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[05omegav6]

Has anyone mentioned Stepchange, they are one of the leading debt advice charities.

Indeed

It was thaier provisional recommendation which prompted my initial post...

[moggy]

Ok, plain and simple just for Tunnie, have a read and see what pithy observations you can muster from this little lot

All numbers are pound sterling...

1996 3500 loan
1997 refinanced to 6000 loan. 5500 car Hpi. 4000 credit card
1998 refinance car and loan now 12000. Card now 6000.
1999 refinance into 21000 loan.
2000 2500 car Hpi.
2001 17500 marine mortgage
2002 card8000
2005 further 24000 loan 5400 car Hpi
2006 5400 Hpi settled via part ex, 12000 car Hpi.
2007 12000 Hpi settled less 2500 insurance write off. 12500 car Hpi.
2009 car Hpi Vt. Further 10000 loan
2010 24000 paid off
2011 Boat sold marine mortgage settled, card settled, one loan cleared and part of remaining loan cleared.
2012 remaining loan refinanced to 12000
2014 5000 credit card. 12500 car Hpi. Car Hpi settled. 17500 car hpi
2015 10000 car Hpi, being settled as lease purchase arrangement. Remaining Hpi liability 8500, term TBA, (from 17500).
9400 loan outstanding, 28 months left, but 1 month in arrears due to bank being oppsing cants. Two overdrafts... 1250 total and 5000 card.

 My total liability is 25150 ish, which cannot be refinanced. Ideally I would add my name and the liability to mothers mortgage, about 40%ltv. At current rates it could be paid off within ten years leaving me mortgage and debt free and guaranteeing a roof over mothers head for the rest of her days. But because my dad totally screwed her over, she would rather lose the house at the end of her current mortgage than secure the property.

So there you go, refinancing to pay bill/debt repayments is bad. Don't do it kids.

Al my total liability was aprox £80,000 between me and the wife.WE decided to go bankrupt now 7 years on,we could potently have £20,000 in borrowing.As i said before we wont be taking it,but it show there is life after bankruptcy.

[tunnie]

So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.

I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.

Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.

From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?

[VXL V6]

From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?

I think the problem would be in settling the difference between handing it back and the value of the vehicle against the amount owed, given that there aren't the funds available to settle that.

I could be wrong, but that's the way I read it.

[05omegav6]

From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?

I think the problem would be in settling the difference between handing it back and the value of the vehicle against the amount owed, given that there aren't the funds available to settle that.

I could be wrong, but that's the way I read it.

That is the crux of that part of the problem... clearly, if it were sold for say £14,000 then it would only require £3,300 to clear the agreement. This would be required within seven days... on the other hand, returning it would require me to pay £8,400 to settle my half of the agreement (the finance company taking the car as their £12,000 half), possibly over an extended period of time, and based on what I can afford.

The apparent discrepancy here is that if the agreement is settled by me selling the car, I am rebated the interest from the remainder of the agreement, where as if the car is returned, then I am liable for half of the full agreement.

However, with the car now three, soon to be four payments behind, I have basically run out of time to sell it so it either gets returned or it gets repossessed.

I do not have the car currently,  but do know where it is, and am trying to get it returned/arranged to get it collected.
The Insignia is currently leased out, but should be settled fully by the end of July...

[05omegav6]

So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.

I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.

Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.

From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?

The plan was to get the E Class sold by the end of January. That didn't happen, and for whatever reason/excuse it still hasn't been sold (or paid for) since... the last payment being February.

There was no Plan B for the Mercedes.

[henryd]

So re-read my replies, apologies if they did come across the wrong way. We've all shared curry or 2 before, driveways ect for work. So you all know me.

I was basing my suggestions on the information made available, which was 2 finance agreements. One for the E Class Merc and one for the Insignia? Perhaps Chris and others previously knew of the issues, so knew more about your situation than I did.

Hence the suggestion of a 0% APR card to pay off anything outstanding, of course having seen the above I see that is no option.

From what I've read here, you still have the Merc in your possession? Surely that has to go back ASAP, it's only ever going to decrease in value as time goes on, reducing the amount you can reduce the debt by?

The plan was to get the E Class sold by the end of January. That didn't happen, and for whatever reason/excuse it still hasn't been sold (or paid for) since... the last payment being February.

There was no Plan B for the Mercedes.

Wouldn't a Merc dealer take it off you?,presuming its all good with good history or does the Taxi part of the history cloud things a little

[tunnie]

Surely someone would take it, guessing no private buyer due the remaining finance. But surely a company could take it off you?

Even if its under market value, surely that would help? 

[05omegav6]

Surely someone would take it, guessing no private buyer due the remaining finance. But surely a company could take it off you?

Even if its under market value, surely that would help? 

Only way a dealer, Mercedes or otherwise, would touch it would be if I part exchanged it. And that would mean a further hp/pcp agreement that a) I am ineligible for, and b) could not afford

Also assumes that the negative equity could be added to the agreement... typically only £1,000 would be allowed

[aaronjb]

Al, what's the real market value of the Merc at the moment (based on miles, condition etc) and does that still leave you short on the finance?

If the market value is more than the finance then there's a small chance I might know someone in the market.  if it's not then I understand that wouldn't help you one jot, sadly

[tunnie]

Can the term with the finance company be adjusted? Longer term for lower payments? Not idea, but perhaps means renting it out for taxi work becomes more viable?

Although you've probably already thought of that.

[tunnie]

Al, what's the real market value of the Merc at the moment (based on miles, condition etc) and does that still leave you short on the finance?

If the market value is more than the finance then there's a small chance I might know someone in the market.  if it's not then I understand that wouldn't help you one jot, sadly

As I understand it the finance is significantly higher than the value, around £8k? 

[aaronjb]

Balls, that doesn't help, then.

[05omegav6]

Value, based on spec/condition/history is probably 15.5-16... That said, prices seem to range from £13-18

Settlement figure is £17,297 currently... Refinancing car as it is isn't an option as it's in arrears... Have been trying to get the arrears covered, but getting nothing but empty promises.

[tunnie]

So very close then, does Roger Budden to Mercs?