What do you think?

[phill]

Question to anyone really what they think of my proposals. I am in an iva at the moment and take home £1100 and pay £455 into my iva which is a real struggle. However my circumstances are going to change in a few months and so have drawn up an expenditure list that I think will be more realistic. Just wanted to know anyone’s thought or experiences on this.

New Expenditure
Gas 20
Elec 20
Rent 285
Food 250
Clothes 50
Optician/dental 50
Travel 175
Student Loan 75
Phone 50
Contingency 50

Total £1025
New take home is £1625
Therefore my new payments each month will be £600
How does this look?
Thanks

[iva_squirrel]

Hello,


So you are already in an IVA, paying £455 and you will be increasing your IVA payments. Is that right? (If that is the case I really can't see what could cause a problem)


Regards,

Julia Simavi

Shortlisted with special commendation for Debt Counsellor of the Year by Credit Today Awards 2007

View my profile:
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[MelanieGiles]

Looks OK to me, so long as this is what you actually spend.

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

[phill]

Yes it is what i spend!
IVA Squirrel does it matter though that my net income has risen by £500 but the increase in my iva repayments will only go up by £150?

[MelanieGiles]

You will need to identify which areas of expenditure have increased, so that these can be justified as reasonable to your creditors.

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

[Adam Davies]

Hi
You will need to show that your new job has increased your expenses due to further travelling etc.Also utility bills have increased and creditors will expect that.
It would be interesting to see your old expenditure sheet.
By the way it will be your IP that agrees or not to it as your creditors leave decisions like that to them.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[phill]

Andy,
Basically my current expenditure sheet is
15 gas
15 elec
40 phone
285 rent
75 student loan
120 food
30 clothes
35 Extras
30 opticians/dentist

Reason for increases are as follows I simply cant survive on 120 food impossible as I eat a lot, not luxury food just a good balanced diet!
Same with clothes.
Travel is not taken into consideration
50 a week to get into work on the bus
100 travel card I need to travel whilst at work
75 general travel to shops and friends etc
If this wasn’t appropriate I think I’d have to by a car Which would work out more expensive
Gas/elec now the bills are split by 3 not by 4 as in my original sheet
Opticians/dentist 15 contact lenses 20 glasses 15 dentist

[MelanieGiles]

I feel that a single person ought to be allowed at least £200 for food and household expenses, and £50 per month for clothing. Why were your travelling expenses not originally taken into account?

It looks to me as if the majority of those expenses you are now paying are more than justifiable, but you will need to discuss this with your IP as he/she has detailed knowledge of your case.

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