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Posted: Thu Apr 07, 2011 10:39 am
by Dodgy_Keeper
Hi all!
Just a quick question - I am thinking about entering an IVA, but have a question about allowances!
I have two young children, plus myself and the wife. As you imagine, kids growing at a rate of knots, school uniforms etc, it can be quite expensive!!
I've noticed that the recommended allowance for clothing is about £60ish. Have people increased this? I'm not worried about me, but I can't let the kids be impacted too much!
Thanks!
DK
Posted: Thu Apr 07, 2011 10:50 am
by Shining
Hi and welcome to the forum DK, it's all individual really but it would be worth discussing your concern about the clothing allowance with a prospective IP. Sometimes we can save a bit on one allowance and juggle things around if there is something we need to buy.
Have you spoken to anyone yet?
Posted: Thu Apr 07, 2011 11:03 am
by D&G
We are a couple with 3 children and ours was put down as 86 month. But if you need smart clothes for work, i think you would be allowed more.
Posted: Thu Apr 07, 2011 11:07 am
by Dodgy_Keeper
I've spoken to a couple - I think I am going to speak to Michael Peoples as well, just to get his perspective. In a nutshell, it's all my debt, and I got us into a bit of a hole! I know life will be impacted, but I want thinks to be as normal as possible for the rest of the family!
I think I want my cake and eat it, but it's not that simple I guess!!
Posted: Thu Apr 07, 2011 11:22 am
by Judo
Speak to a few different companies. There are set guidelines for Expenditure but a good IP will make sure your allowances allow you to live reasonably.
Posted: Thu Apr 07, 2011 11:58 am
by kallis3
Welcome from me as well. Michael comes highly recommended on here and I'm sure you will get sound advice from him.
Posted: Thu Apr 07, 2011 12:23 pm
by Michael Peoples
The clothing allowance for a family of four is £73 per month. However it is also worth bearing in mind that if the debts are all yours then your wife's surplus cannot be taken to pay your debts. There are also other allowances that can be claimed which people often overlook so ultimately it is affordability that is key and how you spend your money is entirely up to you.
Posted: Thu Apr 07, 2011 12:49 pm
by Dodgy_Keeper
Hi Michael,
If it's ok, I'm going to send you a mail, containing my details and a "little" bit of history.
Cheers!!
Posted: Thu Apr 07, 2011 12:55 pm
by Michael Peoples
I look forward to it. Just don't send 'War and Peace' because I avoided reading that my whole way through school!
Posted: Thu Apr 07, 2011 1:12 pm
by kallis3
Brilliant book!
Posted: Thu Apr 07, 2011 2:08 pm
by Dodgy_Keeper
It's all in a fun filled spreadsheet!!