Finally going to do it!

tigerfeet2006

Waspeze wrote: »

Any chance someone could take a look at my I&E and see if i've missed anything or if something looks to high or low? Thanks

Rent: 625
Student Loan: 105
Water: 66 (this will go down I think) Is this with arrears? If so you need to put down the amount without arrears.
Council Tax: 165 (this will come down as well) ditto
Gas: Unknown, haven't received a bill and i've been here 5 months! You need to chase this up. Is the heating and hot water gas?
Electric: 25
Contents Insurance: 10 (have to have it as part of my tenancy)
Phone/mobile: 45
TV Licence: 13 Usually £11 a month
Petrol: 150 (use my car for work everyday plus to visit my family) This is quite high so you may have to fight this but leave it and suck it and see.
Car Insurance: 18
Other travel: 6 (don't use car round town as its a nightmare so catch buses)
Food & Housekeeping: 200 Assuming you are single this is high. £160 is the norm, but again you could leave it and see what the OR says.
Clothing: 20 You can up this to £50
Haircut: 7 Adult males is usually £5 but again leave it and see
Clothes: 20 You have this twice
Opticians: 10
Dentist: 20 (have been told i need a crown which supposedly will cost 250 but can't afford it at the moment)
Prescription: 7
Car tax/mot/service: 20 this is low. Car tax is about £10 a month. what about maintenance? try for £35 and see.
Holiday: 20
Emergency: 20

You could also try for christmas/birthdays £15 but we are seeing this not included by the OR a lot recently a long with emergancies. So again it is suck it and see.

Do you belong to any proffesional bodies? Do you wear suits for work that need dry cleaning? Do you need the internet for work or study? Do you have breakdown cover?

Total Expenditure: 1572

Income: 1743

Difference: 171

Expected IPA 171 * 60% = £103 (just guessing this!)


Any comments would be a great help!

Those are my initial thoughts. Where you are a bit high it is worth leaving it at that as the OR might not cut it or might not cut it as much as you think.

Waspeze

Thanks Tigerfeet, i've made the changes based on yours and betterlatethannevers advice and it looks like my IPA will be between 150 and 200 .. was hoping for a bit less but at least in 3 years i'll be debt and payments free, as it was going it would have been between 10 and 15 years and would have had to carry on dealing with nasty DCA's!!

Thanks again to both of you!

tigerfeet2006

Waspeze wrote: »

Thanks a lot betterlatethannever!

The council tax and water are high as have only been here 5 months and took me a few months to get all the bills (and single persons discount for council tax) set up, i'm a bit worried now as i'd assumed that I wasn't in arrears as it was all for the current year, would the OR look at these as though I was paying off certain "debts"?

The council tax will be about £70 ish and the water probably around £25

I'm not sure that i'll get a gas bill as it's only for the hob and have a feeling it might be paid as a service charge by the landlady, i'll check though.

I do have breakdown cover so thats about a fiver a month, had forgotten that

Just spotted the clothes as well .. doh!

Oh yeah.. this is for a single male!

We have this situation as well with our gas bill and it is about £7 per month because of the standing charge.

tigerfeet2006

Waspeze wrote: »

Thanks Tigerfeet, i've made the changes based on yours and betterlatethannevers advice and it looks like my IPA will be between 150 and 200 .. was hoping for a bit less but at least in 3 years i'll be debt and payments free, as it was going it would have been between 10 and 15 years and would have had to carry on dealing with nasty DCA's!!

Thanks again to both of you!

Pop it back up again then and let us have a look.

Don't forget though any changes in income need to be notifyed to the OR with in 21 days and if it does go down, your IPA will go down.

Waspeze

Right, here goes again

Rent 625
Student loan 105
Water 25 (140 / 6 months, thats what it was last time)
council tax 70 (could be 80 but havent had my bill for the new tax year yet)
Gas 5 (just putting this in on the off chance )
Electric 40
contents ins 10
Phone/mobile 45
TV Lic 11
Petrol & Travel 150
Car Ins 18
Food & Housekeeping 200 (worth a try!)
Haircut 7 (for the sake of £2 I might as well leave it?)
Clothes 30
Opticians 10
Dentist 20
Prescription 7 (have my docs appt on thursday so will hopefully get my NRT prescription)
Car tax/MOT/Service 35
Holiday 35
Xmas/Birthdays 15
Emergencies 20
AA 5

Outgoings: 1488
Income: 1743
Difference: 255

255 * 50% = 127.50 (this is assuming my food isn't reduced)

I'm guessing some of these may be rejected or reduced so will expect around 150-175 (not sure where i got the 150 to 200 from )

tigerfeet2006

At a glance up your clothes to £50. Don't forget you are allowed a surplus of £99 before an IPA is imposed

EDIT: Are you sure you council tax will be so low? Ours is over the £100 mark for a band A property.

Waspeze

tigerfeet2006 wrote: »

At a glance up your clothes to £50. Don't forget you are allowed a surplus of £99 before an IPA is imposed

Seriously? that seems awfully high for a single person (i haven't actually bought new clothes for ages, just wait til christmas and birthday so don't really know what costs what!)


So where i've said i have "spare" income of 255, this actually becomes 156 before the IPA is calculated so will be 156 * 50% = 78??? that's more like it!

Thanks for your time here Tigerfeet.. much appreciated!

Waspeze

tigerfeet2006 wrote: »

At a glance up your clothes to £50. Don't forget you are allowed a surplus of £99 before an IPA is imposed

EDIT: Are you sure you council tax will be so low? Ours is over the £100 mark for a band A property.

I get a 25% single persons discount so for a band A property with tax of around 107 i can knock off about 27 (which leaves 80 not 70 )

tigerfeet2006

Waspeze wrote: »

I get a 25% single persons discount so for a band A property with tax of around 107 i can knock off about 27 (which leaves 80 not 70 )

Doh!! of course!! brain cell not working again.

Waspeze

lol... happens to me all the time

Just had a bit of an annoying thing happen, was trying to get my experian report online and neither of my cards were accepted (have a visa debit card from lloyds and a prepay virgin mastercard) despite it being free for a month.. not a disaster but was hoping to be able to list my debts fairly accurately, will now have to guess some of them.