Do you get left with £99

caro50

First of all I would like to thank everyone for your help so far with my daily questions its helping us so much.
I think we are getting there and intend on filling in our papers this weekend however our main problem is our car.

My husband has to have a certain level of car for his job as he is client facing and his job invloves taking clients out to meetings and stuff!

Our car is on pcp and the finace co has told us that once we delcare BR it will be taken back.

There is a possibility that we can transfer it into my husbands dad's name and pay him the £100 finance payment each month? Will a OR allow us to do this ?

ALSO

Am I right in thinking that after completeing the SOA if you have say a surpluss income of just £99 does this mean that you will not be asked to do an IPA or IPO ? Do you in effect get left with £99????? SO sorry if this is a stupid question but I am getting confused by this bit !!!! I am thinking if we are left with £100 then we can pay OH dad the car money or is this not right ??

thanks all

dojoman

My understanding about DI and I may be wrong is that after the OR has agreed to certain figures if you are left with £99 or less you will not get an IPA. However if you do have more than £99 then an IPA will be arranged on that. [FONT=Verdana, sans-serif]The percentage the OR can take for an IPA depends upon the excess:[/FONT]

[FONT=Verdana, sans-serif]Between £100 and £249 = 50%[/FONT]
[FONT=Verdana, sans-serif]Between £250 and £349 = 60%[/FONT]
[FONT=Verdana, sans-serif]Between £350 and £499 = 66%[/FONT]
[FONT=Verdana, sans-serif]£500 or more = 70%[/FONT]

Also it is £99 per person not couple. I am sorry but cannot answer the question about the car.

skylight

Its unlikely that the OR will allow you to pay for the car thats on HP, directly to someone else. Technically.

But, ORs are also human and may be quite amiable to the fact that the car is needed for the job as you can argue that no car = no job = no income = no IPA and £100 a month for the car isn't a lot of money. The problem comes in that once the car finance is transferred, whomever it is transfered to is liable for the debt so you need to be able to pay for it.

As you really wont know what the OR will do on the day, I would try to add some of that £100 to other areas of your SOA. So add £50 to housekeeping, £25 to petrol, etc so that you are able to afford to pay for it. Then you will be able to manage the payment privately from the little extra you have plus the surplus.

Or you could add the £100 directly to your SOA and argue the point with the OR.

Both options are 50/50 as to whether you can manage it with the OR as really, it all boils down to the OR and how he is with it (ie a jobsworth or a realist).

nev32

Hi, i guess it depends on the finance company, mine let us keep car after was br & the or did not want anything to do with as as we owe more than what car is worth & also my wife needs it for work.
i take you have called the finance company?? & how much is the car worth any idea?

CG77

nev32 wrote: »

Hi, i guess it depends on the finance company, mine let us keep car after was br & the or did not want anything to do with as as we owe more than what car is worth & also my wife needs it for work.
i take you have called the finance company?? & how much is the car worth any idea?

It's therefore important to find out as nev says the amount the car is worth and the credit outstanding.

Our OR also allowed us to keep our car which was on HP as the outstanding debt was more than the value of the car at the time. The OR recognised we need a car for work and we were lucky in that the HP company allowed us to keep it on.

CG. x

fiveyearplan

IT wouldn't be a very forward thinking HP company that would take your car back especially if you owe more than its worth. If they don't let you keep it anything outstanding will go into your BR therefore they won't get anything else out of you.

debtinfo

Hi, the OR probably wnt mind you transferring the car before the bankruptcy if the finance is more than the car. however if you do this make sure you get written proof when you do it that there was no equity in the car. You prob wont be able to put the expense for the HP down in the SOA but as others have suggested you do get £99 allowance (£50 if you get an IPA) each