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Hire Purchase Agreements and general debt advice
Hi all
I saw someone mention how good it is to see that there are so many other people in the same situation - and it is
My husband and I are not very good with money ... IT seems to run through our fingers. After my two children were born and I had to take time out to look after them when they were babies and toddlers we went to a debt management company (PayPlan). We have been with them for almost seven years (or even longer) and have managed regular payments.
Now, I am self employed and for the last three months my billing as reduced by about £500.00. With an already tight budget, that is not sustainable and we have found ourselves in a position of not paying the mortgage one month, then starting to repay that, but then not pay something else instead.
We have two hire purchase agreements for our cars - and we both need the cars - that are a month in arrears. However, I cannot see that we can keep up the payments or seven set up something to repay the arrears any time soon. So I wonder what our options are.
We are in Scotland and while so far avoiding the equivalent of filing for bankruptcy (or whatever it is called up here) - it seems more and more an attractive option. I am not sure though what it would do to the house and cars etc etc.
Does anyone know, whether you can default on the hire purchase agreement and then set up a voluntary repayment scheme (i.e. for us it would be to add it to the Payplan payments)? Both HPs have more than 50% paid - with one of them having only a year to go, in a five year contract.
If someone could help or point me in the right direction that would be good.
Thanks
I saw someone mention how good it is to see that there are so many other people in the same situation - and it is
My husband and I are not very good with money ... IT seems to run through our fingers. After my two children were born and I had to take time out to look after them when they were babies and toddlers we went to a debt management company (PayPlan). We have been with them for almost seven years (or even longer) and have managed regular payments.
Now, I am self employed and for the last three months my billing as reduced by about £500.00. With an already tight budget, that is not sustainable and we have found ourselves in a position of not paying the mortgage one month, then starting to repay that, but then not pay something else instead.
We have two hire purchase agreements for our cars - and we both need the cars - that are a month in arrears. However, I cannot see that we can keep up the payments or seven set up something to repay the arrears any time soon. So I wonder what our options are.
We are in Scotland and while so far avoiding the equivalent of filing for bankruptcy (or whatever it is called up here) - it seems more and more an attractive option. I am not sure though what it would do to the house and cars etc etc.
Does anyone know, whether you can default on the hire purchase agreement and then set up a voluntary repayment scheme (i.e. for us it would be to add it to the Payplan payments)? Both HPs have more than 50% paid - with one of them having only a year to go, in a five year contract.
If someone could help or point me in the right direction that would be good.
Thanks
