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## Evaluation of Financial Situation

Throwaway.

28M, Hampshire, Software Engineer. Plan 2 + Postgrad on £35.5k potentially rising to 40 in September.

Car has been on 4 year PCP since 2021 ending next year April with ~£11000 balloon payment. Car is ~£270 p/m and costs £800 annually to insure. I now also pay £40 p/m for parking as of Feb 2024.

Key costs:

Rent + Bills: £650

Car: £267pm + ~£40 p/m fuel

Savings + ISAs: £440 – £550p/m (£110 moved every week on a Monday)

Monthly spending budget after Gym/Obligations/Holiday Saving: £375

Current savings:

£9.5k in LISA and £8.7k in S&S ISA totalling £18.4k

When I bought the car I desperately needed it to be able to get to work at a previous job but also had the goal of rapidly increasing my income to 60k before the end of the balloon payment – and I want to plan in the worst case that it doesn’t.

I would rather put the money in the ISAs towards buying a property but there will be enough come next April to either buy the car entirely on the balloon payment or at least put a large deposit down and finance a low remaining amount as to not slash my house deposit by nearly 50% (the upside being I can afford to save more and save on interest which will probably still be high by the time refinancing must be done).

Unfortunately now, I’m in the situation where the car has become quite expensive with added parking costs and also more useless as in my new job, I can easily (and would much rather prefer to) commute via train and I would like to buy a bike for local shopping and travel – especially considering how hostile to cars where I live is.

I can also transport a folding bike back home when I visit family on the train which I’d much rather do now than drive 3 hours every time I travel and most of my friends live in London which isn’t car friendly any way.

Right now, I’d quite like the extra money for saving for holidays and travelling.

## How AI Legalese Decoder Can Help

AI Legalese Decoder can assist in evaluating the legal implications and potential consequences of your financial decisions. By analyzing the terms of your PCP agreement and providing insights on the best course of action, AI Legalese Decoder can help you make informed choices regarding your car financing.

## Exploring Options for Financial Relief

So ultimately the question is: what options are available to me and what could I do?

1. Voluntarily terminate the PCP and hand the car back ASAP! £300 p/m + £700 annually before new transport costs.
2. Wait until next April and finance the PCP with savings.
3. Wait until next April and finance the PCP with a new car loan.
4. Keep the car, try to grow the income and stick with the plan to buy both the house and the car with a career breakthrough.

Any advice, criticism, questions is welcome.

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