More Questions - Sorry

yorkshiredee

Good Morning,

Sorry if I am repeating questions that may of been asked before but I really need to make sure of a few things in my head are clear before I go forward, not that I know what I am going to do if I dont go BR.

1) I am a private tennant in a house I rent from a friend, I dont have a tennancy agreement just a letter from them saying I rent the house from them. My rent is paid via standing order so I do have a record of paying my rent. I am not behind in my rent never missed a payment and owe them nothing (other than gratitude for letting me rent from them!).
I am petrified that the OR will contact them if I do go BR to tell them that I have done so. I am not saying they will ask me to move out but I think it would cause my friend worry and maybe a strain between us.I have made this house a home and its the first home we as a family have had for over 5 yrs I cant face moving again, I have had 4 houses in 5 years!

2) I am 31 mths into a 60 mths @ £160.00 HP agreement on a car through Renault Finance, the car is worth around £700 less than what I owe, I NEED the car to work and from what advice I have had and read I would be very surprised if I didnt get exemption. What I would like to know is when the OR works out my SOA my HP amount will be on this but will he/she still class that amount as disposiable income? I have around £24 disposiable income at the moment so as it is I doubt I would be paying an IPA would the OR look at it as if I had £184.00 disposiable so I would pay accross 50% of that?

3) Has anyone had to deal with Renault Finance thru the BR? I did speak to them regarding the terms of my HP and BR and they said they looked at it on case by case situation. I have nver been late paying or missed a payment arrears etc. so they did say this would go in my favour.

4) If I went to court and was declared BR how soon after would the OR get in touch for us to discuss the IPA payments? Do IPA payments always last 3 years?

5) If I do pay an IPA for 3 years and discharged after a year would I still inform anyone of a pay rise bonus etc after being discharged?

I am sorry for all the questons but a majority of my finacial mess is because I have made ill informed descions or rushed into it like my IVA June last year because I thought it was right at the time.

Thanks in advance

Dee

dojoman

yorkshiredee wrote: »

Good Morning,

Sorry if I am repeating questions that may of been asked before but I really need to make sure of a few things in my head are clear before I go forward, not that I know what I am going to do if I dont go BR.

1) I am a private tennant in a house I rent from a friend, I dont have a tennancy agreement just a letter from them saying I rent the house from them. My rent is paid via standing order so I do have a record of paying my rent. I am not behind in my rent never missed a payment and owe them nothing (other than gratitude for letting me rent from them!).
I am petrified that the OR will contact them if I do go BR to tell them that I have done so. I am not saying they will ask me to move out but I think it would cause my friend worry and maybe a strain between us.I have made this house a home and its the first home we as a family have had for over 5 yrs I cant face moving again, I have had 4 houses in 5 years! Our OR informed our landlord,but I had already told them I was going BR. To be honest it pays to be totally open with your LL just in case.

2) I am 31 mths into a 60 mths @ £160.00 HP agreement on a car through Renault Finance, the car is worth around £700 less than what I owe, I NEED the car to work and from what advice I have had and read I would be very surprised if I didnt get exemption. What I would like to know is when the OR works out my SOA my HP amount will be on this but will he/she still class that amount as disposiable income? I have around £24 disposiable income at the moment so as it is I doubt I would be paying an IPA would the OR look at it as if I had £184.00 disposiable so I would pay accross 50% of that? How much is the car worth?

3) Has anyone had to deal with Renault Finance thru the BR? I did speak to them regarding the terms of my HP and BR and they said they looked at it on case by case situation. I have nver been late paying or missed a payment arrears etc. so they did say this would go in my favour. Don`t know, sorry.

4) If I went to court and was declared BR how soon after would the OR get in touch for us to discuss the IPA payments? Do IPA payments always last 3 years? The interview would be quite quick but the decision whether you would get an IPA varies case to case. Yes it is 3 years unless your circumstance was to change.

5) If I do pay an IPA for 3 years and discharged after a year would I still inform anyone of a pay rise bonus etc after being discharged? Yes for for the duration of the IPA.

I am sorry for all the questons but a majority of my finacial mess is because I have made ill informed descions or rushed into it like my IVA June last year because I thought it was right at the time.

Thanks in advance

Dee

Hope this helps.

yorkshiredee

The car is worth around £4k but I owe £4,700 on it so can not be classed as an asset!!

skylight

Your car. Check the HP agreement as the HP company is likely to take back the car. Most HP companies do.

If you are lucky enough that the HP company allow you to keep it, then at this point the OR gets involved and decides if the payments are appropriate for your SOA and how much they will allow you to include. It is not an asset so the OR cannot decide to take it or not as the HP company will still own the car until the end of the term (unless... the term ends whilst BR and its fully paid and then yours.....)

Cars on HP are far from simple, but your conversation with them sounds favourable. You are simply not going to know until you do it.

yorkshiredee

Thanks I understand I think I may have to speak to a family member and "come clean" about the mess I have gotten myself into, and ask if they would take a lease car out for me in their name.

I was hoping/praying /wishing that someone may have had previous experiance of Renault Finance throughout their BR.

dojoman

As skylight has said you will not know the answer to this until you go BR, no 2 OR examiners are the same, sorry we cannot give you a definitive answer but in all honesty there is not one.

yorkshiredee

You hit the nail on the head there, I do want defiante answers and I cant have them!! I just feel as if part of my life is going to depend on someone and what their mood is that day!!

callywally

I know how you feel its horrible and frightening but nothing we can do I suppose exept prepare as much as you can and then hope you get a reasonable OR.
I am at the stage of trying to save fees and find out as much as I can beforehand.
Good luck

hunts42

yorkshiredee wrote: »

Thanks I understand I think I may have to speak to a family member and "come clean" about the mess I have gotten myself into, and ask if they would take a lease car out for me in their name.

Hi, before you do this, be aware that if the HP company do take the original car back, any outstanding payments etc will go into your BR meaning that the OR will deem you to have an additional £160pm disposable income. How would you repay the family member who then leases a car for you in their name if that were the case?

If it were me i'd have a chat with the family, explain everything to them and basically see if they'd be prepared to have a bit of a whip round, then go out and buy an older car. I'd return the other one to the HP company and include the remaining debt into my BR. That way you'll have a car that should be considered exempt, you'll have another monkey off your back (HP payments) and you'll only owe a small amount to your family rather than having to find monthly payments again. Yes buying an older car comes with it's own pitfalls but remember you're looking to wipe the slate clean and going BR and then starting a brand new commitment at virtually the same time, is folly.

As for your landlady, fess up... you'll probably find a lot of sympathy for your situation and appreciation that it was you who told your friend and not the OR. A big part of getting into debt is denial, you deny problems to yourself and to the outside world, on the surface you may appear calm but underneath you're paddling like crazy, use your BR as a totally fresh start, clear your mind of all financial worries and kickstart your life - here's hoping everything works out for you, keep smiling.