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    • tatty1985
    • By tatty1985 8th Nov 18, 10:22 AM
    • 20Posts
    • 4Thanks
    tatty1985
    help with figures for IVA
    • #1
    • 8th Nov 18, 10:22 AM
    help with figures for IVA 8th Nov 18 at 10:22 AM
    Hi

    i am looking at going into an IVA rather then an DMP as the debt is spiralling as I've been using pay day loans to see me through the month. If I didn't have these to pay then I would be quite well off each month.






    wages total for me and hubby are 3089

    mortgage 517
    building insurance 35
    council tax 99.5
    gas 150
    electricity 120
    water 50
    tv 12.54
    life joint 50
    childcare 710.67

    arrears
    mortgae 49 owed 9000
    council tax 152.5 owed 1000
    electrictity 0 owed 2700

    mobile phone 40

    public transport 80
    public transport 79.08

    housekeeping and food 350
    laudnry 20
    clothing 60

    contact lenses 30
    prescibtions 16.67
    hobbies 50
    contingency 50

    total income 3089.7
    total expenditure 2621.97

    surplus 367.73


    but do these figures look reasonable for two adults and 17 month old child or should I increase any of them ?

    just scared of setting it up and then being left short

    any advice appreciated.
Page 1
    • PrettyKittyKat
    • By PrettyKittyKat 8th Nov 18, 7:15 PM
    • 885 Posts
    • 800 Thanks
    PrettyKittyKat
    • #2
    • 8th Nov 18, 7:15 PM
    • #2
    • 8th Nov 18, 7:15 PM
    How much DO you spend? You need to put down what you actually spend and then the IVA company will give you guidance on whether that is suitable.
    • Craig1981
    • By Craig1981 9th Nov 18, 6:11 AM
    • 472 Posts
    • 223 Thanks
    Craig1981
    • #3
    • 9th Nov 18, 6:11 AM
    • #3
    • 9th Nov 18, 6:11 AM
    gas and electric seems very high (must not include arrears payments in these figures)
    childcare as well seems high, as you have listed no income from tax credits for this either? or is this via childcare vouchers?
    is this a joint or single IVA? whats the total debt outstanding?
    • Craig1981
    • By Craig1981 9th Nov 18, 6:14 AM
    • 472 Posts
    • 223 Thanks
    Craig1981
    • #4
    • 9th Nov 18, 6:14 AM
    • #4
    • 9th Nov 18, 6:14 AM
    i also see form your other posts that a DMP was cancelled for non payment, you sure that IVA payments can be kept up to date ongoing as well?
    • tatty1985
    • By tatty1985 9th Nov 18, 3:07 PM
    • 20 Posts
    • 4 Thanks
    tatty1985
    • #5
    • 9th Nov 18, 3:07 PM
    • #5
    • 9th Nov 18, 3:07 PM
    I got myself into a state with pay day loans paying off pay day loans and then gambling to try and win something to help us out. I got us in to a right pickle hence the missed payments. I am really trying to get everything sorted this time round so I can be in a better position as the baby gets older, I have been almost a week without any form of gambling now. (will this affect the IVA that I have been gambling leading up to the decision to sort myself out)

    Electric I am in arrears with but Pay plan advised that amount for time being as I haven't being paying for any electric for last few months. gas is on a meter and easily swallows a fiver if i leave it on over night ( needed to dry clothes and big three story house so takes ages to warm up) easily putting 40 quid in a week if not more. obviously in the summer months this will go down. but need that money to pay for ti for next few months.

    Childcare is 41 a day and he goes in 5 days a week. we are currently looking at using a friend who is a retired childminder. she is charging us 30 a day but she wants cash in hand and doing two days with them to see how it goes but it inst set in stone yet and i can easily pay 780 a month on childcare. we are not entitled to any benefits and my work will not do the vouchers (there old school and i still get pad via cheque)

    thanks for replying I am determined to get things under control now and sort things for my sons future.

    Hopefully due a bonus at the end of the year and fella is getting some over time in at the moment so hopefully will make life easier
    • PrettyKittyKat
    • By PrettyKittyKat 9th Nov 18, 4:47 PM
    • 885 Posts
    • 800 Thanks
    PrettyKittyKat
    • #6
    • 9th Nov 18, 4:47 PM
    • #6
    • 9th Nov 18, 4:47 PM
    What about a hairdressing allowance?

    'Contingency' would be sundries and emergencies I believe. This maybe a little high, I can't remember the guideline off the top of my head but leave it as that and the IVA company will say if you need to reduce it.

    Descriptions - is this for 1 adult or 2? Are you making use of the prepayment cards for prescriptions as this cheaper as a monthly cost if you have a couple of prescriptions a month.

    Re: your friend doing childcare for cash in hand - does this mean it would be 'off the books'? IE your friend isn't declaring it? If so then how are you going to evidence the cost?

