With our first review looming in October i thought it would be a good idea to start having a look over what we are paying out and what we could be paying out over the following year.
Our Gas and Electric supplier has informed us that their prices will be going up by: Electric 11%, and Gas by 18% in September2011. Would it be a smart move to try and work out what this will add to the current cost of what we are paying at the moment so that we will be in budget for the following year?
I know food has gone up as petrol and probley most things, but i really want to make sure that after the review our budget for the following year will be set at a level to allow for the costs over the next year.
Does that make any sence? I feel i need to increase things but i dont want to take the P*ss out of it.
Has anybody got any examples of how they have done theirs to take them through their next year?
I would certainly try and work this out - even ring the supplier to see if they can tell you what the new payments will be.
If you are paying more for everything then do put it down - the IP can always disagree if they think it is too much. We put our fuel costs, food costs and insurances up and had no problem at all.
It is all down to the individual IP though.
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
I just upped my standing order for gas and electric by 18% and 12%(british gas). Easiest method to work out the rough costs.
As for everything else keep your receipts for september or at least a note of whats spent where and use this as a guide to actual spending. Its hard to say what prices will do and if you set your expenditure and things do go up more,you can always ask for another review if things get too tight.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Mine has not changed yet thankfully. I'm with Atlantic.
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
this subject of the yearly reveiw always makes me smile.
yes most things have gone up and the ips know this very well,so we put down what we spend and see if they accept these changes.
but where does the xtra money to accomodate these changes come from?
what i mean to say is has anybody actully got less dissposable income after the reveiw and had there payments alter?
i know they can reduce the payments by 15% but then this is added on at the end extending the iva so that the basic dividend is reached.
if you do not get a pay rise or overtime where does the shortfall leave you.
has anybody had a reduction in payments at reveiw time.
just always puzzled me where the xtra outlay in the i&e comes from.
cc received 6th January 2014 now upwards and onwards
Just put in your new I&E what you believe is reasonable and truthful, the worst your IP can do is get you to 'sharpen your pencil' you won't get into trouble or fail your IVA. I am fortunate that my IVA payments were worked out with me paying £240pm into the IVA, due to a better job, after only 10 months into the IVA, I am now paying £470pm, if I have to rejig my I&E to compensate for higher cost of living then I don't believe I will be under my initial and accepted dividend at the close of my IVA.
O know what you're saying, to tell people to put down what they spend doesn't take into account that we have a finite amount of money and rather than spend more we actually cut back. Well, in my first year I put down inflationary increases on some allowances (this year I needed a reduction so didn't put down inflation to try and meet creditors halfway).
ummmm many thanks for all your answers.Yeah checking our proposal etc the figures quoted are all stated as estimates, there is no garanteed return on the dividend which seems a pretty important point as older IVA's seem to be quoting a garanteed dividend.
Having said that we are paying nearly £200 extra per month above the original starting payment.
Yeah i will make sure i get everything checked out regarding costs etc.
Do you think because we are paying quite a bit over the original payment they might cut us a bit of slack in what we put down?
Baldy
If the IP reduces the payments by the 15% discretion, this does not necessarily have to be repaid at the end of the arrangement. Check your individual proposals to be sure on this point.
This year our petrol allowance went from £280 to £420. my other half as a 95 mile round trip a day, she was transferd. plus my petrol.I didnot think they would allow this, So the letter she had from work about her transfer i sent in for the review and they said ok. but our payments went up becuse she had a good payrise. Everyones circumstances are not the same.
Many thanks for all your info.Marksam, that is a big jump in fuel but like you rightly have said if you can back your figures up with proof then they cant really argue with that.
Like everybody else our fuel costs (cars and house) have gone up and with my eldest daughter moving out a few months ago leaving the income £200 per month short we have not been able to put any money aside for servising etc and have been scraping through until our mortgage changed which has helped us.
Luna: Many thanks for that info,yes we are with the cccs would be nice to see how things go for you. Have you found them to be helpfull? What months paper work do they require?is it the last 3 months including the month your IVA was proposed?
Like i mentioned i like to think we have a bit of cushion as we are now paying 50% of our mortgage saving(£175)on top of the original payment.
We have reduced ours by 15 percent already, due to losing tax credits. As it was there was not enough for 'the pots' thanks to TiX and their uplift request pre-iva. They argued that you could not have breakdown cover and money for spares & servicing. What a strange theory...
Anyway, our 'pots' balance (for now). But the way things are going they may not for long. Then what? As we have already done the 15 percent thing.
Last edited by Imhotep on Sun Aug 07, 2011 11:34 am, edited 1 time in total.
We were requested to send our first review stuff in 1 month before the 1st anniversary date and asked to do so within 2 weeks,they require last P60's, last 3 months bank statements so not specifically the month of proposal,last 3 wage slips and a new I&E.Also other benefit statements if you have any.They ask for comments/evidence of any significant expenditure increases over your current I&E.
They send you a copy of your current I&E and ask for all photocopies.
Can I ask you a question around your mortgage savings? Are the 50%savings you are benefiting from just until your first review?
Regards,
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
We have found them to be really good so far,if you receive a payrise under the 10% they do nothing until your next review.You effectively have 1 month to pay over the required part of any overtime/bonus etc.
We have never spoken to an IP only supervisors etc but have never needed to so far.I have read a few posts about reviews dragging on but CCCS seem pretty efficient although it took them ages to work our proposal through, but they were very thorough.
Regards,
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
