Just a quick question - I am thinking about entering an IVA, but have a question about allowances!
I have two young children, plus myself and the wife. As you imagine, kids growing at a rate of knots, school uniforms etc, it can be quite expensive!!
I've noticed that the recommended allowance for clothing is about £60ish. Have people increased this? I'm not worried about me, but I can't let the kids be impacted too much!
Hi and welcome to the forum DK, it's all individual really but it would be worth discussing your concern about the clothing allowance with a prospective IP. Sometimes we can save a bit on one allowance and juggle things around if there is something we need to buy.
Have you spoken to anyone yet?
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I've spoken to a couple - I think I am going to speak to Michael Peoples as well, just to get his perspective. In a nutshell, it's all my debt, and I got us into a bit of a hole! I know life will be impacted, but I want thinks to be as normal as possible for the rest of the family!
I think I want my cake and eat it, but it's not that simple I guess!!
Speak to a few different companies. There are set guidelines for Expenditure but a good IP will make sure your allowances allow you to live reasonably.
Welcome from me as well. Michael comes highly recommended on here and I'm sure you will get sound advice from him.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The clothing allowance for a family of four is £73 per month. However it is also worth bearing in mind that if the debts are all yours then your wife's surplus cannot be taken to pay your debts. There are also other allowances that can be claimed which people often overlook so ultimately it is affordability that is key and how you spend your money is entirely up to you.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
