IPO question

DataMat

How strict is OR with payment agreement, like do they check bank statements at any point or is that a random thing and you have to provide them when requested? Or do they generally take your word for it in the budget. I say here now if I did sign an agreement I'd want to do the right thing of course. I am not entirely sure how I could factor in unpredictable and variable expenses though. If I needed to replace my bike chain, had to repair the bearings or in one of the worser cases replacing the whole cassette or having to install new shifters for my bike. Or if I had variable bus fare fees. I have a mixture of using bike and bus. There are probably other things. Also I cannot say I kept a budget in mind and I'd be creating a budget based on what I think is reasonable to me, going forward, under the rules and restrictions placed on me by an IPA or IPO.

Not to mention also I am not entirely sure I'll hold down my job. I've not worked constantly in any job longer than 6 months since 2018. This year, I have been in and out of work constantly. I have a lot of problems with my mental health. I know this sounds stupid and I am quite ashamed I am such a wreck, but I can only admit I have real issues.

DataMat

RAS said:

As a starting point, that OK but you are going to get in a mess quite quickly.

Are you paid by the calendar month or 4-weekly?

If you are paid by the calendar month, then you need to multiply the weekly amount by 4.333333 recurring to get the monthly cost and by 52 to get the annual cost.

If you are paid 4-weekly, you need to multiply the monthly cost by 13, not 12, to get the annual cost.

You should definitely add your portion of the Council Tax, as legally they could come after you for the whole cost if mum failed to pay. I'd also up the presents a bit.

And add in a line for a holiday, perhaps £10 a week? It'll allow you to attend the occasional social event and perhaps get a week's camping, particularly if you bike-camp.

I can honestly say I've not had a holiday since 2017, and that was really only me going along with Mum (and step-dad) at age 26. And before that, 2008, and before that, 2002. So I count 3 in 20 years. I just didn't think of that one. 

As for council tax, I don't pay that directly but my Mum pays that and my contribution is really part of the overall board payment. Should note the board payment is informal and I've paid much less when not working or varied depending on my income. I've said basically she might as well definitely have as much as can reasonably help pay for everything if my income is going to disappear to the OR anyway. My budget basically is created based on my current situation as I see and what I am spending this past month.

RAS

I'd suggest you need to get evidence that you are paying mum rent, as in a standing order set up to pay her monthly. 

You absolutely have to factor in unpredictable and variable expenses.

I was going to post about your bike, as it happens, as the amount you've got in seems unlikely to cover maintenance and repairs if it's a major form of transport.

I'd suggest the cost of a set of tyres, bike chain or gear repair and one major repair as an annual cost and divide by the correct metric.

Have you sorted out whether you are paid monthly or 4-weekly yet?

And you really need to pay mum rent. If it's board, why do you buy food and pay electric and water?

luvchocolate

My examiner asked for 2 year bank statements and 1 year credit card statements