Stuck and struggling

[jcon]

Hi all
Found i won't lose my job for being in debt, that's one hurdle.
Now i'm approx 30 thousand in debt and drawing on the credit cards to pay the other. I know this won't last for long and looking at maybe April before things come to a head. Just sorted outgoings and at a guess, probably leave me £200 a month (that's priority outgoings) not including cards, loans, hp, which total i don't know until i get the courage to sort it tomorrow (i'm guessing at £1000 a month after glancing at statements, etc).
I don't know what to do.

[Adam Davies]

Hi
An IVA is possible on debts of 30k and monthly payments of £200.
Post as many details as you can so that we can look at all options.
Regards

[jcon]

Thanks for the reply Andy,
I'll put some figures up tomorrow morning.
John

[carlmcmullen]

Hi John,

You need to include HP in your priority outgoings as if they have repossesion rights on the vehicle and you intend keeping the vechicle then this can not be included into an IVA and needs to paid each month.

Always worth checking the agreement as some companies lead you to belive it is HP when infact it is an unsecured loan.

Carl

[J-DOUBLEYA]

It is also worth looking at how much teh acr is worth V how much you have left to pay in total if you go to term on the agreement - assuming it is HP as carl has cautioned

[jcon]

Thanks for the useful replies, it's took a long time to establish balances on my debts,this will be calculated today.
I'm struggling with one and that is whether i have HP or unsecured loan for my vehicle - by Black Horse. My agreement states 'Fixed sum loan agreement regulated by the consumer credit act 1974'. I've had differing replies when contacting b/h, stating that they have an 'interest' in the vehicle and it can be 'repossessed'. Can anyone shed any light on this please? I consider the vehicle as my own.
Thanks

[Adam Davies]

Hi
Is there a clause relating to reposession? Under a HP agreement the creditor can't repossess the vehicle without a court order if you have paid a certain percentage of the debt.Also you can hand the car back with no penalty after you have,again,paid a certain percentage.If you can't see those clauses then I would guess that it is a personal loan.
Your IP will be able to clarify this
Regards

[Jo Rolland]

If you want to contact me through my site, I will do an HPI check to let you know for certain.

Black Horse are renowned for claiming that the agreements are secured when they are not.

[Adam Davies]

Jo
I am sure that we had a post some time ago where a company[GEC]had registered a financial interest in a vehicle even though it was not a HP or lease agreement.Have you come across this before ?

[Jo Rolland]

I deal with a company who looks into agreements. If someone signs an agreement that is not clear that it will be secured against the vehicle, then it can be taken further. In one case the top of the agreement stated it was merely a credit agreement, the paperwork did not have a termination and your rights box, but in the text of the agreement it said it was a credit agreement/hire purchase agreement??? Also when the HPI check was done there was in fact 2 agreements secured on it to which the clients had no knowledge.

The agreement was deemed as mis-leading and is now an unsecured debt in a Trust Deed.

So yes, unfortunately, this does happen.

[carlmcmullen]

I have had personal experience of these type of agreements and also know some of my clients have had the same problem through The Funding Corporation.

I purchsed a vehicle about 4 years ago and sold it 2 years later, I checked the agreement first to make sure i could do it and there was no repo rights on it - so proceeded to sell the vehicle.

I decided to part ex the car to a dealer but he refused as the HPI check came back showing Funding Corp had an interest. When i spoke to FC they told me that it was a genuine mistake and removed it straight away, they also followed it up with a letter to confirm they had removed it.

I assumed it was a 'genuine mistake' however in the last tweleve months i have had three clients have the same problem, with the same company, so i think you need to be careful and question it if you are not convinced.