Advice needed soonest re I+E Please

Bald_Runner

Friends,

My IVA was rejected yesterday by Egg. They wanted a 100% return.

I have booked an appointment at the County Court for my self and my wife to petition for Bankruptcy - 9th April. I have not told the IVA people yet, I told them i need time to think. The 'meeting' was adjourned until Tuesday.

I am posting the I + E calculated by the IVA company (Varden Nuttall) and would be pleased if you could cast you eyes over this and point out any areas where the OR may disagree. I am trying to work out what my likely IPA might be. I could do with knowing by Tuesday if possible. It should be noted that they did allow a 'bit extra' for food because my wife has many health problems and healthy eating is important.


Wages 2000
Ind Dis All 105
DLA 326.4
Incapacity 393.8

Total 2825.2


EXPENDITURE


Rent 481
Council Tax 108
Contents Insurance 10
Life Assurance 8
Water rates 0
Electricity 60
Oil 60
TV Licence 12
Telephone 25
Mobile Telephone 30
Internet 25
Sky 19
Housekeeping 350
Car Tax/Insurance 40
Petrol 140
Car Maintenance 40
Mrs ****** (Travel) 80
Clothing 60
Dentist 16
Optical (Mrs) 20
Pet Insurance 21
Contingencies 45

Total 1650


Difference 1175.2

skylight

Bald_Runner wrote: »

INCOME
Wages 2000
Ind Dis All 105 (just nosey - whats this??)
DLA 326.4
Incapacity 393.8
Total 2825.2
An official reciever will not use your benefits (DLA/Incapacity etc) in an I&E



EXPENDITURE
Rent 481 Are you allowed any housing benefit?
Council Tax 108 Are you allowed any council tax benefit? check it out www.entitledto.co.uk
Contents Insurance 10 This is very low? Are you SURE its adequate cover?
Life Assurance 8 Likewise. Considering disability, this premium seems very low
Water rates 0 No Water? Are you council tenant and water included in Rent? Separate them out
Electricity 60 This is a spot on the high side for 2 people. DOes it include a debt? PAYG meter? You can reduce this by swapping - PAYG try Ebico FAB rates!
Oil 60 Can't comment - never used oil!
TV Licence 12
Telephone 36 Have you searched for better supplier? If you have Sky, then they do a good package with the TV - and the internet.
Mobile Telephone 30
Internet 25
Sky 19
Housekeeping 350
Car Tax and Insurance 40
Petrol 140
Car Maintenance 40
Mrs (Travel Costs) 80
Clothing 60
Dentist 16
Optical (Mrs) 20
Pet Insurance 21
Contingencies 45

Holidays - You are usually permitted to include these. £40 pm for 2
Xmas/Birthdays - £30. Some OR's are dismissing these, but if you dont ask, you wont get.
Entertainment - £30. Again, some ORs are dismissing this, but if you dont ask!!
?Any subscriptions to employment bodies - ie Trade Unions etc?
? Car breakdown cover?


Total 1648

Difference 1177.2
As mentioned, your DLA etc will not be taken into consideration, so knock off £700. OR will only take a percentage of the surplus, not all of it. EDIT - I know that child benefits and child tax credits are not taken into account. Checking about DLA as doubting myself!

I have made it a little easier to read and added some basic thoughts!

empty_wallet_2

Hairdressing??
Prescriptions??

Pet insurance seems high or does this include pet food too?

They dont normally allow sky TV or internet unless required for job

Bald_Runner

Thank you Skylight.
I was not aware that benefits are not taken into account. They certainly are for an IVA! Our Water rates are in with the rent. The house contents insurance gives 'adequate' cover - £50K but i might increase it. Life Assurance is a 'top up' I already pay a policy out of my wages before i get paid. Electricity is with Utilities Warehouse so they are pretty cheap. We live in an old bungalow. We have no bath only an electric shower and all appliances are electric - we have no gas. Telephone should have read 25 - I'll change it.

