Perthbum Posted September 23, 2015 Share Posted September 23, 2015 Just go home and forget the car Link to comment Share on other sites More sharing options...
Quoll Posted September 23, 2015 Share Posted September 23, 2015 I'm with the others - seek a financial counsellor for starters, they can be good with helping you negotiate payment plans or whatever. Meanwhile look for a second job to bolster the bank balance, check out what support you may get from parents. Try and avoid going bankrupt, they won't let you leave if you do. Stick with the counseling and reframe - a year or even two is quite a short time frame to achieve your goals and just a blip in a long life - most of us can put up with things for the sake of a couple of years. Now, off to the Financial Counselling service - and if you don't know where they are, call Lifeline (they have a huge bank of resource information) Link to comment Share on other sites More sharing options...
Bungo Posted September 23, 2015 Share Posted September 23, 2015 Well ill I don't see any practical advice just shooting someone down ! I think it's rude jockin tas ! You don't see any practical advice? I see the following: - take the hit, go home and be happy - go bankrupt or see a financial counsellor - work your way out of it - take care about going bankrupt, there could be repercussions - take more care in future, take some financial responsibility - get a second job at the weekend - cut down on spending, move into shared house - ask parents for help - go home and forget about the car Link to comment Share on other sites More sharing options...
Marisawright Posted September 23, 2015 Share Posted September 23, 2015 Thanks to JohnDoe for pointing out the OP's original post. http://www.pomsinoz.com/forum/moving-back-uk/176823-back-leeds.html Now I've got more background, I'd like to add more to my answer. @jono119, I think it's great that you want to do the right thing about your financial problems. I hope you'll see a financial advisor who will come up with a clever solution to allow you to hand back the car. If not, it's going to take several months to sort this out, and you don't want to be feeling so awful all the time you're waiting. So the first thing I would do is set a date for your return to the UK. To give you time to get everything sorted, it probably needs to be twelve months away, but make a definite decision on a specific date. Write it on a calendar and stick it up on a wall. Get yourself one of those countdown apps and set it ticking. Open a special savings account for your "escape fund" (air fares etc) and set up a regular savings plan. You may be surprised how much better you feel, knowing you're got an escape plan! I assume you've got your citizenship by now? If not, get on to it NOW as it takes a while to go through. See it as the first step in your "escape plan". Next, sort out your spending. You say you have an extravagant lifestyle - I assume that means more than just the car, so you should have loads of ways you can save money. There are probably heaps of things you've come to see as "essential" which are, in fact, luxuries. If you're one of those people who tends to spend everything that's in their bank account, get your employer to pay most of your salary into your "escape fund" account and a smaller amount into your everyday account. Or, if you're one of those people who always pays by credit card and doesn't think about whether they can afford it, CUT UP ALL YOUR CREDIT CARDS! Yes, lots of people can and do survive without them. What subscriptions can you cancel? Can you downsize your flat/house? Flat share? If your parents are still in Oz, can you move back in with them? Can you get a second job? Eat out less, drink less, buy fewer clothes, stop buying gadgets. You may be surprised how much you can save if you put your mind to it. Link to comment Share on other sites More sharing options...
Jacaranda Posted September 23, 2015 Share Posted September 23, 2015 With all due respect Bungo and Shelleybingo,can you take it outside please?:laugh:To the OP,I'm not big on taking out loans or credit cards (I don't have either)but I hope you manage to work out a plan to ease your suffering.What you are going through is always temporary so you will see happiness again at some point.Please ensure you learn something from this,and move on hon.Best wishes and I hope it works out for you. Link to comment Share on other sites More sharing options...
Marisawright Posted September 23, 2015 Share Posted September 23, 2015 Point taken, Jacaranda. I've deleted the argument because it wasn't helping the OP. Link to comment Share on other sites More sharing options...
CaptainC Posted September 23, 2015 Share Posted September 23, 2015 To the OP, if I had a dollar for all of the times I'd got myself into situations like yours when I was about your age, then I'd have more than enough to pay your shortfall! I guess what I'm trying to say is you're not alone, you're not the only one that has done something like this. I know it's probably no consolation but just bear it in mind and don't lose too much sleep over it otherwise it will eat you up. Now onto my opinion on a strategy. First things first, talk to the finance house that owns the car, they would always want a debtor to contact them with any problems that they may have. Don't mention moving overseas just yet or that may spook them. Tell them that you are in financial difficulty but you don't want to let them down with payments and that you're prepared to pay as much as you can afford to clear the debt. The creditor would rather take a dollar a week than seeing you fly off to the other side of the world. Offer to give the car up immediately and offer to start paying a reasonable amount of money THAT YOU CAN AFFORD! If they try to push you for more, say that it's impossible and you can only afford to pay $X.XX or you will not be able to live. A creditor will always prefer the regular money coming in. Your credit rating will show an adverse indication, but if you move back to the UK then it won't follow you. I haven't read all of the posts here as it seemed to descend into chaos quite quickly, but marisa gives some good advice about saving so please take that onboard. It's highly commendable that you want to get things sorted and you had the balls to put your cards on the table and admit your mistakes. We have all done daft things, so I'm sure that the vast majority here will join me in a big useless statement like 'you'll live' or something like that. The thing is, it's true, you will live, you'll get over this, you'll forget about it one day and if you don't, you'll laugh at yourself, just as I'm laughing at my younger self right now. I know this doesn't answer all of your problems but I'm fairly ill equipped for the emotional side of things. Best of luck. Link to comment Share on other sites More sharing options...
