Spare Money

Contracts_Engineer

Im seeing CAB tomorrow to see the best course of action. I have lots of info on IVA's and know its one of my options.

Does anyone who has an IVA have any spare money left over? I know that all your budgeted costs should be a true reflection and these can be checked at anytime but lets say you were a family of two adults and two kids and your food budget was (using the budget of payplan) is £411.

If you were to take £411 out of your bank and shop and only use £300 of it as long as the money never re-entered you bank account that would all look ok wouldnt it?

I am really stuggling with the restrictiveness of an IVA. We have a third child on the way and apart from budgeted costs we will need a push chair/all in one carry system etc. Can i budget for this? Do i have to try and get as much out of the agreement as possible to enable me to do this?

And im fine with the "no allowance for socialising" but what do you do for presents for your kids at xams?

althas

My IP actively encourages me to create a "contingency" fun from any money I have left over from my allowances

You get, generally, set allowances for differenct circumstances. £XX for housekeeping, £XX for travel and car, £XX for hobbies, £XX for meals at work etc. But by no means do they have to be spent on those exact things. So if you have £411 for housekeeping and only spend £300, good for you. Bung the £111 in a savings account for Christmas or towards a pushchair etc

When your new arrival arrives, then your circumstances will have changed. Talk that over with the CAB now to see what they suggest. The IP may build it in to the budget now, or their hands may be tied and will have to wait until after the happy event. They would have to answer that

One option the IP has, is to allow a "payment break" in exceptional circumstances. So when the baby is born, they may allow you to not pay your IVA that month (and tag it on the end or spread it over the remainding payments) to allow you to buy the gear you need. Again that is somehting you can talk to them about. If you have a good IP, as I have, they are very understanding, and as long as you are not "extracting the urine", they will play fair and do what they can to help you

I guess the IVA is a little restrictive in some areas, but personally, I felt that it set me free. A little careful planning and budgeting compaired to the stress and worry of the debts, Priceless

Good luck with the CAB

trudij

Cant add anything to althas' reply...

good luck !!

Charco_2

You will have a certain amount of contingency built into your IVA anyway, called sundries or miscellaneous... not a fortune but if you're disciplined enough to save it up (along with other areas you can make a saving from) then you can make it stretch - it'll not be luxurious, but can help!

Contracts_Engineer

Sorry about my original post. Was getting bogged down in this forum and looking at every one elses problems and lost my head for a minute. Thanks again for all your helpful advice.

One thing i will say to anyone thinking about taking out an IVA is if your in debt and you think an IVA is best dont just ring up the first company you see on the tv or on a website. The chances are you will be bled dry (as the lower budget they get you to agree to the more money (in most cases) it is for them) and you will struggle for the 5 years.........if you make it that far.

Get yourself to the Citizens advice bureau and get some free advice. I had a meeting with a very nice lady who informed me of alot of info i was unsure of and also told me about getting in allowances for xmas, birthdays etc. It may not be the present bonanza of previous xmasses but you shouldnt expect that should you.

Thanks again for all your comments and i hope my advice helps