I have submitted an expenditure form after my first being in an IVA and I reckon I have made a right cock up with working out what we spend etc. Very worried
Will this go against me?
what will my IP do? I don't think I was advised very well but feel trapped now.
I became rather overwhelmed with trying to work things out.
I ended up just writing down any old figure on the expenditure form.
The thing is I was told at the beginning that I would only be paying £95 a month, no one said anything about having to keep an eagle eye on my bank balance.
Ignorance abounds upon my part I know now.
However I have since sent off an email to Knightsbridge with regards to my concerns and worries and hopefully they will reply.
Please don't tell me that I should have read the forms initially as, at the time of trying to fight my way out of the quagmire I was in, I really wasn't in the right mind to read them.
I was just grasping for a helping hand.
To my possible detriment.
Lorna,are you able to afford the iva still? Often figures are fudged a little to make it look an attractive option.
Review time is always stressful but it can be helpful to compare things to previous years income and expenditure. If during the year you think you are spending more a month on a certain area,keep some receipts to use as evidence if you want to ask for an increase in an allowance.
Its often not as bad as people think,but each year the review should ensure you pay what you can afford into the iva so it is a necessary evil.
Communication with your case worker is also key,they are there to help things run smoothly so if in doubt talk to them.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
You should fill out your expenditure form based on last years figures and adjust any income if it has increased or decreased and again adjust any expenditure if it has increased or decreased. The difference between your total income and total expenditure listed should be your IVA payment going forward
Don't be afraid to contact your point of contact ad explain any mistakes
We are all here to help you and help each other [:)]
Don't worry, nobody is going to preach to you about what you should and shouldn't have done [:I]
Anyway, do you have a copy of your original I&E form from when the IVA was set up last year?
If you do it's a pretty good start point for your annual review.
If you managed OK throughout the year then all of the guess-work is done for you. Just copy the old figures over and increase any that have gone up like gas bills etc...
If you struggled throughout the year, you need to allow more for shopping or housekeeping.
Let us know how you're getting on and we'll do our best to help you.
These posts always get me intrigued. I do spend willy nilly and manage very easily. I pay 200 a month but my total debt is relatively low and am likely to repay in full when my time is up. I don't know if that's ever a factor in my favor for creditors. The only things I'm careful with are with contractual agreements to company's like sky or Virgin media etc. I will only now have one at a time. Sky ends in March and I'll upgrade to Internet through Virgin in its place. But as for day to day spending. I do just throw my money about admittedly.
Last edited by Rickne on Mon Jan 12, 2015 3:51 pm, edited 1 time in total.
Some companies, Rick, pare allowances to the bone right from the start, and some incorporate overtime into the regular income ... all recipes for disaster, as we see all too often.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Foggy
Some companies, Rick, pare allowances to the bone right from the start, and some incorporate overtime into the regular income ... all recipes for disaster, as we see all too often.
It was all pjg. I looked at the allowances and went... Yep right away. That leaves me laughing. i live with parents so rent is minimal for a start, and all else I pay is my car finance, I phone, sky, gym and IVA. Overtime if it happens. What I get left with is quite generous I'll leave it at that. But I'm sure pjg wouldn't of allowed me quite so much without reason.
