Panic yes but selling the gti

[kmpowell]

WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.

[barrym381]

WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.

What kind of car is it 

[kmpowell]

WBAC have suspended a quotes and buys. Trying to offload my GF's old car (it's worth a couple of grand max) before the MOT ran out at the end of the month, but now we can't do it.

What kind of car is it 

57 plate Honda Jazz, 50k on the clock. Used as a runaround before her new car arrived yesterday.

[buddfridge]

There might be somebody who could answer this for me, I am the director of a small company, we get by but have never really done well so as such the company and my own finances will last a few weeks, possibly a month or two, I have two employees who I can put into the governments 80% support scheme for their wages
But ( government guidelines) -


Electrical Retail Premises are required to close with immediate effect.

Thats my business, so I have no work, my employees will get at least 80% of their wages but my understanding is because I am a director ( employed paye) I will have no entitlements £0 and I cant go to work.

This is what I am being told, the reality for me is I run a small business and have had to pay myself a low salary to keep the business viable, that salary helps pay the bills with my wifes but now it looks like disappearing and we genuinely dont know how we will manage.

Does anybody know ant different?

[Guzzle]

Sorry to read of your difficult situation. 

I am no expert, but it appears you are broadly correct in that there is no direct help (yet) for you or those that are self employed in a similar scenario. There are the usual (albeit enhanced) safety nets such as universal credit etc, and you may qualify for a loan, but you would need to speak to your bank.

However, according to Martin Lewis, the government is looking at this and something more substantial could be announced this week

https://www.moneysavingexpert.com/news/2020/03/uk-coronavirus-help-and-your-rights/#selfemployed

Best of luck, I hope it all works out for you 

[buddfridge]

Thanks, but I am not classed self employed as I am employed  paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.

[karlos]

VWFS must be bricking it right now. If thousands of people default or start handing their cars back under VT rules things are going to get very messy for them.

Tough times for everyone.

[AGB]

Thanks, but I am not classed self employed as I am employed  paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.

I have the same status as a company director and understand your predicament. I have every confidence that the government is going to be so ill prepared to deal with the volume of grants that they won't be able to issue them as quickly as needed anyway. I do hope I'm wrong.

VWFS will want to retain contracts particularly as new car sales figures will be hugely impacted for 2020. With new vehicle production and logistics delayed, you may put yourself in a better position getting a payment holiday until things stabilise. Better to be transparent about your position and communicate with other creditors to make arrangements too. Everyone recognises these are unprecedented times and responses will need to recognise that. In three months time, things will be very different.

Selling a vehicle now to exit a finance commitment is going to guarantee the lowest price (if you can sell) as others have said. While some have suggested unethical behaviour, offers likely reflect trader expectations of having to hold stock for considerably longer until market confidence returns and COVID-19 is brought under control. As a trader, I would only be considering buying the best and lowest mileage examples to de-risk.

I feel for you and hope you get the best possible outcome.

[buddfridge]

Thanks, but I am not classed self employed as I am employed  paye by my company, however because I am the owner/director I can not furlough myself, I am not physically ill so cant get sick pay and I think I also fall through a small gap regarding the business grants scheme, so my understanding is I have £0 income as of monday night, without running the company into the ground by extracting funds meant for bills.

I have the same status as a company director and understand your predicament. I have every confidence that the government is going to be so ill prepared to deal with the volume of grants that they won't be able to issue them as quickly as needed anyway. I do hope I'm wrong.

VWFS will want to retain contracts particularly as new car sales figures will be hugely impacted for 2020. With new vehicle production and logistics delayed, you may put yourself in a better position getting a payment holiday until things stabilise. Better to be transparent about your position and communicate with other creditors to make arrangements too. Everyone recognises these are unprecedented times and responses will need to recognise that. In three months time, things will be very different.

Selling a vehicle now to exit a finance commitment is going to guarantee the lowest price (if you can sell) as others have said. While some have suggested unethical behaviour, offers likely reflect trader expectations of having to hold stock for considerably longer until market confidence returns and COVID-19 is brought under control. As a trader, I would only be considering buying the best and lowest mileage examples to de-risk.

I feel for you and hope you get the best possible outcome.

Thanks fingers crossed.

[buddfridge]

Not looking good.


I run an honest business,as a director I do things right so almost all of my income is from wages paye, I have been told by my accountant that I will probably miss out on the 80% support for being furoughed because I will be in theory still running the company even though my doors are locked and my turn over is now zero.

Double whammy, because I have two very small shops I am not eligible for small business rate relief, so for the last several years I have been paying rates on both small shops while other shops with a higher rateable value than both mine combined have had no rates to pay

Now to rub salt into the wounds, those same bigger shops not paying rates ( not having a go at shop keeper here) are now going to get a £10,000 grant to see them through whilst I will not qualify because I have not had this discount, the irony of that.

Now I am not some rich guy, I have just turned 50 I work 50 weeks a year, have a pension pot of about £2000 or so and not much more in savings, but I have followed the rules, I am so desperate scared for my future now it feels like I should just give up