What costs are allowable on an income and expenditure sheet?

Querier

Hello, everyone.

Just a question about costs on an income and expenditure sheet (statement of account?), please.

When submitting an income and expenditure sheet to creditors, what costs are allowed? I ask because the range of spreadsheets out there online differ, with some specifying more than others, and some with just ‘other’.

Are items such as cigarettes, clothing, gifts for birthdays/Xmas, days out etc. allowable? What about alcohol, as some spreadsheets have this as an item? Or would an Official Receiver consider these frivolous? I have an impression that the OR would suggest cutting down on such activities to allow debts to be repaid..

Thank you

fatbelly

You talk about submitting I/E details to creditors and then about the OR attitude.

Are you submitting these to creditors as part of a debt management plan or are you looking at bankruptcy?

JonVarnas

When I was looking to do a DRO I used Stepchange's online debt advice tool and it's pretty good. When you fill out you expenditures it alerts you if a certain part of your spending is high for your particular circumstances.

https://www.stepchange.org/setting-expectations.aspx

Querier

JonVarnas said:

When I was looking to do a DRO I used Stepchange's online debt advice tool and it's pretty good. When you fill out you expenditures it alerts you if a certain part of your spending is high for your particular circumstances.

https://www.stepchange.org/setting-expectations.aspx

Thank you, Jon. I'll look into that. Stepchange have been great with advice.

Querier

fatbelly said:

You talk about submitting I/E details to creditors and then about the OR attitude.

Are you submitting these to creditors as part of a debt management plan or are you looking at bankruptcy?

Thank you, fatbelly. Possibly submitting a DRO, and when trying to determine the costs to put down, I worry that an OR may not accept things like cigarettes and alcohol and gifts, but I've seen other I/E details on the MSE forum and these have them listed, so maybe I;m needlessly worrying..

fatbelly

You've got to be guided by your intermediary on these.

They have to use the Standard Financial Statement and the trigger figures are quite generous - and have broad categories when the form is submitted,

I would say to put everything down as accurately as you can and then discuss with your intermediary.

Moderate gifts are OK and the other things go in groceries.