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    • Leon79
    • By Leon79 10th Mar 17, 10:30 AM
    • 10Posts
    • 0Thanks
    Leon79
    I&E in bankruptcy. IVA?
    • #1
    • 10th Mar 17, 10:30 AM
    I&E in bankruptcy. IVA? 10th Mar 17 at 10:30 AM
    Hi everyone

    I went bankrupt 4 months ago and have now found a job having previously been unemployed. This is what my income and expenditure will look like. Is there anything I am missing? I am not on much money but seem to have some left and am scared I will have to enter an IVA even though things feel very tight already.

    My rent is for a room which includes all bills which is why they are not on there. Groceries includes toiletries


    Monthly Income Details
    Monthly income after tax................ 960
    Partners monthly income after tax....... 0
    Benefits................................ 0
    Other income............................ 0
    Total monthly income.................... 960

    Monthly Expense Details
    Mortgage................................ 0
    Secured/HP loan repayments.............. 0
    Rent.................................... 475
    Management charge (leasehold property).. 0
    Council tax............................. 0
    Electricity............................. 0
    Gas..................................... 0
    Oil..................................... 0
    Water rates............................. 0
    Telephone (land line)................... 0
    Mobile phone............................ 23
    TV Licence.............................. 0
    Satellite/Cable TV...................... 0
    Internet Services....................... 0
    Groceries etc. ......................... 195
    Clothing................................ 50
    Petrol/diesel........................... 0
    Road tax................................ 0
    Car Insurance........................... 0
    Car maintenance (including MOT)......... 0
    Car parking............................. 0
    Other travel............................ 65 [£15 bus pass every week]
    Childcare/nursery....................... 0
    Other child related expenses............ 0
    Medical (prescriptions, dentist etc).... 60 [CONTACT LENSES + DENTIST + PRESCRIPTION]
    Pet insurance/vet bills................. 0
    Buildings insurance..................... 0
    Contents insurance...................... 0
    Life assurance ......................... 0
    Other insurance......................... 0
    Presents (birthday, christmas etc)...... 0
    Haircuts................................ 12
    Entertainment........................... 0
    Holiday................................. 0
    Emergency fund.......................... 0
    Total monthly expenses.................. 880



    Monthly Budget Summary
    Total monthly income.................... 960
    Expenses (including HP & secured debts). 880
    Available for debt repayments........... 80

    Thanks!
    Last edited by Leon79; 10-03-2017 at 10:40 AM.
Page 1
    • luvchocolate
    • By luvchocolate 10th Mar 17, 12:23 PM
    • 1,366 Posts
    • 1,195 Thanks
    luvchocolate
    • #2
    • 10th Mar 17, 12:23 PM
    • #2
    • 10th Mar 17, 12:23 PM
    Hi can you join the works pension and pay into that? 6% is usually accepted ...contents insurance including accidental damage £10 per month? you can put £20 in for holidays, up your food budget.
    • Leon79
    • By Leon79 10th Mar 17, 12:31 PM
    • 10 Posts
    • 0 Thanks
    Leon79
    • #3
    • 10th Mar 17, 12:31 PM
    • #3
    • 10th Mar 17, 12:31 PM
    Hi can you join the works pension and pay into that? 6% is usually accepted ...contents insurance including accidental damage £10 per month? you can put £20 in for holidays, up your food budget.
    Originally posted by luvchocolate
    Don't trust pensions.....

    I of course really want the money to save or for a rainy day or a few pints... do I actually have to take out contents insurance or just put it on the form?! Don't want to go to prison either!

    Am I allowed £20 for holidays? Currently £45 a week food & toiletries for just me. I could increase to £50 or £60 but is that realistic?
    • MEM62
    • By MEM62 10th Mar 17, 1:31 PM
    • 1,236 Posts
    • 881 Thanks
    MEM62
    • #4
    • 10th Mar 17, 1:31 PM
    • #4
    • 10th Mar 17, 1:31 PM
    [QUOTE=Leon79;72231249]Don't trust pensions..... /QUOTE]


    You'll wish you had when you reach retirement age
    • luvchocolate
    • By luvchocolate 10th Mar 17, 2:03 PM
    • 1,366 Posts
    • 1,195 Thanks
    luvchocolate
    • #5
    • 10th Mar 17, 2:03 PM
    • #5
    • 10th Mar 17, 2:03 PM
    auto enrol for pensions has to be in place by October so I would suggest you put in more than the 1%.
    Contents insurance is sensible as you will not have credit to rely on.
    Holiday £20 is fine do with it as you like.
    Yes up your food budget

