxes but it's not a 'cool' make. I wish there wasn't societal pressure to have the 'right' things to fit in, and I wish I cared less about what others think!
I'm thinking of getting a new car as mine is 11 years old now, but I hate the thought of taking out finance. I've found a car I like that's affordable and ticks all my boxes but it's not a 'cool' make. I wish there wasn't societal pressure to have the 'right' things to fit in, and I wish I cared less about what others think!
I would just sit down with your husband and show him everything. Hopefully you can ask his business accountant to give you some advice in terms of the mortgage and how that would be affected.
One thing I have learned is too be honest with your partner about finances as it can lead to a lot of resentment and arguing
Do not get finance! Especially not on a vehicle that will depreciate the moment you put the key in the ignition. If "make" is important to you it might be worth looking at getting an older model and just putting a private plate on it. That way nobody will really know the ageI'm not in any debt. I try my best to live within my means and I'm quite frugal by nature.
I'm thinking of getting a new car as mine is 11 years old now, but I hate the thought of taking out finance. I've found a car I like that's affordable and ticks all my boxes but it's not a 'cool' make. I wish there wasn't societal pressure to have the 'right' things to fit in, and I wish I cared less about what others think!
Me too, it makes no sense if you do the maths. Also, it looks ridiculous when you see someone who is renting or doesn’t earn much driving around in a car worth £40 or 50k. It’s obvious they didn’t buy it, and it’s on credit, all for show. I know people who pay almost £1000 pcm for a car. It’s madness.
Also, I’d hate to have that as a monthly outgoing. Buy an old car that you can afford, at least if you lost your job, you still have a car.
I was going to get my first car on finance but I’ve decided to save up for one. I don’t want anything fancy at all, just something to say this is my car. Looking at anything under £2k that is in a low insurance group and cheap to fill!
£1000 a month on a car?! Christ!
I know, and rent a house.. that’s a mortgage repayment! Madness!£1000 a month on a car?! Christ!
The pressure to have it all is too much.
Tbh a car on finance really isn't that bad if you plan to get rid of it within 2/3 years. You would pay less on it in the long run and besides, if you were to buy it outright, you would never see that money again as cars just depreciate the longer you have them. I do think its more a problem of accessibility and the belief you need to be living a certain lifestyle. Its such a big problem for my generation and its one I've struggled with myself.
The HMRC debt will be treated as a credit commitment in the same way that a loan or HP payment would be.
Ir you’re going to be on the payroll then you need to make sure you’re getting monthly or weekly payslips, the payslips amount is going into your bank account each month on the correct date, you don’t require separate childcare commitments to make your job feasible and get a broker so they know where to place your case so that the lender doesn’t ask for a certain number of months employment track record or P60s etc.
We lost a fortune on ours and didn’t have it that long. Never ever again. Covid
Yes, with the car finance I've got, I pay 150 HP finance a month for a 2019 citroen c1, but I can turn the car in when I've paid 50% of it off and get a new car, so really not a bad deal.
Good for you!I'm not in any debt. I try my best to live within my means and I'm quite frugal by nature.
I'm thinking of getting a new car as mine is 11 years old now, but I hate the thought of taking out finance. I've found a car I like that's affordable and ticks all my boxes but it's not a 'cool' make. I wish there wasn't societal pressure to have the 'right' things to fit in, and I wish I cared less about what others think!
It’s such a shame that so many people are brought up believing that they must have the best of everything immediately. There’s no shame in saving up until you can afford it and “making do” until then.
I hate that society pressures others into having the perfect “Instagram” life and people end up in debt over it.
Only debts I’ve ever had were my mortgage and a car loan and a home improvements loan all through the bank.
Only been overdrawn once in my life and that was because I miscalculated my bank balance.
I was brought up to only buy it if I could afford it.
Obviously major items like homes and cars you do require help but I always paid my credit card off in full so as not to incur interest.
We overpaid our mortgage every month so we were mortgage free in our mid 40’s and have no debt.
We only change our car every 10 years (still buy used not new) and start saving for the next one immediately. I’d also say our income is below the average for the UK, I budgeted well when we were younger which helps us now.
I do know I’m lucky being of an older generation and it is so much harder to get onto the property ladder now.
Thankfully my children are savers too but I should imagine when the time comes for them to buy a home then we will have to help them out.
I hate that my youngest has a huge student loan but that’s how it is now I’m afraid.
