Hi Jeff - welcome to the forum. If you need the car for work then there's no reason why you shouldn't be allowed the HP payment as an expense (as long as it's reasonable!). Once the car is paid for, you would be expected to add the HO amount to your IVA payment as this would in effect be more disposable income.
Hi! You should be ok with the car. Your IP will advise when they have all your details. If you have a balloon payment, you may find it difficult to re-finance so make sure you have a back-up plan. Good luck with your proposal x
Is the finance an HP agreement or an unsecured loan(check your agreement)? An HP agreement can often be paid alongside an IVA but if the finance is an unsecured loan then you would have to stop paying it and the loan would be included in an IVA.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
If the car is genuinely required, and it is reasonable for purpose (e.g. you haven't got a £50k Porsche!), then it will probably be included in the IVA as a preferred creditor, i.e. you will be allowed to keep up your full payments to them. However when the finance finishes, you will pay that monthly amount into the IVA.
Otherwise known as "Tom". [:)] IVA proposal currently being drafted by Liberta Financial.
AS Paul says above, it depends on the type of finance as to what will heppen with it but either way you will not be left without your car. A full income and expenditure will be done to ensure your income covers all your living costs including the car if the payment is secured to calculate what disposable income you have left to offer the creditors. If the payment to your car finance is particularly high creditors may request you move to a lowe cost car but that will better understood once you have had a chat with a couple of companies.
regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Hi Paul, an IP will only allow a car finance to go into an IVA once they are absolutely sure it is absolutely unsecured i.e no clause allowing repossession of the car.
regards
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Absolutely, but of course I cannot speak for all IPs!!!
Regards,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
Ha Ha - I did a tribal jig at my desk, my desk is rarely free from paperwork so there is a sure accident waiting to happen! I go about my life the same way I type so you can imagine.... Video evidence.....not a chance!!!!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
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