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Original poster

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

113 replies

drowningindebt · 04/12/2008 08:51

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

OP posts:
rubyslippersisappearinginpanto · 04/12/2008 09:26

lets not pretend that having a car doesn't make life a lot easier though!

no-one needs a lot of stuff, but i have to say i would get rid of lots of it before i lost my car

Itsjustsorandom · 04/12/2008 09:28

A car does make things easy but it would be the first thing to go if necessary.

frogs · 04/12/2008 09:30

If she needs a car to get to work, then she needs a car.

Drowning, could you not get a cheap ebay car? I know other MNers have bought cars off ebay and had okay experiences. I accept it would be annoying to write off the payments you've already made on the other one, but maybe better than going under for money you don't have.

LadyMuck · 04/12/2008 09:31

What is the second hand value of your car right now - is it more of less than the £5k? If it is less then it would be insane to look to borrow more than it is worth to pay it off right now. If it is worth more then it maybe worth looking further at way of getting the cash - but depends on how much more.

How much can you afford to spend on motoring costs each month right now - so loan repayment, insurance, servcing, tax, petrol etc?

RubyRioja · 04/12/2008 09:31

This reply has been deleted

Message withdrawn at poster's request.

RubyRioja · 04/12/2008 09:32

This reply has been deleted

Message withdrawn at poster's request.

Lemontart · 04/12/2008 09:32

drowningindebt: I am truly sorry to hear you are in this situation. I can imagine how worried you are right now. Only a short time ago we almost bought a second car using a similar scheme as you have. We decided against it for personal reasons - but spent a lot of time and thought researching them. If you purchase a new car, many of the 50, 50 finance deals do seem the cheapest way, long term, to buy a car. For those of us who do not have £7k sitting in our bank accounts, it is also a cheaper loan option than the bank. So, I do not think you are stupid to be where you are now and I can totally understand how you took on this loan - you were not to predict the economic crisis or shift in your lending status.

However, my empathy is not going to be much practical help. I do suggest you contact the company and ask to see if there are any other options available. Also worth finding out if there are any loan options available to you that will give 5k and let you pay similar amounts that you have already been doing. You can prove successful no default on the car monthly payments, so would have thought someone could see you could afford it. If your budget has changed so much or other circumstances stop this being an option, then I would speak to CAB. They might have a few ideas or pull enough weight that they could persuade the company, on your behalf, to extend the monthly payment contract arrangement.

Good luck x I am sorry you got such an unhelpful and judgemental response on what is usually a supportive and understanding website

Pawslikepaddington · 04/12/2008 09:33

You can manage without a car, I promise. I didn't have a car until dd was 5, and one of her friends still doesn't have a car. It may mean that you might have to look for a job in your town long term as opposed to a different one, but I've done 4 hour commutes short term with no support from family/friends and it is manageable, really.

clam · 04/12/2008 09:33

It depends where you live. I live in a town with reasonable transport links, but it would be extremely difficult to run my life without a car. For a start, DD was allocated a school 3 miles away (closer ones full), and I certainly couldn't get her there and then on to work by bus. Not unless my boss would allow me to turn up at about 11 in the mornings.
I agree. Lay off the OP. She's in enough of a stress without the judgements here.
How about giving them back the car and buying a much cheaper runabout? I know it feels like that's wasting all the payments you've made so far, but I guess you'd just have to view it as payment for services rendered, as if you'd used a taxi.

Sonnet · 04/12/2008 09:35

I am ignoring the sniping that is going on here - not very helpful is it?

Drowningindebt - I would also agree with speaking to the car credit people/getting CAB to do it on your behalf.

Go on - do it now!

Pawslikepaddington · 04/12/2008 09:37

Although it does depend on your company letting you leave early enough to get to nursery before it closes. I found nursery was the same price if I took her in at 7 and picked her up at 6, as to whether I took her in at 9 and picked her up at 5, therefore giving me another three hours travelling time. Cycling was also a good thing-kept me fit and (providing you aren't on motorways) a lot faster and easier than public transport. You can cycle on pavements on the big roads, and 12 miles wouldn't take as long as you would think.

RubyRioja · 04/12/2008 09:37

This reply has been deleted

Message withdrawn at poster's request.

