Hi all.
Is there anywhere that shows what allowances are available when proposing an IVA?
Ideally the allowances that are acceptable for 2017.
I'm trying to work out whether I can afford to live within my means in an IVA but I don't have a clue what expenditure is allowed in an IVA.
For instance how much is allowable for food/petrol/clothes/insurance etc.
It really is based on affordability - if you spend £200 on fuel a month then you neef to put £200 down. The allowances are only a guideline and I wouldn't worry about them - list your expenditure as is .... without your payments to your creditors - an iva is not meant to be easy but it is meant to be affordable.
I know in our iva we had allowances for hair, dental etc whilst others had pet allowances etc ... each differ so not an easy science I am afraid.
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
As far as I am aware there are no up to date figures. Don't forget things like lunches for work, prescriptions, optical (if you wear specs), insurances, car maintenance, pets. Put down what you spend on everything, an IP will always adjust the figures if needs be.
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
Stepchange, who formulate widely used guidelines, go to great lengths to make sure they are not published as, ashas been said, you are supposed to claim what you actually spend, rather than go by the guideline figures. However, a helpful IP will guide you. The only figures I have access to were 2015, however they do not tend to differ much year on year.
The figures will also be determined by whether they apply to a couple, an adult or a child.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Ultimately it comes down to affordability. Only you know what you can afford and if all the various allowances are allocated you can see what the IVA payment would then be. Any insolvency firm will do an income and expenditure account with you and then how you spend your own money is entirely up to you. Some firms ask to see bank statements at review time but we do not as it is not our business.
Yes i wouldn't worry about guidelines initially as everyone's situation is different as well as their income and expenses.
I would work out what you have going out.... being realistic with expenses that allow you to live a descent standard of living.
When you speak to someone i.e an IP or a debt adviser, they will let you know if you are over guidelines on anything. The idea is having a genuine conversation with someone to help work out an income and expenditure that is fair for yourself and the creditors.
Have you spoken to anyone so far regarding your options?
