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Original poster

Gawd - decisions, decisions.........

9 replies

HRHQoQ · 28/10/2005 10:53

DH has spoken to the place we got the car from, and they've given us several options. Most of them include lower payments (smaller car - ie Ford Ka - as opposed to Mondeo ATM LOL) but no payment break - which is what we really need.

However one option, a Ford Ka Sport, we'd get a 3 month payment break (which we desperately need) - of course there's a catch...............payments would be £15 more a month than they are ATM.

But the first payment would't be due until end of February - by which time we hope to be in a better financial position - I'll have be getting my 3rd full pay by then, and DH's sales have really started to pick up (he's no more Mr. Nice Guy ) so we should be getting the bonus from his pay in addition to his normal pay, and my pay. The plus side is that a Ford Ka Sport is a MUCH lower insurance group than the Mondeo we currently have, and the petrol consumption is lower - so we'd be saving money on those things.........

what to do??? Do we go for no payment break (which we need) and lower payments long term. Or go for the payment break and higher payments?

OP posts:

expatinscotland · 28/10/2005 10:55

A bird in the hand is worth two in the bush. I always go w/the better long-term option even if my financial situation momentarily brightens, but only b/c every time it does, for us at least, a new expense appears on the horizon to gobble up whatever small amount of prosperity we had.

Gomez · 28/10/2005 10:56

Deal with the now, take the payment break.

You will have additional income in 3 months time from your new job. Plus reduced outgoings which will cover the increased payments anyway.

starshaker · 28/10/2005 10:56

they are very small are you sure it would be big enough

Original poster

HRHQoQ · 28/10/2005 10:57

Thing is we're not going to be able to make the next payment (no matter how low it is) - so we'll end up with quite a large amount of arrears on it [frown]

OP posts:

flamebat · 28/10/2005 10:57

If you take the payment break method, can you put some money to one side still - not a full payment amount, but even if it was just the £15, then you would have a few months build up ready for when you start paying the extra... does that make sense? That way you would get a payment break, but still have lower/the same amount to pay for at least a few months.

Original poster

HRHQoQ · 28/10/2005 10:58

Starshaker - it's all they're offering - it's either that or nothing (which we can't do as DH needs a car for his job - or he won't be able to earn his bonuses LOL)

OP posts:

starshaker · 28/10/2005 11:00

ah i c id go with what flame bat suggests

Gomez · 28/10/2005 11:00

Re-negotiate and agree new terms now before you get into an arrears situation or you will find it much harder.

Which I am sure you know.

flamebat · 28/10/2005 11:03

If you do go with my plan though - make sure you set up a standing order to a different account as soon as pay goes in... don't leave it til the end of the month and see what is left - there won't be anything, and it won't happen.

Cahoot have a good online savings account - it takes 5 days to get the money back out, so is less easy to spend what's in there, and it has quite a good interest.

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