    Its an I.P.A not I.V.A ......an I.P.A is an income payment agreement that would take any surplus you have over £20, it also takes the £20 if that makes sense, it runs for 3 years
    • Leon79
    • By Leon79 10th Mar 17, 2:34 PM
    • 10 Posts
    • 0 Thanks
    Leon79
    • #6
    • 10th Mar 17, 2:34 PM
    • #6
    • 10th Mar 17, 2:34 PM
    auto enrol for pensions has to be in place by October so I would suggest you put in more than the 1%.
    Contents insurance is sensible as you will not have credit to rely on.
    Holiday £20 is fine do with it as you like.
    Yes up your food budget

    Its an I.P.A not I.V.A ......an I.P.A is an income payment agreement that would take any surplus you have over £20, it also takes the £20 if that makes sense, it runs for 3 years
    Originally posted by luvchocolate
    Sorry I got confused. Yes IPA.. I don't want one!
    • TheGardener
    • By TheGardener 10th Mar 17, 3:57 PM
    • 2,048 Posts
    • 1,943 Thanks
    TheGardener
    • #7
    • 10th Mar 17, 3:57 PM
    • #7
    • 10th Mar 17, 3:57 PM
    Pay into a pension - mad not to - why give it to the OR when you can give it back to yourself? you could opt out later if you feel you are going to be so rich in your life that you wont need one...
    Emergency Fund
    Holiday Fund
    TV license (I know...but just put it in...)HMO's usually still need a TV license
    Contents/personal property insurance
    Train tickets to visit Mum/Dad once a month?
    Any dry cleaning?
    Do you need to buy any tools etc for new job?
    • Leon79
    • By Leon79 10th Mar 17, 5:37 PM
    • 10 Posts
    • 0 Thanks
    Leon79
    • #8
    • 10th Mar 17, 5:37 PM
    • #8
    • 10th Mar 17, 5:37 PM
    Pay into a pension - mad not to - why give it to the OR when you can give it back to yourself? you could opt out later if you feel you are going to be so rich in your life that you wont need one...
    Emergency Fund
    Holiday Fund
    TV license (I know...but just put it in...)HMO's usually still need a TV license
    Contents/personal property insurance
    Train tickets to visit Mum/Dad once a month?
    Any dry cleaning?
    Do you need to buy any tools etc for new job?
    Originally posted by TheGardener
    Thanks for the advice. I guess I'm just wondering if the OR will scrub any of those sort of things off my list - holidays, emergency fund, train tickets... Are they allowed? TV Licence = good idea and dry cleaning. I could maybe up the mobile to £30 too for credit.
    • Steven_from_scotland
    • By Steven_from_scotland 11th Mar 17, 1:42 AM
    • 13 Posts
    • 5 Thanks
    Steven_from_scotland
    • #9
    • 11th Mar 17, 1:42 AM
    • #9
    • 11th Mar 17, 1:42 AM
    As others have said, include money for other items and don't leave any money available, put in internet, mobile, tv, pension, tv license etc and leave 0 spare
    • luvchocolate
    • By luvchocolate 11th Mar 17, 7:15 AM
    • 1,366 Posts
    • 1,195 Thanks
    luvchocolate
    presents are not usually allowed but worth a try, I was on a low salary like you and the examiner was brilliant ...moved things around and added a little where he could.
    • Johnsmith2016
    • By Johnsmith2016 11th Mar 17, 9:01 AM
    • 427 Posts
    • 221 Thanks
    Johnsmith2016
    Leon, better to over do it and get knocked back than sell yourself short. Your job is to avoid the IPA.
    £10 emergency fund.
    Tv licence.
    Gas elec water - how would they know they are included in rent? Not advocating it but most are allowed an allowance for it. Key here is allocating your income to anything to avoid the IPA. People will question the moral side here but who cares it's your life look after yourself. You ain't earning meat bucks and squirriraling away hundreds a month, it's supposed be a fresh start so on your wage with your rent etc the OR should not be taking anything in my personal opinion.
    Contents insurance
    Pay into the pension so your wage is less. Then once discharged in 12 months opt out if you like.
    There is no reason a bankcrupt should not have a bit of change in there pocket so don't sell yourself short, you will buy xmas gifts even if you don't list it on your forms, so by not including it's not a true representation of your outgoings, better put things on and have them say no. If you do get a IPA don't sign Anything come back here.
    Could you not increase your rent by £100 a month with your landlord if you explain the circumstances? The key is leave no money unaccounted for. Be a shame for someone with £20/30 spare to get a 3 year IPA ... means you will lack motivation to get more money or a better job for 3 years, well I know it would me.
    • Leon79
    • By Leon79 11th Mar 17, 12:28 PM
    • 10 Posts
    • 0 Thanks
    Leon79
    Thanks everyone

    I have read stories about the OR being really strict so am pleased to hear someone saying they were helpful! I know they have their own fees to pay and was under impression even if you had 20 quid they'd try and get you into an IPA (then you're stuck for 3 years!).

    I have no qualms about adding on gas and water if it's unlikely the OR will want proof.....

    I'll go for zero now
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