Mobile phone contract

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ANNED
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by ANNED » Thu Sep 14, 2017 8:15 am
Hey all sorry about all the questions but just need to know everything about the iva as I am nervous about it all. I have a mobile phone on contract will I still be able to keep that wen I'm on the iva ??
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kallis3
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by kallis3 » Thu Sep 14, 2017 8:27 am
Yes, you will. I had a contract all the way through and renewed my contract.
ANNED
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by ANNED » Thu Sep 14, 2017 8:36 am
kallis3 wrote:
Yes, you will. I had a contract all the way through and renewed my contract.


Perfect as I couldn't do without my mobile phone lol but the thing that is worrying me the most is my car finance as I really need the car for work. I need to know if the car finance can be continued on instead of making the balloon payment that's in 2 years time ?? Do u have any idea at all if I can do this I'm sure my ip said I cud but I've tried to contact them and no one is getting bk to me about it. Any help wud be appreciated
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kallis3
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by kallis3 » Thu Sep 14, 2017 9:06 am
Your IP may not be the problem - it may be the finance company that says no.
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Lisa Thomas
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by Lisa Thomas » Thu Sep 14, 2017 9:12 am
Issues with HP are:

1. HP Co may not agree to it due to the IVA and may look to reposess the car
2. Creditors might not be happy with the level of HP payments you make when reviewing your available surplus from your I&E and deciding on the level of controibutions you can afford
3. There might be an issue with any balloon payment that might be required during your IVA period and how this can be paid for.

Do you have any third parties that would transfer the agreement over to them?

There will be no guarantee - you can have an anonymous conversation with the HP Co. to see what their policies are when it comes to IVAs. If they are okay then the next step will be the creditors.

You won't really know until the IVA meeting.
ANNED
Posts: 87
by ANNED » Thu Sep 14, 2017 9:24 am
Lisa Thomas wrote:
Issues with HP are:

1. HP Co may not agree to it due to the IVA and may look to reposess the car
2. Creditors might not be happy with the level of HP payments you make when reviewing your available surplus from your I&E and deciding on the level of controibutions you can afford
3. There might be an issue with any balloon payment that might be required during your IVA period and how this can be paid for.

Do you have any third parties that would transfer the agreement over to them?

There will be no guarantee - you can have an anonymous conversation with the HP Co. to see what their policies are when it comes to IVAs. If they are okay then the next step will be the creditors.

You won't really know until the IVA meeting.



It's pcp I'm on not hp wud that make any difference ? This is really worrying me now cause I really need my car and wudnt have money to buy one if I can't keep this one.
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kallis3
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by kallis3 » Thu Sep 14, 2017 9:27 am
Calm down - you could make an anonymous call to the finance company and ask the question.
ANNED
Posts: 87
by ANNED » Thu Sep 14, 2017 9:35 am
kallis3 wrote:
Calm down - you could make an anonymous call to the finance company and ask the question.


Wud they give out that information though without any details ??

Also will I be able to carry on finance now as normal for the next 2 years until the final payment is required ??
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kallis3
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by kallis3 » Thu Sep 14, 2017 9:57 am
Just ask a general question as to what they would do - you don't need to give your details. You still have time to sort things out.
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Foggy
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by Foggy » Thu Sep 14, 2017 10:01 am
ANNED wrote:
kallis3 wrote:
Calm down - you could make an anonymous call to the finance company and ask the question.


Wud they give out that information though without any details ??

Also will I be able to carry on finance now as normal for the next 2 years until the final payment is required ??



Most pcp agreements are honoured these days as long as it is a modest vehicle, suitable for your needs. The balloon payment will be a matter for the finance company to agree -- you have two years to plan for that one, maybe save your share of overtime or bonus payments along with a bit of frugal living or a loan from friends or family, come the time.
ANNED
Posts: 87
by ANNED » Thu Sep 14, 2017 10:16 am
Foggy wrote:
ANNED wrote:
kallis3 wrote:
Calm down - you could make an anonymous call to the finance company and ask the question.


Wud they give out that information though without any details ??

