www.iva.co.uk

Hi

Trying to put together an income/expenditure sheet to help me understand what my options are for the future.

Can anyone shed any light on what are accepted expenses, if not the values then the categories that are accepted.

Would be a great help if anyone is willing to post what was accepted by their creditors and what was not.

Alan

Hi Alan, if you have a look at my blog I have posted a list of what was allowed in my IVA, and also what was allowed in my bankruptcy. Just remember that an IVA is individual so you need to put down what you actually spend, and please be realistic as that was my downfall!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi Alan
There are no set bench marks for expenditure because it will vary from one house to another.
The secret is to just list everything that you need to live on and put the amount down that you need to spend.
You have to be realistic and put items such as clothing and medical expenses down but not things like holidays and entertaining.
The secret of a successful IVA is a realistic and workable budget for living expenses.
regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp

One thing that does worry me is that as part of my job I have to go abroad 5-6 times a year, for up to a week at a time.

My company does not do money advances, I am expected to finance the trip, then claim expenses.

Would I be right in assuming I would not be allowed to keep £1,000 in an account to finance these, or maybe there would be an option to pay a cash sum of £1000 at the end of the IVA or to increase the number of payments??

Really worrying, I would lose my job if I couldn't do this travelling.

Alan

Alan 1951

A company wouldnt be able to propose an IVA (or make any money from it) if its terms meant you losing your job, therefore I feel that there would be a way round it. IVA's are individual so I wouldnt worry too much. I know that this is a very stressful time for you. It does get better though. Good luck

LILY

I believe that angels breathe and love will live on and never leave. I cherish all you gave me everyday.

Hi Alan

Yes - I have had clients with similar problems in the past, some who have asked to keep a 0 balance credit card to be just used for expenses which is repaid at the end of each month when you receive your claim.

Also, is it possible to ask your employer for a sub? This is not unresonable given that your are incurring the expenses on their behalf.

And with regard to your household budget - do be sure to include contingencies such as house and car maintenance, medical expenses and miscellaneous items.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hi
Lily is right,your IP will be able to sort out a provision for this within your IVA.One way could be a pre-paid credit card,load £1000 onto it and use it abroad then top it back up when you get your expenses paid.
Regards

Andy Davie
IVA.co.uk Spokesperson and site manager
(aka Neverending)

Please check out my blog: http://andydavie.blogs.iva.co.uk

View my profile here:
http://www.iva.co.uk/andy_davie_profile.asp