car loan difficulty

RossieWoman -- I would give them the car back under the half rule-- buy something like this with the 400 payment you were going to make this month [broken link removed]

Headache will be gone
 
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thanks for that windup

i would need a better car than that i think for two reasons...this is third baby and would not fit three car seats in that car plus i drive 75 miles to and from work a day and i dont think that car would be able for that
 
How about this one. Get 500-750 off to get it down to the €2,000 mark.

[broken link removed]

You would probably get around €10,000 for your own, without knowing anything about it.

Leaving you with a surpless of €8,000
 
they told me that they would take the car off me as they would have no problem selling it.


I doubt that is true maybe if they gave it away for nothing, this is nothing short of bullying, how awful for you to have to go through this torture.
 
thanks for that windup

i would need a better car than that i think for two reasons...this is third baby and would not fit three car seats in that car plus i drive 75 miles to and from work a day and i dont think that car would be able for that

Will you be doing that much mileage when you are on maternity leave though? -- Maybe get something a bit bigger with a good NCT--- you wont know yourself in 6 months when not having the 400 a mth hanging over you and might be in a position to upgrade. I have a 03 car worth 3k max well capable of doing that mileage every day for several years into the future

Pope - She cannot sell as it is under HP
 
only seen your post now windup

thanks for all your suggestions, but for now i'm going to try and focus on the impending birth of my baby and i'll come back to this again

thanks again
 
hi everyone, i'm back again and the stress hasn't gone away. i am still making the 400 euro per month payments. i was told (when i phoned to make the laser payment this month) that i have one more 400 euro payment and then its back to 600 odd euro a month. i tried to reason with the man on the phone but he was having none of it. he stated that they already 'accommodated' me with one year of 300 euro payments and then the current 6 months payments of 400 euro. he said they will take my car when i told him tht there is no way i can make 600 odd euro payments. he said that the car is depreciating in value and that if they allow me for another 6 months to pay 400 euro, they are losing money the whole time!!
i am so stressed at the minute. i need my car, i have no savings so buying a new one is out of the question, and i mentioned before that our credit rating is bad.

the details of the agreement are as follows :
car : honda accord 2.2 diesel
bank : permanent tsb finance
cash price : e41,625 interest charge: e4,625
deposit/net trade in e11,625 documentation fee: e63
balance : e30,000 purchase installment : e38

initial repayment of e63 followed by 24 consecutive monthly payments of e608. initial payment on 1/7/07 and monthly thereafter. additional payment of e20,033 on 1/7/09

statutory notice :
1. the hirer must put an end to this agreement by giving notice in writing to any person who is entitled to collect or receive the hire-rent
2.the hirer must then either-
a) (i)pay any installments which are in arrears when he gives notice, and
(ii)if, when the hirer has paid those installments, the total amount under the agreement is less than e23,175.50, the hirer must also pay enough to make up that sum, or
b) purchase the goods by paying the difference between the amount already paid under the agreement and the hire purchase price after the latter amount has been reduced in accordance with section 52 or 53 or such lesser amount as may be specified in the agreement

after e15,450.34 has been paid, then, unless the hirer has put an end to the agreement without exercising the option to purchase the goods, the owner of the goods cannot take them back from the hirer without the hirers consent unless the owner has obtained a court order or is taking a motor vehicle back in ccordance with the following :
where the owner has made an application to the court for an order to recover possession of the motor vehicle, he may,if the vehicle has been abandoned or has been left unattended in circumstances likely to result in damage to, or more than normal depreciation in the value of the vehicle, and if the agreement so provides, take back the vehicle and retain possession of it during the ensuing period prior to the making by the court of an order for the purpose of protecting the vehicle from damage or depreciation


the closing balance today is e17, 897.21 cent

typing one handed here! baby in my arms

does the half rule apply to me? any other advice welcome
 
Hi Rossiewoman,
Yes it looks like you have an agreement that allows the half-rule etc.
That figure€23175.50 looks like your half figure with them.
you will need to find out what the balance is to accertain where you are in relation to the half rule and if indeed your agreement allows for this but it does look like it does.IMO.
I did similar recently, offloaded a big expensive vehicle with a 3.2 tank that was just not affordable for me anymore plus the vehicle had depreciated to almost half of the half that I still owed on it. So I was very pleased to wipe €25700 out of my name with no bad mark to my credit rating as it is your legal right to return under the half rule.
Hth and try not to worry, remember your health and your baby are more important than all these worries...
 
thanks graftgirl
the stress is so hard to take, but i'm one of these people that jsut cant deal with any hassle at all. i have to ring back at 3pm...i'm my balance is much less than that figure...rang back...figurew is e17897.21

did you have nay hassle from them once you handed back the vehicle...surely they dont just forget about it???? i havent a clue about these things
 
I was in similar situation to you, wasn't sleeping with financial worries etc. Stopped answering the phone and couldn't even bare to open the post. Realised I had become quite depressed while I tried to deal internally but was not coping one bit... Fast forward to 2yrs later, getting a bit more sleep, returned the car under the half rule have managed to chip away alot of my debt and the sun is starting to shine again(if you take my meaning, not on about the Irish weather)Please don't let this get on top of you, worrying only serves to make everything worse, enjoy your new baby and try as best you can to deal with your debts.
Remember they can't take what you don't have, if you can't afford it then they have to be reasonable and accept your terms..
Graftgirl
 
Sorry did not answer your last question: When I returned the vehicle, there were no questions asked, they did not even look over the vehicle, I had no further costs after I returned the vehicle and my credit rating just shows that the agreement was settled early etc..
 
thanks graftgirl

my logical side tells me to try not to stress and to enjoy my maternity leave and that once i go back to work i'll be regretting not enjoying the time i had at home, but it is just so hard.

at least if i could return it under the half rule i would have n option

i'm seriously considering asking my dad for help. as i said previously, i need my car for work, but i could try to work out something with my dad

glad your stress levels have reduced graft girl!
 
You've been told you can hand the car back under the rule of a half so why are you stressing?
 
well derek, the reasons i am still stressing are becuase :
1) if i do follow the half rule i will have no car and will have to ask my father to help me out and that is not something i am happy to have to do at this stage of my life and if he isnt in a p[osition to help, i will ahve no car. how will i get to work...which is 75 miles away btw

2)as mentioned in my first post, i am experiencing severe financial diffiuclties and am the main breadwinner here and i feel under so much pressure

does this answer your question?
 
well it seems to me your choice is to give back the car that you can't afford to make payments on or keep paying something that you can't afford and which is stressing you out. i don't see that you actually have a choice.

so basically you have to give back the car.

now, your choices are asking your father for some money for a car that will fit 3 kids and will get you to work when you go back to work after your maternity leave or you should be able to find things in your house that you can sell to finance that or borrow the money from your father. you can get a car for 2k that will do the job.
 
Rossiewoman - hand back the car- you cannot afford it - as Derek says--there are plenty of decent cars out there for 2k
 
paddyb...thanks so much for that link it is very helpful indeed. i'm new to this site, so still trying to find my way around

wind up, thanks for your reply. you're right, i can't afford it. just need to get something else set up

wish me luck
thanks
 
How about this one. Get 500-750 off to get it down to the €2,000 mark.

[broken link removed]

You would probably get around €10,000 for your own, without knowing anything about it.

Leaving you with a surpless of €8,000

Rossie, as per my previous thread, go for it fi tis still there, there are plenty alternatives anyway