income & expenditure

tashjam

Hi, can any one help?

i got in debt with my credit card 2 yrs ago ive been paying back £44 a mth since then but now they are asking for me to do another i & e form, the last one i did me or my partner wasnt working but we both started work this year, at the minute we get quite alot of tax credits as we wasnt working last year but come april we will lose £110 a week in tax credits. when i fill it out do i have to tell them what tax credits i get now or can i tell them the amount that i will be getting in april its just that we can afford to pay around 80 a mth but i know they will think we can afford more. also do we have to tell them the right amounts or can you add on a bit more here n there i dont know if they can check these out, after ive worked every thing out we are left with about 200 which we hope to put away for xmas how can i get round this if you can?
One more thing the debt is just mine not my partners so do i give them his details or tell them im single?
Any help would be great

Tixy

Hi

If you are completing an I&E form then you need to do it based on what you have coming in now. If your income drops in April and you still have some of the debt outstanding then you can reduce your payment at that time (explaining the change).

Your income & expenditure statement can allow a reasonable figure towards christmas & birthday presents - probably £120 a month would be considered excessive but its certainly okay to include something.

You don't have to tell them your partners details in terms of what he earns, but if you only include your income then you should only include your share of the household outgoings as well.

Before you send the income & expenditure statement to them then you could maybe post it on here so people can see if there are any other costs you have ommitted (like the presents) or if there is anything that the creditor would consider excessive.

Who is the I&E going to - is it the original creditor or a debt collection agency? You don't legally have to supply an I&E to them. But equally they don't have to agree to accept reduced payments and freeze interest.
Why do you think you can afford £80 and why you do think they will think you can afford more?

tashjam

Thank you, I'm just off to work now so will post all info later in in the morning.

tashjam

Hi, the company is blair oliver & scott acting on behalf of halifax, i dont have to send the form into them i just need to phone them with an i & e at hand so they can review it. so here goes

INCOME PER WEEK

me £125
partner £202
tax credits £148 (this will drop to around £45 pw from april)
child benefit £20

TOTAL £495 total per month £1980

OUTGOINGS PER MONTH

rent £364.34
c/tax £141
home ins £12
gas £50
elec £50
water £40
food & h/k £400
school meals £40
petrol £80
car ins £44
mot tax £22
car maint £25
clothing x3 £60
child care £100
pocket m £20
tv,phone,inter £43
mobiles x2 £50
tv licence £13

TOTAL £1554

OTHER BILLS WE PAY PER MONTH

life ins £7
pension £32
next £5
wescot £10
blair oliver £44
inland rev o/p £40
dwp £40 (social loan when we wasnt working)
capquest £7.50
asda £2.50
cap 1 £10
catalogue £40
credit union £60

TOTAL £298

LEAVING £128

My partner also has a son we dont pay maintanace but we do have him all weekend every weekend and buy him clothes school uniform etc so can we account for that, also bdays and xmas.
also can i get into trouble for having new bills instead of upping there bill eg credit union. i also owe my dad alot of money but can you class them as a bill?
Any help would be great as to what i can and cant add plus what i shouldnt be telling them about.
Thanks

LittleMissGiggles123

I'm not an expert, but I dont think you would be able to class your dad as a creditor unfortunately.

Also, I'm not sure if they might think £60 per month is a bit excessive for clothes and groceries is really high at £400 per month. We're a family of 4 & I spend about £300 on everything, that includes toiletries, cleaning products etc.

Someone with more expertise than me will be along shortly anyway, so please wait for them before coming to any conclusions.

Good luck

x

Edited to add: £50 each on gas & electricity is a little high. Have you looked at new suppliers recently? We were with Eon & paying £125 per month!!! Changed to scottish power & we're now paying £90.

Pipsway

Hi

I was in exactly the same position a while ago with the same company for the same bank. I went to the citizen's advice bureau who were absolutely fantastic. They went through with me exactly what my income was and what my expenditure was and discussed the maximum that i could put down to ensure that the repayments that i arranged were manageable and that my disposible income was correct given my circumstances at the time, i would strongly recommend going to them to help you to understand what you can include as expinditure.

I also owed money to a family member at the time of trying to sort my fanances out and this cannot be considered a debt and the family member would have to make a claim so I would suggest trying to find another way of paying your father.

I also noticed that both you and your partner work but you have not included the cost of travelling to work for whichever of you isnt taking the car to work.

i found that I was surprised at how much was considered acceptable expenditure for myself and a teenage daughter.

tashjam

Hi, i know £60 sounds alot for clothes but between 3 people its only £5 a wk each which now days might get you a pack of socks, we also buy clothes and things for my partners son could we class that as maintanace as we dont give the money directly to his ex we get him what he needs.
what would be classed as an reasonable amount for bdays and xmas?
ive just printed of a expenditure list that has amounts of what to use so will have a quick look through that n see what that says.
any help as soon as would be great as i cant put them off any longer ive had the letter since tuesday.
Pipsway was blair oliver ok with you, i found the first time i did the i&e with them they were fine then the second time they didnt seem too pleased i couldnt give them any more so im hoping to offer around £80 this time but will have to drop it again in april as we will lose around £440 a moth in tax credits.
Thanks

tashjam

just a quick thank you to those who helped i managed to get it all sorted and now pay 82.57 which is what i thought it would be bar the £2.57 but hey im not complaining i got the debt in the first place.