I & E Help please

kevw666

I wonder if someone could please have a look at this and give me some pointers.

I am married with one child at college my wife works and i have allowed for her to pay half of joint bills.

Car finance 158 essential for work (value=2500)
car insurance 38
phone 60
council tax 50
rent 152
petrol 120
road tax 16.70
holiday 30
maintainence 40
mobile 30
food/hygene 200
clothing 55
dry cleaning 24
electric 100
tv licence 6
pet food 20
haircuts 20


hope someone can help

Richard_S

Hi Kev,

I haven't got time for a close look at your figures but I've posted a list of expenditure items just to check that you haven't overlooked anything. How much of a surlus does your current budget leave you?

Regards

Richard

Mortgage / Rent
Water
Council tax
Property insurance
Contents insurance
Electricity
Gas
Telephone
TV licence
Car MOT
Road tax
Breakdown Cover
Vehicle insurance
Personal insurance
Pet Insurance
Food & sundries
Pocket money
Childminder
Toys & books
Pet food
Laundry
Chemist
Parking
Public transport
Petrol
Other
Christmas
Incidentals / PersonalHolidays
Car repairs
House repairs
Decorating
Replacement Furniture
Vet bills
Clothing
Dentist
Opticians
Trips & Outings for Children
Meals out
Hairdressing

kevw666

Thank you Richard,

Based on that list i am left with about £50

Richard_S

kevw666 wrote: »

Thank you Richard,

Based on that list i am left with about £50

Hi Kev,

Don't be afraid of showing a negative income; the whole thing is a negotiating process with the O.R trying to justify an IPA. If they disallow or reduce something you don't want it to take you over the £100 per month surplus where and IPA kicks in.

Richard

kevw666

Thanks Richard but i am sure by the time i have finished this and added any bits i have forgotten then it will be negative.

Also afraid that i will lose my car that will add £158 back into the pot and maybe cost me my job.

thanks
Kev

wherediditallgo

If you explain to the OR that you need your car for work, they won't look at taking it unless it's a very valuable vehicle. Even then, they'd have to work out a way of you selling it & getting a less valuable one. When a BR can show a genuine need for the vehicle & if it's the only vehicle available for the family to use, they usually get to keep it.

kevw666

Will the ffinance company let me keep it.

wherediditallgo

I seem to remember reading that if you've paid 75% of what was owed on it, the finance company can't take it from you. You'd need to check your finance agreement to find out what they do in event of non-payment. The OR wouldn't be looking to take it from you though if you need it for work, though they'll want to know the value of it before deciding.

kevw666

its worth about 2.5k only 12 months into a 36 month hp agreement.

Richard_S

kevw666 wrote: »

Will the ffinance company let me keep it.

Hi Kev,

It depends on the company; some will others won't. When you think about it, they've more to gain by continuing the agreement because if they're forced to sell it now there's almost definitely going to be a shortfall.

The O.R is the one that'll make the decision and if your job depends on you having a reliable car they're not going to jeopardise you losing your job. We were able to keep two vehicles with a combined value approximately the same as yours.

Richard

kevw666

Thanks for the list richard are there any guides as to how much is acceptable.

thanks
kev