Also will I be able to carry on finance now as normal for the next 2 years until the final payment is required ??



Most pcp agreements are honoured these days as long as it is a modest vehicle, suitable for your needs. The balloon payment will be a matter for the finance company to agree -- you have two years to plan for that one, maybe save your share of overtime or bonus payments along with a bit of frugal living or a loan from friends or family, come the time.



Yeah mite have to do that then but it will be a struggle to save any money when I don't have much left to live on. But my car will be ok for now until the final payment or do I have to let Renault finance know I'm entering into a iva ??
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kallis3
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by kallis3 » Thu Sep 14, 2017 10:20 am
No - your IP company may do that.
ANNED
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by ANNED » Thu Sep 14, 2017 12:38 pm
Foggy wrote:
ANNED wrote:
kallis3 wrote:
Calm down - you could make an anonymous call to the finance company and ask the question.


Wud they give out that information though without any details ??

Also will I be able to carry on finance now as normal for the next 2 years until the final payment is required ??



Most pcp agreements are honoured these days as long as it is a modest vehicle, suitable for your needs. The balloon payment will be a matter for the finance company to agree -- you have two years to plan for that one, maybe save your share of overtime or bonus payments along with a bit of frugal living or a loan from friends or family, come the time.


This is what cf replied to me when I asked them.

Thank you for your email.

The proposal states that you will be refinancing the balloon payment at the end of your current Hire Purchase so this is something that the creditors will agree.

In my experience I have never seen or heard of somebody being refused the opportunity to refinance their balloon payment during the term of an IVA. The reason this will not be an issue is that an IVA only deals with unsecured debt whereas a Hire Purchase agreement is secure credit - credit which is secured against goods such as a vehicle or a property.

What do u think ??
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Foggy
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by Foggy » Thu Sep 14, 2017 12:51 pm
ANNED wrote:
Foggy wrote:
ANNED wrote:

Wud they give out that information though without any details ??

Also will I be able to carry on finance now as normal for the next 2 years until the final payment is required ??



Most pcp agreements are honoured these days as long as it is a modest vehicle, suitable for your needs. The balloon payment will be a matter for the finance company to agree -- you have two years to plan for that one, maybe save your share of overtime or bonus payments along with a bit of frugal living or a loan from friends or family, come the time.


This is what cf replied to me when I asked them.

Thank you for your email.

The proposal states that you will be refinancing the balloon payment at the end of your current Hire Purchase so this is something that the creditors will agree.

In my experience I have never seen or heard of somebody being refused the opportunity to refinance their balloon payment during the term of an IVA. The reason this will not be an issue is that an IVA only deals with unsecured debt whereas a Hire Purchase agreement is secure credit - credit which is secured against goods such as a vehicle or a property.

What do u think ??



From the IVA / IP point of view that is good news ... but, I am afraid that my experience does not agree with theirs and refinancing is still only if Renault agree, which they might not do.
ANNED
Posts: 87
by ANNED » Thu Sep 14, 2017 1:28 pm
Foggy wrote:
ANNED wrote:
Foggy wrote:


Most pcp agreements are honoured these days as long as it is a modest vehicle, suitable for your needs. The balloon payment will be a matter for the finance company to agree -- you have two years to plan for that one, maybe save your share of overtime or bonus payments along with a bit of frugal living or a loan from friends or family, come the time.


This is what cf replied to me when I asked them.

Thank you for your email.

The proposal states that you will be refinancing the balloon payment at the end of your current Hire Purchase so this is something that the creditors will agree.

In my experience I have never seen or heard of somebody being refused the opportunity to refinance their balloon payment during the term of an IVA. The reason this will not be an issue is that an IVA only deals with unsecured debt whereas a Hire Purchase agreement is secure credit - credit which is secured against goods such as a vehicle or a property.

What do u think ??



From the IVA / IP point of view that is good news ... but, I am afraid that my experience does not agree with theirs and refinancing is still only if Renault agree, which they might not do.



Ok not reassuring then lol I'll have to think about this but need to wait anyway to see I'm in accepted first just thinking ahead
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