Thanks for such a quick response! )

Bald_Runner

Ind Dis All - Industrial Disablement Allowance, also known as Industrial Injury Benefit. I had a bad car crash some years ago at work. They said I qualified for an allowance so i claimed it!

The 'Contingency' aspect of the Expenditure was supposed to cover hairdressing, holidays, birthdays etc and Egg did not want to allow this...

I am hoping we will be allowed 'Sky' as wife is housebound. But then, if they ignore the DLA, it wont matter that much...

skylight

Bald_Runner wrote: »

Ind Dis All - Industrial Disablement Allowance, also known as Industrial Injury Benefit. I had a bad car crash some years ago at work. They said I qualified for an allowance so i claimed it!

Damn right! If its yours, you claim it! (I just didn't know what it was )

Toon_Dave

Hi Baldrunner,

Is the £350 house keeping covering all food, living and laundry expenses?

not sure if that may be considered high for a month, is there a number of children involved ?

i have been recommended around 150-160 pm for single person so not sure if the OR may look at it as being a tad high...not sure just a comment.

Dave.

empty_wallet_2

I'm still shocked:eek: at egg from your other post, talk about a single minded company, they are basically cutting teir noses off to spite their face and forcing you down the line of BR.

Its worried my other half though as she is going to see her IP on wednesday to discuss her IVA proposal before its sent to her creditors and she has something debt with egg, luckily they are not a high percentage of her debts but till the same its worried her more especially with the high amount you had proposed to pay back anyway. The figures that had been suggested to her take every penny of surplus after a very tight expenditure allowance, which doesnt allow any money for personal expenditure above clothes and hairdressing or for any inceases in essential living expenses and that works out at 45% of her debt.

Just goes to show these adverts for IVA's that say we can get 75% of your debt written off are total bull.

Bald_Runner

Toon_Dave wrote: »

Hi Baldrunner,

Is the £350 house keeping covering all food, living and laundry expenses?

not sure if that may be considered high for a month, is there a number of children involved ?

i have been recommended around 150-160 pm for single person so not sure if the OR may look at it as being a tad high...not sure just a comment.

Dave.

Just food, cleaning materials etc for my wife and me. It includes pet food but as stated, we have to eat low fat, high fibre. We could probably manage on £300

empty_wallet_2

Toon_Dave wrote: »

Hi Baldrunner,

Is the £350 house keeping covering all food, living and laundry expenses?

not sure if that may be considered high for a month, is there a number of children involved ?

i have been recommended around 150-160 pm for single person so not sure if the OR may look at it as being a tad high...not sure just a comment.

Dave.

Dave, i think Baldrunner already said the housekeeping would be high due to special dietry requirements for his wife, he may need to show some proof to his OR of this but i'm sure would be fine.

N.B. note to self, must type faster

Bald_Runner

empty_wallet wrote: »

I'm still shocked:eek: at egg from your other post, talk about a single minded company, they are basically cutting teir noses off to spite their face and forcing you down the line of BR.

Its worried my other half though as she is going to see her IP on wednesday to discuss her IVA proposal before its sent to her creditors and she has something debt with egg, luckily they are not a high percentage of her debts but till the same its worried her more especially with the high amount you had proposed to pay back anyway. The figures that had been suggested to her take every penny of surplus after a very tight expenditure allowance, which doesnt allow any money for personal expenditure above clothes and hairdressing or for any inceases in essential living expenses and that works out at 45% of her debt.

Just goes to show these adverts for IVA's that say we can get 75% of your debt written off are total bull.

For you info and peace of mind we owed egg over 20K. A company called Grant Thornton represent them at the creditors 'meeting' but Grant Thornton also represented Co-Op Visa (12k)and Capital One.(2K) Therefore Grant Thornton voted for three creditors but it was Egg who objected, and i am told that GT rejected on behalf of the three

At least I can tell the OR we tried...