Original poster
drowningindebt · 04/12/2008 09:38

Thanks to all the people who have added kind words: LemonTart, Rubyslippers and Rubyrioja.

I can't work in my current job without a car. I can't afford the extra hours of childcare.

The loan company are no help. They want the car or the money. They are having problems themselves and me paying as small amount each month isn't going to work. I can see their point.

It's just futile. The car is going to have to go. If I'm truthful, I was hoping for some at least ideas, not just a kicking. I'm really well able to kick myself.

OP posts:
frogs · 04/12/2008 09:40

If you can't afford to buy even a cheapo car, is there a neighbour or someone who could give you lifts to work?

RubyRioja · 04/12/2008 09:40

This reply has been deleted

Message withdrawn at poster's request.

Pawslikepaddington · 04/12/2008 09:42

The problem is that the only option there is really is to talk to the CAB and to talk to the loan company, they are a lot more understanding than you think. I know it's a horrid situation, but some horrid situations don't have many options to them, and no banks etc have the money to lend atm, so loans etc aren't viable, so people can't advise them.

bozza · 04/12/2008 09:42

Actually I also need my car for work. It is 25 miles (and takes me about 40 minutes each way) but on public transport it would take over 2 hours. This does not fit in with the needs of my family.

I would be very careful about getting a 5K loan from a dodgy source on low income and agree with others regarding trying to negotiate.

Original poster
drowningindebt · 04/12/2008 09:43

Rubyrioja - thanks.

Don't own a house. Yes, I can buy a really cheap car, I think anyway, but I just really wanted to avoid losing this car. It's just sucha waste. Such a horrible waste.

But thanks, just knowing someone cares really helps.

OP posts:
RubyRioja · 04/12/2008 09:45

This reply has been deleted

Message withdrawn at poster's request.

Itsjustsorandom · 04/12/2008 09:46

If there's no chance of your cash situation improving then ditching the car off loads this expense. Agree it will be hard but you will work ways round things. The advantage is that you wont have the car money stress.

Lemontart · 04/12/2008 09:48

I am so sorry it looks like you are losing your car
Have you got any mates/partners of mates who are good with cars and could help you pick up a reliable cheap one? or help maintain one for you if a bit knackered!
Please don?t cry xx
It will get better even if it is shit right now.
If you have money to buy an old car then there is light at the end of this particular horrible time. NOt ideal and horrible you are losing the payments - but they are not for nothing. They did give you X months with a lovely car on loan - I guess, just a rather pricey loan

LadyMuck · 04/12/2008 09:51

Is the secondhand value of the car higher or low than the amount that they are asking for now?

Parker's guide

needmorecoffee · 04/12/2008 09:53

I am suprised at 1.5 hours on the train for twons 12 miles apart. Are there better trains?
But what others said. Get CAB to negotiate on your behalf.
If the loan company says no, one thing worries me, that they may sell the car at a shortfall and deamnd the difference from you. Does it say anything about that in the agreement?
But if the car has to go it might be wa waste but its a millstone gone. Can you get a cheap 200 quid runaround?
But, if you end up without a car then its either research public transport (car drivers often over estimate how long it will take or don't know all the best routes) or see if you can get a job in your own town. Has the job company got local positions?
There are ways around all this. The important thing is you have somewhere to live and your child/children are ok, even if you lose your job. There will be others.
Not trying to be patronising but stemming any feelings of helplessness and panic!!

Pawslikepaddington · 04/12/2008 10:00

Exactly what needmorecoffee said. As long as you have a roof over your head and food in your mouths everything else is a bonus, I know it is sad that you are having this just before christmas, but in the plus side at least it happened with a car and not your house. This has happened to people before and will happen to people again, so you are not alone and the CAB will have dealt with it before. My car is a real runaround-it stalls every time you reverse, and can't even fit 5 people in as it only has 4 belts., however I adore it because it has no finance attached to it. Cheap runaround aren't as bad as you think-a £200 fiesta will at least get you through this patch.

Original poster
drowningindebt · 04/12/2008 10:01

ust agreed to hand the car back. WHat a total pisser.

Called work to say I can't work today and, guessing fucking what? I'm going to lose my job. Oh, they haven't said that yet, but the fact I actually called and told them the truth means my absence will be noted as unexplained and, cos I'm in my probabtionary period, that's a sackable offence.

OP posts:
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