SOA for IVA?

elljay

I'm still looking at options and am veering towards an IVA now for several reasons.

If I were to post a SOA on here, would people be able to give me opinions on whether it might be acceptable for an IVA? I still can't quite gauge what would be acceptable amounts, if I just put what I spend now (on utilities, food etc) it would be really low and would really like to find a way to increase my quality of life a bit. (I'm an avid follower of the 'feed yourself for £7 a week' and 'heat your house with a candle and a mirror' type threads and so on!)

If another place is appropriate then please let me know. Thanks LJ

Anondebtadvisor

There are people who can advice you on here:

Pop up your I&E but remember an IVA is a 5year commitment so make sure your allowances are realistic and you will not be struggling.

How many adults and children are in your house?

GlamGirlie

If you do go down the IVA route, you need to allow sufficient to live on, and to anticipate costs for the forthcoming 12 months before your first annual review.

Any IP (insolvency practitioner) will not expect you to live on £7/week to use your example, but equally if you have managed on such a low amount you can't suddenly inflate it massively because your bank statements will show what you've actually spent.

Be realistic with what you estimate. Ensure you include EVERYTHING you have to pay out, for example gym membership wouldn't normally be allowed as it's a luxury not a necessity, but if you were 6months into a 12month contract and can't leave, you have to pay it so you should include it. I must add you would need to provide evidence.

Also factor in fuel - keep your receipts to show how much you spend. If you have a 'lean' month on fuel spend but which isn't normal for you - eg you weren't driving to work in August because you took 4 weeks off to look after the kids - then try & get receipts from a friend/family member which would match your normal use.

You are normally only allowed £50/month 'contingency' - everything else must either be committed spending (food, bills etc) or go to the IVA.

Depth_Charge

elljay wrote: »

I'm still looking at options and am veering towards an IVA now for several reasons.

If I were to post a SOA on here, would people be able to give me opinions on whether it might be acceptable for an IVA? I still can't quite gauge what would be acceptable amounts, if I just put what I spend now (on utilities, food etc) it would be really low and would really like to find a way to increase my quality of life a bit. (I'm an avid follower of the 'feed yourself for £7 a week' and 'heat your house with a candle and a mirror' type threads and so on!)

If another place is appropriate then please let me know. Thanks LJ

Hi

It would very likely help if you put up your SOA.

Best Wishes