Life during an IPA

peterparker12

Hey everyone

Would anybody care to share what the allowances are like and what their impacts of them on your life are? I'm looking at an IPA for three years and I'm a bit worried about the strict allowances and how best people can survive on them. Is there anything you can do to make them last longer be great to hear your thoughts. 

mwarby

the allowances depend on what yiu it I SOA, there are trigger values which trigger some additional questions to see if it's a genuine expense at a reasonable level

your best bet is to post an SOA, we can then identify anything you've missed or underestimated, and also look for things the OR may object to

this is best site to write up your is https://www.stoozing.com/soa.php

in general the allowances you end up with are enough to live a fairly reasonable life. The aim of bankruptcy is that you should have a reasonable standard of living, is not excessive but not a life of poverty either. Many find that they have more to spend than before, as they aren't needing to worry about debt repayments, eg you may find that you can buy more food that yiu like, rather than just cheapest food to survive

in terms of making them last, you'll learn soon enough. One of the pros of insolvency for me was it required me to learn how to budget a skill which has lasted. Once you get a feel for how your spending your money you can see areas for improvement so you spend more money on things you enjoy. An example is do you chose a coffee shop coffee every day at say £50 a month, or do you save that and have a takeaway and some more treat food from supermarket