Questions

[Debtbuster]

Hi I have a number of questions

1. Does anyone have any feedback on The Debt Advisors
2. I have been told we should have no problem renewing the finance with Fords on our options plan as long as we stay with Fords as it is up in 1.5 years, is that true?
3. How can I work out if I need to get a new bank account or if it is linked with any current creditors?
4. I have been told they don't touch my children's DLA payments, is that true?
5. If we are proposing to pay about 23%, is that likely to get accepted
6. This is our second IVA, last one finished 8 years ago, will that make a difference?

Sorry for all the questions

[Foggy]

1. Does anyone have any feedback on The Debt Advisors
They have an IP who is properly registered with the IPA -- they do not get much mention on here.

2. I have been told we should have no problem renewing the finance with Fords on our options plan as long as we stay with Fords as it is up in 1.5 years, is that true?
Not for your IP to say or advise. Most finance firms have an insolvency clause, but they do not always act on it. Only Fords will be able to advise.

3. How can I work out if I need to get a new bank account or if it is linked with any current creditors?
If any creditors are in the same trading group ( Google will help) as your bank ... change accounts. If you are with HSBC or First Direct .... change accounts.

4. I have been told they don't touch my children's DLA payments, is that true?
If the DLA payments are in the children's names, it is their money. If it is drawn into your I&E it should be listed as income and then offset as expenses. Speak to your IP.

5. If we are proposing to pay about 23%, is that likely to get accepted
23% is a reasonable dividend, however, it depends on the make up of your creditors.

6. This is our second IVA, last one finished 8 years ago, will that make a difference?
Second IVA's are not unheard of .. you might have to eat a little more humble pie and explain why, if they bring it up.

[Vince_100]

To answer your second question. I was advised i too could renew my motonovo finance once finished ( 16 payments in) so i thought great i could have a new ish car for duration of my IVA. However, once my IVA was proposed they changed their mind, once my car finance has finished the payments will increase by finance amount to the penny. So fingers crossed my car lasts

[Debtbuster]

What about IVA.com?

I am getting told different things with different amounts and different ways of doing things which is very confusing. I used Sue Clay’s company last time but they don’t really do individual ones anymore.

I need to make sure we have car as I have two children with autism and have to drive them to various visits to schools and they are not near my home.

How do you work out from your income and expenditure what is spent on things because of the disability? For example do I work out what my petrol would be if I didn’t have to do lots of trips for them and then add the extra into the DLA allowance. Do you see so if I spend £60 a week on petrol, should £60 a week go in my income and expenditure or should I put £30 but then I spend and extra £30 a week taking them to various places.

Also how do you put down the fact that their disability has stopped me working so I lost 700 a month in loss of earnings too. Also food costs, how do you separate that out, if they didn’t have so many weird food issues I would spend a lot less on food shopping.

Should I be looking to try and re- finance the car then before doing it. We cannot be without transport in a year and a half. I made the decision to fo this because one company told me as long as we have always paid which we have and we stay with fords they will let us re-finance the balloon payment. Now I find out that probably isn’t the case, what do I do?

1. Does anyone have any feedback on The Debt Advisors
They have an IP who is properly registered with the IPA -- they do not get much mention on here.

2. I have been told we should have no problem renewing the finance with Fords on our options plan as long as we stay with Fords as it is up in 1.5 years, is that true?
Not for your IP to say or advise. Most finance firms have an insolvency clause, but they do not always act on it. Only Fords will be able to advise.

3. How can I work out if I need to get a new bank account or if it is linked with any current creditors?
If any creditors are in the same trading group ( Google will help) as your bank ... change accounts. If you are with HSBC or First Direct .... change accounts.

4. I have been told they don't touch my children's DLA payments, is that true?
If the DLA payments are in the children's names, it is their money. If it is drawn into your I&E it should be listed as income and then offset as expenses. Speak to your IP.

5. If we are proposing to pay about 23%, is that likely to get accepted
23% is a reasonable dividend, however, it depends on the make up of your creditors.

6. This is our second IVA, last one finished 8 years ago, will that make a difference?
Second IVA's are not unheard of .. you might have to eat a little more humble pie and explain why, if they bring it up.

[Foggy]

What about IVA.com?

I am getting told different things with different amounts and different ways of doing things which is very confusing. I used Sue Clay’s company last time but they don’t really do individual ones anymore.

I need to make sure we have car as I have two children with autism and have to drive them to various visits to schools and they are not near my home.

How do you work out from your income and expenditure what is spent on things because of the disability? For example do I work out what my petrol would be if I didn’t have to do lots of trips for them and then add the extra into the DLA allowance. Do you see so if I spend £60 a week on petrol, should £60 a week go in my income and expenditure or should I put £30 but then I spend and extra £30 a week taking them to various places.

Also how do you put down the fact that their disability has stopped me working so I lost 700 a month in loss of earnings too. Also food costs, how do you separate that out, if they didn’t have so many weird food issues I would spend a lot less on food shopping.

Should I be looking to try and re- finance the car then before doing it. We cannot be without transport in a year and a half. I made the decision to fo this because one company told me as long as we have always paid which we have and we stay with fords they will let us re-finance the balloon payment. Now I find out that probably isn’t the case, what do I do?

Many firms, the last I heard this is what McCambridge Duffy do, just offset DLA as a lump sum, not break it down into categories ---- you need to speak to a few providers, and, yes, the number at the top right could be one of them, for specific advice and, as I said, Ford also.

[Debtbuster]

Thanks Foggy