my SOA - any advice?

kepar

The problem as I see it that you are trying to live the life you have now after bankruptcy. You will find that the cost of having your debts wiped is that you have to make some sacrifices.

Also can I ask how much your car is worth and how many more payments you have left to pay?

dojoman

Even if you are allowed to keep the car, there is no way you will be allowed the HP payment to come from your SOA.

sazaboo

the car is worth about 2800 and that roughly what is outstanding for another couple of years, I see what you mean about the car HP payments

would i be better giving the car back to HP company and getting a cheaper car outright??
id have to do it before i put my SOA in...is that right?

kepar

Even doing that you are not certain to be able to keep it.

If you give it back, have you got money to be able to purchase another one?

sazaboo

only just, if i can find one for £300 quid!
probably cost more in tax n maintenance...

is there any other way round this? what if i pay for the HP out of what left after OR agrees the SOA? - and not include it in the SOA - depending if I can afford it?

kepar

Anything you have left after an SOA will go into an IPA. Also if you do not have a car , the OR will not give any allowances therefore you will have more money to give towards an IPA.

sazaboo

'sigh' yes, thats true - id better sort out returning the car...sob...and find something else :-(
thanks for your help with this

tigerfeet2006

If you stop paying the HP car then that will give you some towards a new one and it usually takes a few months for them to repo so you will still have transport for a while.

Kids activities is usually £5 a week but leave them and see what the OR says. You never know what an OR will do, they allhave their little foibles.

sazaboo

ok, now im confused...just rang insolvency helpline and was told that the OR may decide to allow the HP as they will ave no intrest in the car as it has no equity...and therfore include it in the SOA...im gonna starts a new thread on this so please post responses to the HP stuff on there - cheersw guys!!

paul_62

as for the car for me OR was fantastic and as a few have said it all depends on their interpretation for me they agreed i needed it for work and then said it was not worth enough to sell and buy a cheaper one.

for you it seems if the finance company would allow you to carry on (get it in writing for the OR) then the OR should be ok as if you hand it back you would obviously have to source another car - this is obviously if the OR says you need a car so you may have to put a case for it (for me access to see my kids was more of a priority than commuting to work the OR saw it the other way).

your SOA is a bit of bartering back and forwards, there are always things you'd forget. it does seem a daunting process but as most people will say if your honest and upfront they'll be fair, just be prepared to justify any of the expenses.