Question re: car finance & job.

[Steven1001]

Morning All!

Me and my wife are in an IVA. We pay £240/month in years 1 - 4 this is then increased to £445/month in years 5 and 6. The extra money will come from our car finace which is £205 a month (4 years left).

To enable my wife to work we pay £300/month petrol, £600/month childcare £100 month parking, £205/month car finance, £100/month for car insurance/breakdown/maintenance/car tax etc...

This means my wife works all month for about £100. As her job is very stressful, and she doesn't get home until 7 - 8pm every night she never sees our children. So she would like to pack her job in (I know this sounds crazy considering alot of people would kill for a job at the moment!)The problem we have is the IVA has been designed around years 5 and 6 increasing by £205 after the car finance has finished. Which obviously wouldn't be the case. We could hand the car back to the finance company in a few months as we would have paid half our payments (voluntary termination).

Our IVA only started last month, so would we have to have another creditors meeting and apply for a variation meeting?

Cheers, Steve.[:)]

[kallis3]

Hi Steve,

I don't blame your wife for wanting pack work in. Your kids need to see their mum sometimes, and vice versa!

Obviously you would be saving a lot of money by not paying out for childcare, petrol etc. You need to sit down and work your figures out.

You also need to speak to your IP about this, they will be able to advise on what to do and it would probably need a variation meeting.

Is bankruptcy a possibility for you?

[MelanieGiles]

I doesn't seem sensible to be going out to work for £100 net earnings - she could probably earn more by selling second hand items on e-bay!

Just a shame that this was not considered before you entered into the IVA. I suggest that you explore handing the car back, and then doing your sums again to see if her giving up work is likely to affect the future of the IVA. If not, then there would seem to be no reason for her to carry on flogging herself for such a small return - and great that she would be able to spend more time with the children.

[Cath]

Surely the stress of the job isn't worth it for £100. I know where you are coming from as back in the day when I worked full time for an insurance company with 2 chidren in full time childcare, the money left over at the end of the month certainly wasn't worth the stress of the job. I'm so glad I got out of the rat race.

[kallis3]

I had no option but to work when my daughter was little, and still have to work full time now.

Fortunately, hubby retired from the police force and so he became a full time house husband and was able to provide the childcare.

[Steven1001]

Thanks for the reply everyone. BR isn't an option as my wife would be instantly dismissed as shes a solicitor (and on rubbish money!!) she's studied for a lot of years to be a solicitor and to pack it all must be a big lumo to swallow!! The big issue is the car finance so will need to speak to the IP.

Cheers Guys, Steve.

[Steven1001]

thats lump! not lumo !!

[Steven1001]

P.S. nice to know your always there Jan and Mel!

[MelanieGiles]

You can usually get one of us - and sometimes both at the same time!!

[MRBLUESKY]

it just shows how easy anybody can get into a lot of debt from all walks of life reading all the posts on this site.hope things work out for you and your wife steven.family comes first,if you have a stressful job and find it hard to cope i personally would sack it and look for something more manageable.ive got a philosophy on work that i told my kids about.if you do a job thats well paid its worh putting the effort in if its hard work physically or mentally.if you have to take a low paid job do something you enjoy doing.

[kallis3]

Always pleased to be of service Steven.

I hope you can manage to get something sorted out Steven, you deserve a decent family life.

[MRBLUESKY]

steven if you want to edit your post you can do it by clicking on the icon with the pencil on it above your post.

[kallis3]

I prefer it as it is - quite amusing!

[Cath]

Ronald, that's what I do now, a job that I don't mind getting up in the morning to do and it's a job that I love. So, I don't get paid as much as I used to but my hours are flexible and I can work to fit in with my family without paying stupid amounts for childcare, so I'm probably bringing home a similar amount to what I was then but without the stress of the job.

[kallis3]

I'm not fussed about my job now as so much is changing and not for the better in my opinion.

It pays extremely well though, so I'll put up with it! Plus I like the people I work with.