Que Sera Sera Posted September 23, 2015 Share Posted September 23, 2015 it certainly might be worth having a word with Citizens Advice, you could maybe move back and pay from the UK. Do you have a job to go back to though? Presumably to be lent that sort of money you must be on a very good wage here especially for your age? Link to comment Share on other sites More sharing options...
newjez Posted September 24, 2015 Share Posted September 24, 2015 Hello to all! I have only posted once on here before but I am hoping for some sort of relief by sharing my story... I have recently been on holiday to the UK and since coming back I have never been as depressed and as upset in my entire life as I am now. I have lost interest in most things, including my music and the gym and just want to go home. People say it's because I have just got back, but I know deep down I have to give the UK a go for myself. There is just one problem....my extravagant lifestyle. To cut a long story short I have a car on St George finance of which I owe $64,000. The car is now worth about $44,000. I am not allowed to sell the car due to the fact that the loan is secured and the car is the security, and I am finding it hard to apply for a personal loan to cover the shortfall. I am just trying to do the right thing, I don't want to run off. I know this is all of my own doing and I regret 100% of buying it but I need to find a way out. Has anybody ever had that feeling of pure suffocation and being stuck? I have been so down that I have seen counsellors through my workplace and last night I even went to the doctor who has, of no surprise to me, gave me a dose of anti-depressants. I know it is my fault, I know I shouldn't have purchased the car and I honestly believe it was to 'keep me occupied' over here as I have never truly settled. If anybody can offer any advice or see a way out of this mess then please let me know. I have never felt this down before and feel like I am going round in circles. I appreciate any help I can get to assist me out of my situation. Thank you. How did you find someone stupid enough to lend you that much money for a car at twenty three? I work with a mate not much older than you who earns bugger all, has a £250000 house, sports bike, subaru impressa, expensive holidays, all by working hard and saving hard. You should be embarrassed. Why will the UK be different? Soon you will run out of places to live. Link to comment Share on other sites More sharing options...
akiralx Posted September 24, 2015 Share Posted September 24, 2015 How did you find someone stupid enough to lend you that much money for a car at twenty three? Well, that was my question. The risk factor is taken into account when making loans, a certain number of defaults are factored into the agreement and the rate - so while the OP should make attempts to repay the loan he shouldn't lose any sleep over defaulting if he returns to the UK permanently. Link to comment Share on other sites More sharing options...
newjez Posted September 24, 2015 Share Posted September 24, 2015 Well, that was my question. The risk factor is taken into account when making loans, a certain number of defaults are factored into the agreement and the rate - so while the OP should make attempts to repay the loan he shouldn't lose any sleep over defaulting if he returns to the UK permanently. It's totally irresponsible lending. They deserve to lose it. God only knows what interest rate he paying. There should be laws to protect stupid people. Link to comment Share on other sites More sharing options...
Que Sera Sera Posted September 24, 2015 Share Posted September 24, 2015 It's totally irresponsible lending. They deserve to lose it. God only knows what interest rate he paying. There should be laws to protect stupid people. This is is a problem with a lot of FIFO workers ( not saying he necessarily is though ) but large amounts of money lent to people on basically temporary contracts. Idiotic lending practices . Link to comment Share on other sites More sharing options...
VERYSTORMY Posted September 24, 2015 Share Posted September 24, 2015 It's totally irresponsible lending. They deserve to lose it. God only knows what interest rate he paying. There should be laws to protect stupid people. This is something that is going to jump up and bite Australia - I have witnessed irresponsible lending by the banks here on a massive scale. Link to comment Share on other sites More sharing options...
starlight7 Posted September 24, 2015 Share Posted September 24, 2015 This is something that is going to jump up and bite Australia - I have witnessed irresponsible lending by the banks here on a massive scale. Reminiscent of the USA a short while back. Link to comment Share on other sites More sharing options...
newjez Posted September 24, 2015 Share Posted September 24, 2015 This is something that is going to jump up and bite Australia - I have witnessed irresponsible lending by the banks here on a massive scale. I imagine it will bite very soon. Link to comment Share on other sites More sharing options...
