Monthly amounts needed for your basics

Fifimouse

Can anyone help with this?

I've seen somewhere that there isn't a set figure for what is a reasonable monthly living expense. So how does the OR set / agree this? I mean, if I show what I spend on food each month will they agree that? How do I include items like children's clothes & shoes?

What can be included as reasonable in your experience & what can't?

IF

Hi fifimouse, Please don't put exactly the same figures as the OR will smell and rat and go through your SOA, with a fine tooth comb. If your expenses are higher than the figures below do put that down and as long as you have all receipts these may then be accepted.

• IPA/IPO Expenditure Guideline Tables (April 2012) by NEDCAB
• NEDCAB's Bankruptcy Payment Order Calculator

Best wishes
IF

fermi

There are guideline figures based on national household averages the OR can use, but they really are guidelines for information for them to have a reasonable benchmark and not allowances or set limits in any form.

See: http://forums.moneysavingexpert.com/showpost.php?p=64263526&postcount=119

People here may be able to help with your I&E if your post it in a separate thread asking for opinions, but as a rule of thumb you put what you reasonable spend with some wiggle room.

Also I should add that the OR cannot tell you what you can and can't spend. They look at your budget to see if you have surplus based on what they think are reasonable amounts to pay into an IPA, bit even if they disallow something for being too much that is a paperwork exercise for calculating things. In reality you still decide what you actually pay, and if an IPA is in place and the OR has reduced something on paper, you can wiggle things around to adjust.

I also note that you are not likely to work before discharge, meaning an IPA is not possible anyway. As such, the I&E really is a paperwork exercise as it can't result in an IPA whatever figures you use. So get it about right, but don't overly worry about it.

Fifimouse

Thanks.

Unfortunately both my significant other & I were made BR on the same day & so we are really in it! So whilst I am unlikely to work we hope SO will or we shall be out on our ears

Fifimouse

Also, what happens if circumstances change during the BR period - a new job etc. We tell the OR obv, but is everything re-reviewed or once set is it set?

alastairq

Fifimouse wrote: »

Also, what happens if circumstances change during the BR period - a new job etc. We tell the OR obv, but is everything re-reviewed or once set is it set?

Yes..whilst Undischarged, you have to notify the OR of any change of circumstance [which can affect you financially]...within 21 days of the change.

If an IPA should be agreed before AD, then the same 21 day rule applies throughout the 3 years the IPA would run.