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Need £5000 now.... what are my options?

(105 Posts)
drowningindebt Thu 04-Dec-08 08:51:43

I need £5000 to keep going.

Need it today, or within the next week at very best.

Bank won't give me a loan cos I am not earning at the moment.

Can't sell anything I can think of worth that much money.

Anyone got any reasonable suggestions.

Feels like I'm staring into an abyss

LadyMuck Thu 04-Dec-08 08:53:03

What do you need the money for?

drowningindebt Thu 04-Dec-08 08:54:34

Need to pay off a loan, which is going to defalt if I don't come up with the money.

moondog Thu 04-Dec-08 08:55:58

Why didi yuo not get it sorted earlier?
You need to get to CAB asap.

drowningindebt Thu 04-Dec-08 08:58:41

I didn't see this one coming. I've been managing the payments OK. But it's one of these 'sale or return' cars - I have to pay the balance or they take the car back.

I have been paying all the monthly amounts and could continue to do that, but I didn't realise they could call in the total amount of make me return the car.

I've checked all the paperwork and what they are doing is perfectly legal. I just don't have the money short term.

Was hoping the bank would help and let me pay it back over a while (I'm not in the red) but they won't.

Itsjustsorandom Thu 04-Dec-08 08:59:37

Thats an unhelpful thing to say moondog - have you never left something you couldn't face?

Second going to CAB

drowningindebt Thu 04-Dec-08 09:02:51

What can the CAB do?

THe terms of the agreement says after this month, it's up to the loan company to decide whether they want the full amount back and they've decided they do.

I'm sure I have a horrible credit rating - they probably use the same information as the bank and the bank won't touch me either, even though I can show I'm managing my account ok.

I can't lose the car now though...

moondog Thu 04-Dec-08 09:04:16

Logically, if you can't pay, you can't pay. Most companies (if bona fide ones) accept this and would rather strike a deal where you pay something.

Ring them now

rubyslippersisappearinginpanto Thu 04-Dec-08 09:05:06

The CAB may be able to negotiate for you

WRT to the car payments, is it a balloon payment (ie the lease has finished)?

drowningindebt Thu 04-Dec-08 09:05:19

If I do, it'll mean all the payments I've made were for nothing.

It can't be going to happen, but I can't see another way out.

jumpingbeans Thu 04-Dec-08 09:05:39

I though these car things worked along the lines of, when the "due Date" gets here, they take the car as a deposit on anew one and you just keep paying as you did before, but on a new one,we did this a few years ago,maybe i have got it wtrong though,sorry if i have

ClausImWorthIt Thu 04-Dec-08 09:06:13

I don't understand - if you've been keeping up with the payments why do they want the car back?

needmorecoffee Thu 04-Dec-08 09:06:21

ring the company. Most will want the money rather than the now second hand car and a sensible payment plan could be worked out.
Otherwise give the car back.

rubyslippersisappearinginpanto Thu 04-Dec-08 09:06:29

so, you have made all the payments but you now HAVE to make a final payment?

Is the car not yours now or is it a different sort of lease agreement?

drowningindebt Thu 04-Dec-08 09:13:54

Jumpingbeans summed it up. What they would usually want to do is to take a new agreement on a new car. The agreement was 50% as payments 50% as final. I thought they would let me keep paying payments as Ihaven't missed even one.

Since getting this car, my credit rating has plummeted. I am not working and surving on benefits (but managing and am working part time now, though nowhere near what I used to earn) so the loan company won't offer a new agreement but want this one closed.

giving the car back is one option, but I'll be lost without it and won't be able to work.

wannaBe Thu 04-Dec-08 09:14:04

Why did you not read the paperwork when you took out the agreement?

You were made aware of the terms of the agreement - pay x amount monthly for x amount of months and then make a final payment of the balance. You had the terms in black and white - the only person responsible for you not being able to pay now is you.

How much was the car? How much have you been paying and for how long? How long did you honestly think you would be making these (presumably quite low) payments for?

You'll just have to give back the car. The company are not being unreasonable - you had the paperwork and you chose not to read it. If you're not in a position to pay the balance then that's not their responsibility.

drowningindebt Thu 04-Dec-08 09:16:57

THanks wannaBe.

Hope I can return the favour one day.

wannaBe Thu 04-Dec-08 09:17:39

ah ok I see - your circumstances have changed since you originally took out the agreement and now because you're a higher credit risk they won't let you have another loan.

Tbh I think a lot of that is down to the current climate - banks and credit companies have been stung by lending too easily and now they're going the other way.

But why can you not work if you don't have a car? Do you live in the country? If not you can use public transport - it's not ideal but not having a car does not mean not able to work.

frogs Thu 04-Dec-08 09:18:31

I confess I don't understand this either. Seems like a very odd way to buy a car?

Could you return the car and buy a cheap one on ebay for getting to work? There must be loads of people trying to flog off their surplus cars to raise some cash atm.

rubyslippersisappearinginpanto Thu 04-Dec-08 09:18:47

can you not take a new agreement on with the old car as deposit?

TBH, i would have thought in this market, cars aren't exactly flying off the forecourts and a new agreement with you is better than trying to flog a second hand car?

I would get to CAB and get them to call the company and negotiate on your behalf

RubyRioja Thu 04-Dec-08 09:21:38

I would say if you have managed payments so far, then you may be able to convince them to continue the arrangement (or the finance company I guess rather than the garage).

I think the risk is the finance company don't get stuck with a car they cannot shift. If you can get the CAB to intercede on your behalf they may be able to negotiate a continuation for you, but I know it is really hard to get appointment in my neck of the woods - lots of people in the same boat.

drowningindebt Thu 04-Dec-08 09:22:06

Cobblers, WannaBe. I live in a large town with excellent train and bus services. I work in a town 12 miles away, also with excellent services.

To get between the two takes 2 hours on the bus and 1.5 hours on the train. With extra costs (childcare), it's simply not viable.

Just wake up. I bet YOU have a car.

I know it's my problem, but that doesn't make it any easier to deal with and, right now, I'm just crying. I know that's not your problem or the loan company either, but it's shit. Every time something goes right, something else goes more wrong and I'm just stuck here.

Please don't bother posting if all you can say it's my own problem and I have to deal with it. I have enough brain capacity to work that out all on my own.

Itsjustsorandom Thu 04-Dec-08 09:24:02

You don't need a car - no one NEEDS a car.

rubyslippersisappearinginpanto Thu 04-Dec-08 09:25:03

drowning - you aren't alone

Our <<small>> savings buffer has plummeted due to stock market losses etc so there is not much between being ok and struggling for us

please try to get to CAB or if you feel strong enough call the car company and try to re-negotiate

hf128219 Thu 04-Dec-08 09:25:37

I would speak to the car company and see if they can give you a bit of leeway - they are desperate at the moment as car sales are plummeting and they need to continue to trade.

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