178k mortgage ( joint )
£1k left on my car which should be done in 3 months ( joint )
13k loan on new windows and doors , we really needed them they were very old and if it rained we’d have a puddle in my hallway ( joint )
£45 credit card ( mine which I took an extra job to pay for and to pay for all the nights out and gin and there’s not really the money for my socialising , I get through my socialising monthly budget in one night, we have a set amount for frivolity and I spend far more so I picked up a very small cleaning job that pays well enough to pay for this ). For instance I took myself off to Brighton yesterday and had the Wetherspoons was open id have been in there , the monthly budget would have spent in one day , then I came Home and paid for us all to have Chinese . My husband is frugal so I can’t just spend spend spend on the family budget , although I do Chuck the odd bottle of wine in the shopping basket
£94 on very ( mine )
We aren’t struggling , we go in the bank every few months and try to Chuck some money at the loan to get it down. But we are not rich or have money as such
I work part time as I hate my job and manager and for my mental health I can’t be there longer than I need to be . Husband has had a job within the local government and has done since he was 20 years old so he’s on decent ish money
£1k left on my car which should be done in 3 months ( joint )
13k loan on new windows and doors , we really needed them they were very old and if it rained we’d have a puddle in my hallway ( joint )
£45 credit card ( mine which I took an extra job to pay for and to pay for all the nights out and gin and there’s not really the money for my socialising , I get through my socialising monthly budget in one night, we have a set amount for frivolity and I spend far more so I picked up a very small cleaning job that pays well enough to pay for this ). For instance I took myself off to Brighton yesterday and had the Wetherspoons was open id have been in there , the monthly budget would have spent in one day , then I came Home and paid for us all to have Chinese . My husband is frugal so I can’t just spend spend spend on the family budget , although I do Chuck the odd bottle of wine in the shopping basket
£94 on very ( mine )
We aren’t struggling , we go in the bank every few months and try to Chuck some money at the loan to get it down. But we are not rich or have money as such
I work part time as I hate my job and manager and for my mental health I can’t be there longer than I need to be . Husband has had a job within the local government and has done since he was 20 years old so he’s on decent ish money
I’m very lucky it’s a cottage on a famous hunting ground. Stretched all our finances to get it, don’t regret it for a moment.
Sorry I know this is an old thread, but I’m not able to create a new thread for some reason.
Has anyone ever had their wages arrested due to council tax arrears? I have a repayment plan set up with a council tax debt agency and my payment didn’t go out last month and I didn’t realise (silly I know I should be checking my account more often)
I received a letter this morning from the agency saying they have written to my employer to set up an earnings arrestment so I phoned the agency to find out what was going on and they said they don’t contact you to advise a payment has been missed and it is up to the customer to check, I understand where they are coming from but just seems a bit extreme they have now contacted my employer.
They said I need to pay the missed payment plus the earnings arrest fee which is fine I can do that when I get paid at the end of the month but I just wondered if anyone had ever been in the same situation?
I’m really embarrassed and anxious that my employer is now going to find out about this debt.
Has anyone ever had their wages arrested due to council tax arrears? I have a repayment plan set up with a council tax debt agency and my payment didn’t go out last month and I didn’t realise (silly I know I should be checking my account more often)
I received a letter this morning from the agency saying they have written to my employer to set up an earnings arrestment so I phoned the agency to find out what was going on and they said they don’t contact you to advise a payment has been missed and it is up to the customer to check, I understand where they are coming from but just seems a bit extreme they have now contacted my employer.
They said I need to pay the missed payment plus the earnings arrest fee which is fine I can do that when I get paid at the end of the month but I just wondered if anyone had ever been in the same situation?
I’m really embarrassed and anxious that my employer is now going to find out about this debt.
Sorry to hear that. Phone the Stepchange helpline and they will give you advice on what to do next. They are so helpful!
Write to the council, ask them if they can take the debt back, tell them you are traumatised by the debt collection agency and that you didn't mean to miss the payments and they are not being dealing with you in a fair way, if you are vulnerable in any way (young kids / single parent / mental Ill health / illness) include that on your letter, offer them a payment to get started and hope they take it back in house. It worked for me years ago.
Sorry I should have explained the situation better. When I phoned the debt agency they said the earnings arrest will be cancelled once I’ve paid my missed payment to them when I get paid next week. I’ve been on the payment plan with them since last year and everything was fine until the last payment was missed. Our council are crap, once the debt is passed on they want nothing to do with it. Really frustrated with myself I let the debt get so far and now I’m in this mess.
Just to update, I am 2 payments away from paying off all my debt. I’ve done this through StepChange whom I can’t thank enough
They’ve been so helpful right from the start and I would recommend them completely
They’ve been so helpful right from the start and I would recommend them completely