Had a reply back from from GT. They said I can lease (phew! relief!) but I can't include it in my I&E...this is an extract quote from them:
"We can allow a car to be leased because this does not constitute further
credit however we can only allow this on the basis that it does not affect
your IVA payments.
Because this is not an amount that has been on your Income and Expenditure
form from the beginning it can not be used to determine any reduction in
the monthly payment. Should you wish to lease a vehicle this would need to
be done using the 50% surplus income which is not required to the IVA as a
result of the review"
Could one of the experts please tell me if this is the correct judgement? Are you not allowed to add additional expense onto you I&E...no car-no work. Like I said in previous emails even if i took a car out for £200 a month and included it in my I&E they would still get more than my initial dividend...but it looks like they are going to try and get me to use my 50% of surplus. I would be grateful for thoughts asap before I reply.
Last edited by Busybee on Mon Sep 07, 2009 11:53 am, edited 1 time in total.
Hi Julie,
Don't think i will need a variation meeting...i can afford it as I had a significant payrise back in April due to a change of job....did an new I&E and the extra was split 10% me then 50/50.....if i included it in my I&E my payments would still be signifcantly higher than my agreed dividend.....so i don't know what the problem is...it will not reduce below what was initially agreed at all.....just feel relieved that leasing is an option but a bit deflated...I took a hugh leap of faith changing job in order to make my life more comfortable and to also give me creditors more back...although I could afford £200 it is still a large chunck for me to cough up a month...and it is really necessary...just feel it defeats the whole object of me changing jobs in the first place.
x
Last edited by Busybee on Mon Sep 07, 2009 11:41 am, edited 1 time in total.
If the need for the car does mean that your IVA payments would need to be adjusted downwards, then it could happen so long as creditors ratified the decision at a newly convened creditors meeting. As you say you can afford the payments, then I would go ahead as they have suggested.
when you find out let me know not sure my car going to last till end of IVA it was an opition i was looking into as it would take me a while to save up and buy a car but if you have to pay for car tax mot etc on top of lease price it could work out to expensive
On a car at £201 a month they want £805(incl VAT)...then there is a doc fee at £174 (exc VAT) and I think the delivery fee is approx £125 (exc VAT)...so i have to find all that first. I have asked GT if I can have a payment break next month...that will give me over £700 then I can get the rest together..I have to wait till end of month which is a bummer as I am not even sure my car will last my trip tomorrow..manage to put off my journey today but do need to go out tommorrow
Hi Busybee - its a shame you have to wait for the car but at least you can put the wheels in motion so to speak.
We pay £297 (inc VAT) for an Astra CDTI - with 20,000 miles per annum allowance.Had it for nearly a year now and the relief to be able to drive a reliable car for hubby has been immense.
I know...just done an online quote with Aztec to see what they come up with...will also try Duncton..Duncton have got a Corsa for £201 (VAt inc)....love a new car to land on my doorstep this week....but it isn't going to happen unless some one comes back to me and I only have to pay less than £400-500. Just want a small car...15000 mileage...i will be so excited when i get one..well not excited... bloomin relieved knowing that the chances of me breaking down are remote and having to fork out a few hundred £s to repair it.
Busybee...if it helps Melanie Giles put us in touch with a broker, who found us the best deal. I cannot speak highly enough of him. We told him what we were looking for and he did the rest....he sent us a few emails with details of cars before we decided on the astra.
We used to buy cars for speed, looks etc....now its based on economical to drive and sturdy! Must be getting old [:D]
