IPA's and the Standard Financial Statement (SFS)

Butts

debt_doctor wrote: »

Hi, Life Insurance is a fixed cost, as is dental and optical. You are correct that under the CFS travel had it's own category and trigger figure - this is now under fixed costs which means the travel figure should be accepted if proof can be given of the expenses - if it was under a trigger figure then proof would not be needed unless trigger figure exceeded.
DD

Hi DD,

I must say I do find it strange that Optical and Dentistry are fixed costs whereas Haircuts for example are variable. What is the logic behind that ? You are far more likely to know the cost of the latter rather than the former. However in relation to the BR Form it does make sense as Optical and Dentistry are in their own little group with Pensions and Insurance.

With regard to Travel I am unclear as to whether you are saying there is a trigger figure or not as it has moved into fixed expenses. From memory other things in this section are based on actual expenditure or do triggers still exist within this category?

TheGardener

I think 'trigger' figures will be there - its just that the changes have meant we are less clear at this point what they are - as more people post their experiences on the board, we will begin to get a clearer picture.
Optical and dental are to a degree not optional or something you can DIY, whereas letting your hair grow a bit or getting a GF or Mum to cut it for us are an option :eek:

Butts

During my Bankruptcy Interview yesterday I asked if they use the SFS Guidlines when completing the allowed expenditure. She confirmed that they did.

Unfortunately as she skimmed over this area not even mentioning it in any detail until I did so I was unable to garner detailed information.

For the record I am a single person living in rented accommodation.
My "trigger figure" expenditure in the three areas is listed below.

The three categories in the SFS are

Food and Housekeeping

Communications and Leisure

Total Personal Costs Spend

However on the Bankruptcy Form they are laid out slightly differently so I have indicated which area of the SFS they fall under.

Bankruptcy Form Actual

Food and Housekeeping

Groceries 280.00 (Food and Housekeeping)
Toiletries 20.00 (Personal Costs)
Alcohol 0.00(Food and Housekeeping)

Total 300.00

Personal and Leisure

Clothing and Footwear 25.00 (Personal Costs )
Hairdressing 10.00 (Personal Costs)
Home Phone I'net TV 63.00 (Communications and Leisure)
Mobile Phone 5.00 (Communications and Leisure)
Laundry/Dry Cln 10.00 (Food and Housekeeping)
Hobbies Leisure Sport 22.00 (Communications and Leisure)
Newspapers Mags Stat 26.00 (Communications and Leisure)
Gifts 15.00 (Communications and Leisure)

Total 176.00

These figures were all passed without query. I also had £20 down for Emergencies but I'm not sure if that is Variable or part of one of the three SFS Categories.

Dentistry and Opticians £10 each were accepted and not part of the SFS. Also my Transport Costs BUS/Taxi of £116 Month were not queried but are variable and not part of the SFS.

debt_doctor

Thank you Butts, that is very useful information.
I would just say that dentist/opticians and transport are part of the SFS, but are in fixed costs - so they are what they are and should not be challenged providing the actual cost can be demonstrated.
DD

Butts

debt_doctor wrote: »

Thank you Butts, that is very useful information.
I would just say that dentist/opticians and transport are part of the SFS, but are in fixed costs - so they are what they are and should not be challenged providing the actual cost can be demonstrated.
DD

No problem what I meant to say was the above were not part of the "big three" triggerable categories but still in the SFS albeit in the as you say fixed costs section.