Help/advice welcome - BR/IVA - cards, when to stop paying etc

Ineedaname

SomewhereOverTheRainbow wrote: »

It is good that we can keep business and personal debts seperate as, although we do have business debt it is managable and almost paid off, I was worried that because he is a sole trader they would all be 'bunched' together

Sorry if my explanation of what would happen misled you. Unfortunately as a sole trader his business debt is attributable only to him so will go into the BR. That's part of the reason the business has to be stopped and effectively restarted I guess, to draw a line under everything as of BR date.

There are others with more knowledge of leasing who will hopefully be able to advise better on that. At the end of the day a new lease is effectively a new debt, albeit a secured one, which is why I asked if there was any other option for you.

SomewhereOverTheRainbow

INAN - your explanation was very helpful, thank you

Leasing - I have read conflicting stories but wayforward saying they had the car taken off is a first - and a very worrying one

Ineedaname

It might be worth talking this through with the advisors when they call you back and then perhaps investigating the options of leasing through BR. I think a member posted a short while ago about getting a lease car post discharge, but don't know if any companies would be willing to start a new lease just before or during BR.

I see you've had a chat with immoral angel on the other thread about the business debts.:)

SomewhereOverTheRainbow

Yes, I am darting all over the threads.........................just like my head, all over the place.

Well since nothing in place yet, I am not sure how long before BR I will have applied for new lease - God this is a nightmare.

wayforward_2

sorry didn't respond earlier - only just seen your further query.

Am pretty sure it was Lex but not 100%. I told them as the OR advised me to as they were going to write to them anyway - literally collected the car within a week.

This was in 2009 though so maybe the lease companies are a bit more sympathetic to BR's now - the irony is that if the OR approves the payments as part of your SOA you are less of a risk to the lease company than before!

SomewhereOverTheRainbow

Yes you are so right wayforward, we would most definately be less of risk..................