VERYSTORMY Posted September 24, 2015 Share Posted September 24, 2015 Reminiscent of the USA a short while back. Only much much worse! When I applied for my mortgage last year, all of the big banks were willing to lend me an amount that was equal to my total net income! Obviously, I refused, but I know many that have taken it. I know a fair few people who if their houses don't sell quickly, they will be handed to the bank. Problem is, property prices have fallen and the bank wont get anything close to what they lent. Link to comment Share on other sites More sharing options...
northernbird Posted September 24, 2015 Share Posted September 24, 2015 They are clamping down a bit on mortgage lending. My friend is a real estate agent and she says many more people are being turned away these days. Link to comment Share on other sites More sharing options...
starlight7 Posted September 24, 2015 Share Posted September 24, 2015 Then you also get the other side of things. A lady near us got a house and never ever paid the mortgage. The bank forced her to sell so she paid off what she owed and made a dirty great profit as well- all for not paying her way. Something wrong there. Link to comment Share on other sites More sharing options...
movingback Posted September 24, 2015 Share Posted September 24, 2015 Verystormy - Are the re-payments your total net income annually?? How are you expected to pay your other expenses? Spouse income? Or do they encourage you to make interest only payments?? Link to comment Share on other sites More sharing options...
bristolman Posted September 24, 2015 Share Posted September 24, 2015 Verystormy - Are the re-payments your total net income annually?? How are you expected to pay your other expenses? Spouse income? Or do they encourage you to make interest only payments?? I think that was the point, it would be unworkable but just shows how out of touch the banks still are. Link to comment Share on other sites More sharing options...
Freckleface Posted September 24, 2015 Share Posted September 24, 2015 Only much much worse! When I applied for my mortgage last year, all of the big banks were willing to lend me an amount that was equal to my total net income! Obviously, I refused, but I know many that have taken it. I know a fair few people who if their houses don't sell quickly, they will be handed to the bank. Problem is, property prices have fallen and the bank wont get anything close to what they lent. That sounds like something a mortgage broker might tell you rather than actual loan approvals. I can tell you categorically it breaches the lending practices of at least one of the Big 4 (and I assume that's who you are talking about when you say 'big banks') unless you are leaving out part of the story such as the 'net income' not including your partners income or other stable income streams. Link to comment Share on other sites More sharing options...
fifi69 Posted September 24, 2015 Share Posted September 24, 2015 Your right FF....our mortgage guy said we could have 1.3 million. never followed it up, happy with our Keystart house lol. we are a bit old skool, don't even have credit cards. makes it easier to weather any little bumps. Makes no difference to my life. Family time is free:cool: Link to comment Share on other sites More sharing options...
kiwiathome Posted September 25, 2015 Share Posted September 25, 2015 This guy is a kid, asking for help, and admitting he screwed up! Are you kidding, he is only young! What did we do back at that age. Some older adults act way worst. Stop judging, and start supporting. We should always be supporting no matter what age. Tough world. People matter, start supporting, stop judging. Link to comment Share on other sites More sharing options...
Rachel Tilley Posted September 25, 2015 Share Posted September 25, 2015 Hi Jono, I hope it's helped you in some way to get your situation 'out there' and see the alternative options you can take. Some are good, some are not, some are honourable, some are practical, some are 'survival'. I think if I was in yours shoes and the loan on the car was the only thing that was keeping me in a situation I was unhappy in, feeling suffocated in and on tablets for then I would do the following. I'd book my return home, and on the day of my flight I'd leave the car at the finance place in the cleanest and shiniest condition with a full tank of fuel, the keys and a note apologising for my actions but explaining how I was a Pom in Oz, desperately unhappy, had tried to make a life there, even bought myself an expensive car thinking it would make me happy, but it hadn't. That my unhappiness had now led to depression and misery and I needed to return to the UK. Therefore, I am leaving you the car so that you can sell it on as soon as possible and I will contact you once I am settled back home and arrange to re-pay what I owe. Whether you did contact them in the future will be down to your own personal values, but at least you have not deprived them of the car. They will still make money on it, they've made money out of you on the finance deal and they'll make money out of the next person on the finance deal. It's not worth making yourself ill over this. I do think you will learn from this. Like others who have made mistakes when younger, I too have learnt never to buy a brand new car ever again. Yes, it was nice at the time and I think it's something most people like to try once - but when you've made such a loss then you only do that once! Link to comment Share on other sites More sharing options...
starlight7 Posted September 26, 2015 Share Posted September 26, 2015 Is Jono still around or is he a one post man? Link to comment Share on other sites More sharing options...
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