Hi we have 3 children and we are taking the first steps to get our iva set up. Im a bit worried as to what we have put down for a food budget on a month. We currently spend approx £500+ a month on food, nappies,baby milk and pet food. im worried they will ask us to lower this as i think we will struggle. We have my husbands 2 children from a previous marriage who come to ours at least 2 weekends a month and we also have to feed them while they are here.
Also I have a todddler and a newborn who are in nappies.....
Does anyone know what our limit would be on shopping? We dont buy big brands as it is and stick to supermarket budget things!
Any help would be appreciated!
Under CCCS guidelines the maximum you would be generally allowed would be £593 per month to cover the items you refer to, and you may even be allowed additional allowances to cover your stepchildren as well.
Isn't your IP firm giving you any guidance as to acceptable figures in line with your actual expenditure?
we havent actually yet chosen an ip. My husband and i seperated for a few weeks after i dropped the bombshell on how much debt i was in, and he had no idea about it! Thankfully he is willing to work through it and sort it alongside me and so we are now just working out what we can cut back on to help go towards debt repayment. Feels a relief he has forgiven me for keeping it from him and he is sticking by me to work it out!
Fingers crossed we will find an ip willing to take us (and MY big mess) on!
Have a chat with a professional. Either use one of the experts who post on here, you can contact them via the 'Ask a Question' link on the lefthand side of the page, or visit the comparison site, www.iva.com and you will find a list of companies and reviews. Give one or two a ring for some free advice.
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
Interesting post. In preparation for my first annual review I am going to try for an increase in my shopping allowance. I'm currently allowed £200 as a single person but my 3 children visit every couple of weekends and in line with Beat My Debt guidleines and their living expenses guide on each additional child formula and dividing down to the number of days I have them then it works out between £46.98-£71.34 extra on my shopping allowance.
Whether they will look at this favourably I don't know but I'm going to ask. A couple of other allowances have decreased so it will balance out. But I'm certainly spending more than £50 per week on food!.
Needtofacethings I'm sure your situation is workable within an IVA - be totally upfront and honest with your I.P and as Mel says what you outlay will be taken into account in any arrangement. Good luck and keep posting on here.
Last edited by winter_blues on Tue Aug 30, 2011 9:36 pm, edited 1 time in total.
I know how you are feeling as I was in a similar situation having to admit to my husband that we had debts of £130K which he knew nothing about. So pleased your husband is going to work through it with you. We too have 3 children and our budget for household items is quite low at £466 but on top of that we have an allowance for school meals of £105 per month - meals at work, dentist, hairdressing, pocket money etc. You need to be really honest with whichever IP you choose and write down exactly what you spend. Also you can claim an allowance for your pets. just try and think of every bit of expenditure you have each month and your IP will then discuss these with you and let you know if they are too high or even low. Don't forget your home insurances, cars etc. Good luck with everything and make sure you contact 2 or 3 IVA companies to get a good feel of who you would be comfortable to work with because 5/6 years is a long time. Melanie Giles, who posts on here regularly, is very highly regarded. x
I would echo what others have said, speak to a few IP's, from what Melanie says you are probably under cooking the food budget so yiu may well have some slack there.
best of luck
IVA finished June 2011
"If you listen to people who tell you what's impossible, they're usually the ones who failed" Paul Stanley
Whatever you do, don't underestimate your ACTUAL spend. Many IVA's that fail do so because people are trying to survive on an unreasonably tight budget and it is is nobody's interests for you to struggle.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
So glad to hear that you and hubby are working things out. Men can often take a little longer to come to terms with problems, but are generally very supportive when it is time to rally together. I am sure you both realise that your relationship is the most important thing in the world to protect - and whilst most of us have a "grumpy old man" somewhere in the background, I would not part with mine for all the tea in China!
Good luck with your search for an IP to represent you, and do make sure that you fully explore all of the allowances, as you are bound to forget incidental or occasional expenditure, but it is so important to include a provision for these and other sundry items. A good IP firm will help you to work out your budget, and make recommendations as to sustainable levels of expenditure in accordance with creditor guidelines.
