No expert in the financial sense but have been through a debt crisis myself, have learned a little bit..
1) Yes they are separate but interlocking.
2) yes but you must not have any debts with that bank. (or their offspring)
3) makes no difference you must be insolvent, so its going to happen sooner or later, right??
4) no, not like BR.
5) If there is no equity in year 4 then I believe there is an option to extend for a further year.
6) not sure but I think by then youre credit rating would be trashed anyway as the creditors would be fully informed and youre bound to miss payments by then.
7 and
No I very much doubt it, its only the really high end cost a fortune to run cars that might need to be sacked, in favour of a realistic return to the creditors.
9) documents relating to the credit you owe. A house valuation.
10) yes, six years both are insolvency proceedures.
11) not sure about that one.
12) you would need to consider this before hand if you suspect it might happen, otherwise you can asked for a revised I and E.
13) you pay more, reviews are done on a yearly basis but you would be better to cough up straight away. Overtime is usually subject to a 50 per cent clause, you keep half, they nab half.
14) not sure but I dont think vouchers count as income. Best to check this out though.
15) mobiles with that amount are usually fine.
16) just make sure youre I and E reflects this, annually it would be considered anyway.
17) HP credit will run co-currently. When the HP ends then the extra money will be added to the IVA. ie, if the car has 18 months to run, then you would pay this seperately, then when its finished the money would go into the IVA pot.
18) If only I knew.. eh??
Hope this helps.
