www.iva.co.uk

Hi
Just wondering if people would be kind enough to confirm the maximum allowance you have been allowed for pets. I have 3 dogs, 1 needs a lot of daily medication (approx cost £600/mth which is covered by his insurance policy which costs approx £100 per month) and the other one has monthly veterinary treatment that costs £110 per month covered by the insurance that costs approx £75 per month. Both of them require a specialised diet to treat inflammatory bowel disease which costs £75 per month. My other dog costs £70 per month for insurance and food, I could potentially get a cheaper policy for that dog. I’ve read that pet allowance is in the region of £30 so can’t see my creditors allowing a massive £320 to keep my dogs if I go down the IVA route. I can’t change the insurance for 2 of the dogs because of pre-existing conditions. Feeling very very worried about the future

Hi - like you I think your IP may struggle to agree those allowances, however your dogs are part of your family and they do need to be included in your allowances as best as they can.
I could look to see exactly what reductions you can make to demonstrate you are trying, but its clear the insurance is paramount, as without it your outgoings would be significantly more.

I think you need to have a chat with a few insolvency practitioners to help you get a true feel for what would be allowed and what wouldnt.

Depending on your level of debt, living arrangements(mortgage or rent) and income and other outgoings - I would suggest you look at all options not just iva at this stage

Hi, my understanding is that the "normal guidelines" to cover pet food/insurance is £34 total. This must seem impossibly low for pet lovers - especially if there are special circumstances. Its just that from the creditors' perspective, they want as much of their debt back as possible. I agree with Luluj that chatting to a few companies will be helpful in establishing all options open to you.

As above, I would suggest chatting to a few providers. I would also suggest the smaller to medium firms who will take a more holistic approach and look at you as an individual. Finally the figures are also dependant on the overall picture --- if, say, you were only able to meet the lowest viable repayment (around £80) per month, the creditors would be looking at ways to get more. If this repayment was higher, they would be more flexible.

Thank you

Bankruptcy isn’t really an option because I would lose my job.

Would a DMP allow higher allowances as I believe the debts would be paid off in full?

Are you allowed to recommend companies for me to contact?

Stepchange, Payplan etc?

A DMP would be far more flexible, but could take decades to complete, if the creditors are willing to go that long --- but would give a breathing space for now.

For a DMP I would suggest someone like Stepchange as they do not charge fees (for DMPs) and have a good working relationship with creditors.

I have 1 dog and I am thankful because he is not easily sick. As much as possible, he is just at home or I take him out for sunrise. That's what's important to me because animal medication is also expensive now.