Some iva advise

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Hey peeps just some pointers please about income & expenditure

Right is there any guidlines to what i can say as reasonable amounts for my expenditure? on stuff like shopping, bills, etc etc

also can i add to my expenditure things like..
1: Kids activities beevers, swimming, dancing
2: House maintance? like upkeep im sure my boiler wont last the 5 years :gulp: also thing like washing machine gives up every now again needing repair! if on a IVA i wont be able to afford a lump sum
3: Counselling - me and the missus have been through a rough time so we are currently seeing relate? can i include that
4: i have a foot problem which if not seen to would prevent me from working as i walk all day long so have to see a chiropodist can i include that?
5: Mobiles? me and the missus both work long days to try and get the most money obviously! we both currently have contracted £25 p/m mobiles for emergencies? this excessive?
6: TV - we are with virgin basic package £30 for tv/phone/bb are we ok to keep this? they wont ask me to get rid of interent :( i hope
7: christmas? birthdays etc how do i pay for them? do they leave you with any spare money?

err think thats it :) if anyone can help id be very happy

cheers

Comments

  • james32_uk
    james32_uk Posts: 1,223 Forumite
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    IVAs are different for different people and circumstances. Your IP will be able to detail exactly what is and what is not allowed. Here's my expenditure allowances if it helps :)

    Rent £660.00
    Housekeeping £210.00
    Petrol £120.00
    Council tax £98.00
    Elec and Gas £75.00
    Medical/dental £30.00
    Other contingency £30.00
    Car - insurance £35.00
    - maintenance £30.00
    - Tax/MOT £20.00
    Mobile £24.00
    Clothing £18.00
    internet and phone £30.00
    Water rates £35.00
    TV license £12.05
    Hair £7.00
    Newspapers £5.00
    Debt as at 12th July 2006 - £61,345 :eek: :eek: :eek:
    Debt free 21st Oct 2011.

    All thanks to :money:
  • Nargleblast
    Nargleblast Posts: 10,762 Forumite
    Name Dropper First Post First Anniversary Debt-free and Proud!
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    Suggest you list exactly what these things are costing you at the moment and negotiate amounts with the IVA company. It is in everyone's interest to make sure you have a budget you can stick to and that you can afford your IVA payments every month, so the company will be willing to help you set reasonable amounts for these items of expenditure, within the guidelines that are set. If the amount they allow for clothes, for example, is more than you actually spend, then you can allow for that amount and the surplus can be a cushion in case of need.
    One life - your life - live it!
  • lame79
    lame79 Posts: 13 Forumite
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    right cheers for the replies here is a complete break down of my expenditures, atm


    Mortgage £505.66
    Council Tax £95
    Gas/electricity £128
    water £35.68
    Contents Ins £40.14
    Life cover £33.96
    phone/tv/braodband £37.75
    mobile me £25
    mobile missus £25
    Kids activities £35
    Pet ins £10
    tv license £11.95
    heating cover £6.60
    cancer research £2
    saving bond £8.67
    housekeeping £400
    car tax £20
    car ins £35
    petrol £120
    smoking £100
    relate £50
    chiropodist £22

    expenditures total £1737.41

    Income is £1955 p/m for me and the missus
    Child benifit £120
    Tax credits £40

    Income total £2115 (but i have to say that child benifit should not be taken into account to help with bills surely?)

    debts at a rough figure come in at

    Lloyds TSB O/D this is broken into 3 figures had a higher account because it reduced the interest on my account + added extras to it so thought it best?? £25 account charge £35 interest £70 to pay off overdraft
    Barclays O/D £10
    a+l O/D £?? not paying yet but i guess £30 to try clear it asap
    loan a £116
    loan b £87
    loan c £14
    cc a £30
    cc b £45
    cc c £10

    debts total £372

    grand total of income left + £5.59 :)

    Thats not including clothing hair cuts for a family of 4,
    i have included activities for my kids but none for me and my partner,
    no maintenance cover for house or car?
    and its stuff like things going wrong and large amounts to fix/replace that cripples us?

    any help please
  • *Pollypocket*
    Options
    Hello there,

    I'm very new to this money saving lark but myself and my husband are in a similar position to yourself. We've had weeks of sleepless nights trying to decide what to do. Have you spoken to CCCS or Payplan yet? Sorry if you have and they have advised an I.V.A already.

    You may be able to deal with this yourself if you really cut back, on food for instance. My husband visited his G.P and she prescribed him some medication to give up smoking, and it's worked! :jYou may have a little extra to pay off one credit card at a time, snowballing. We have found an extra £150 per month, it doesn't sound a lot, but with snowballing our credit cards we should be debt-free in less than 4 years. We currently have debts of £30000. Once we have more available credit then we will apply for 0% credit cards too.

    Do your loans have long to run?

    What about a DMP? With a DMP it seems as though you set your budget yourself. When we enquired about an IVA, it worked out that we would probably be living on bread and water for 5 years and paying much, much more than we owed.

    Wishing you lots of luck and I hope you find the right answer for your family.
  • *Pollypocket*
    Options
    P.S Maybe if you post your SOA over on the Debt-Free Wannabee forum you may get more response, it's a much busier forum.
  • *Pollypocket*
    Options
    Another thought, when we visited Relate a couple of years back the deal was to pay only what you could afford. I'm sure they would understand if you only paid them a minimal amount, afterall being short of money must be putting a strain on your marriage too.

    Good luck!
  • lame79
    lame79 Posts: 13 Forumite
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    Housekeeping can be lower than that amount but thats is to feed 4 mouths and a cat :) that includes pack lunchs for all 4 of us lol

    we are planning to ring payplan tomorrow if the interest was stopped on some things it would seriously help us, and of course get back some of them bank charges and cc charges last time i looked lloyds tsb had stacked up £3600 in charges, im pressing to get the money back but hitting a brick wall

    as for relate they are already agreeing a lower payment but we have to see them 2 times per month @ £25

    i have posted all this in the DFW section
    thanks for your time though :)
  • lame79
    lame79 Posts: 13 Forumite
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    oh and i did give up smoking for around 2 years a while back but probably eat £120 more food :D lol nah it is something i have to hit on head i know
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