IPAs

lala9

Not sure there is a definitive answer to this one; I know I will receive an IPA but if I go br around 2nd September how quickly will this be set up, the following month? I ask as I am trying to forecast my finances for the next 6 months.

fermi

A couple of weeks to a couple of months probably.

If you are bound to have one, then it depends more on how quickly you examiner gets it in motion. That in turns depends on how busy they are.

If there is a delay in setting one up, you get to keep the money that would have been paid under one.

So I would suggest budgeting as if you expect one to be set up very quickly. If it's not, then you have a bonus in your budget for however long it takes.

lala9

fermi wrote: »

A couple of weeks to a couple of months probably.

If you are bound to have one, then it depends more on how quickly you examiner gets it in motion. That in turns depends on how busy they are.

If there is a delay in setting one up, you get to keep the money that would have been paid under one.

So I would suggest budgeting as if you expect one to be set up very quickly. If it's not, then you have a bonus in your budget for however long it takes.

Thanks Fermi. I have factored the IPA amount in from October onwards now. It's a pain not really knowing what you are going to be paying, I have a rough idea but how accurate that is I'm not sure. Is there a way of knowing give or take a few quid.

fermi

lala9 wrote: »

Thanks Fermi. I have factored the IPA amount in from October onwards now. It's a pain not really knowing what you are going to be paying, I have a rough idea but how accurate that is I'm not sure. Is there a way of knowing give or take a few quid.

Post your SOA up here in a new thread and ask for opinions?

Other than that, it's hard to say. Depends on whether the examiner agrees with your figures. They may reduce some things, or in some cases increase them if they think they are unrealistically low.

lala9

I've just posted on here, would you be kind enough to cast your eye over it Fermi. I did post this the other day and don't want to keep bombarding folk with it.

Statement of Affairs and Personal Balance Sheet
Household Information
Number of adults in household........... 1
Number of children in household......... 2
Number of cars owned.................... 1
Monthly Income Details
Monthly income after tax................ 1604
Partners monthly income after tax....... 0
Benefits................................ 307
Other income............................ 81
Total monthly income.................... 1992
Monthly Expense Details
Mortgage................................ 325
Secured/HP loan repayments.............. 0
Rent.................................... 0
Management charge (leasehold property).. 0
Council tax............................. 100
Electricity............................. 35
Gas..................................... 45
Oil..................................... 0
Water rates............................. 26
Telephone (land line)................... 11
Mobile phone............................ 20
TV Licence.............................. 13
Satellite/Cable TV...................... 0
Internet Services....................... 15
Groceries etc. ......................... 425
Clothing................................ 120
Petrol/diesel........................... 216
Road tax................................ 16
Car Insurance........................... 25
Car maintenance (including MOT)......... 40
Car parking............................. 10
Other travel............................ 0
Childcare/nursery....................... 190
Other child related expenses............ 50
Medical (prescriptions, dentist etc).... 20
Pet insurance/vet bills................. 20
Buildings insurance..................... 10
Contents insurance...................... 10
Life assurance ......................... 0
Other insurance......................... 0
Presents (birthday, christmas etc)...... 0
Haircuts................................ 20
Entertainment........................... 0
Holiday................................. 85
Emergency fund.......................... 30
Total monthly expenses.................. 1877

Monthly Budget Summary
Total monthly income.................... 1,992
Expenses (including HP & secured debts). 1,877
Available for debt repayments........... 115
Monthly UNsecured debt repayments....... 0
Amount left after debt repayments....... 115

fermi

Err....................

I'm notoriously bad with SOAs. So I'm not really the best person to ask.

lala9

OK no problem :-)

kepar

I know you have put up other posts , so some of these questions will probably have been asked already.

Do you need a car?
Do you need a mobile phone?
Do you need the internet?

Other than that I feel £85 a month for holidays seems high.

lala9

kepar wrote: »

I know you have put up other posts , so some of these questions will probably have been asked already.

Do you need a car?
Do you need a mobile phone?
Do you need the internet?

Other than that I feel £85 a month for holidays seems high.

I do need a car, as I have children who require picking up from another part of town every school day, a partner who lives 26 miles away, although I could walk to work, it's not that practical to be without.

Yes I do need a phone, who doesn't.

Internet is required purely for pleasure by me but my girls use it for research.

What would you suggest a reasonable figure for holidays?

fermi

Reasonable mobile and broadband costs are usually acceptable.

kepar

I would say £50 for holidays.

Also your car is costing nearly £300 a month, if you don't need it for work you may have trouble convincing the OR.