    The laundry cost - is this using launderette because you don't have a washer? If yes your IVA company may need to explain that in the proposal as otherwise creditors may query it. But the IVA company will give guidance on that.
    • Craig1981
    • By Craig1981 10th Nov 18, 5:59 AM
    • 472 Posts
    • 223 Thanks
    Craig1981
    • #7
    • 10th Nov 18, 5:59 AM
    • #7
    • 10th Nov 18, 5:59 AM
    if you were using a regostered child minder, you would probably be entitle to some for of help with your childcare - just because you work and have no benefits (apart from child benefit), doent men you automatically not entitled.

    you my be able to get some help form a scheme Tax Free Childcare, where the money you put into the account, you may get 20% top up from government. This will not work with friends or relatives and the childminder needs to be registered

    i would put all your correct details in the following and see what comes out:
    https://www.gov.uk/childcare-calculator

    you could save up to around 1700 going through a childcare scheme, so would suggest doing this. Also, when baby turns 2, should be able to get 15 hours a week free during term times, so something to look forward to in next 7 months
    • Tarambor
    • By Tarambor 10th Nov 18, 9:28 AM
    • 3,847 Posts
    • 2,883 Thanks
    Tarambor
    • #8
    • 10th Nov 18, 9:28 AM
    • #8
    • 10th Nov 18, 9:28 AM
    thanks for replying I am determined to get things under control now and sort things for my sons future.

    Hopefully due a bonus at the end of the year and fella is getting some over time in at the moment so hopefully will make life easier
    Originally posted by tatty1985
    You won't get things under control until you realise the reason for you being in the situation you're in isn't the amount you're paying on payday loans but the fact you were and still are buying things you can't afford with other people's money and you're putting too much on a bonus you may or may not even get.

    You spend too much money on food, the national average for a family of four is 56 a week according to ONS figures and you're spending almost double that. 60 a month in clothing is also much more than you need to be spending as an adult. Clothes can last years before they need to be replaced.

    Life insurance is double what it should be unless you smoke and if you do smoke then stopping would save you over 3000 a year if you go through 20 fags a day, buildings and contents insurance seems very excessive compared to what I pay.
    Last edited by Tarambor; 10-11-2018 at 9:32 AM.
    • DorisTrousers
    • By DorisTrousers 12th Nov 18, 11:55 AM
    • 526 Posts
    • 296 Thanks
    DorisTrousers
    • #9
    • 12th Nov 18, 11:55 AM
    • #9
    • 12th Nov 18, 11:55 AM
    Hi,

    Council Tax Arrears and the Electricity arrears would be debts bound by the IVA, that should ease some of the pressure, though you would be expected to go back to normal payments so that they do not happen again.

    The key with an IVA is affordability, and budgeting tips to bring your costs down are all well and good, but in an IVA would serve only to drive a payment up. For DMP's, paying as much as you can to get debts down quickly can be a good idea, for IVA's they are a recipe for disaster.

    Proof of the Childcare can be achieved by either a regular bank transfer, or written proof of the bill, the provider does not have to be registered. If that were the case, all the parents and grandparents helping family out would not be an allowable expense, which is just a nonsense.

    Some of your expenditure looks low to me, food and clothing especially, along with one or two discretionary items not listed. Factor that in, and it looks like you have maybe offered a tadge too much, IMHO, although these things are notoriously difficult to get exactly right on a forum without the benefit of necessary written evidence.
    • tatty1985
    • By tatty1985 12th Nov 18, 2:59 PM
    • 20 Posts
    • 4 Thanks
    tatty1985
    What about a hairdressing allowance?

    'Contingency' would be sundries and emergencies I believe. This maybe a little high, I can't remember the guideline off the top of my head but leave it as that and the IVA company will say if you need to reduce it.

    Descriptions - is this for 1 adult or 2? Are you making use of the prepayment cards for prescriptions as this cheaper as a monthly cost if you have a couple of prescriptions a month.

    Re: your friend doing childcare for cash in hand - does this mean it would be 'off the books'? IE your friend isn't declaring it? If so then how are you going to evidence the cost?

    The laundry cost - is this using launderette because you don't have a washer? If yes your IVA company may need to explain that in the proposal as otherwise creditors may query it. But the IVA company will give guidance on that.
    Originally posted by PrettyKittyKat


    Hi thanks for replying to me,

    This is for two people myself and my partner.

    i didn't put any figures in this the person doing the budget said I should put a figure in and went with that figure for the sundries etc. same with the laundry cost they put that figure in there. I have a washing machine etc so don't use launderette but they wanted me to put a figure in there.

    I stopped getting the free prescriptions after having the baby so I haven renewed my certificate I will be getting this done at the end of the month as it does work out cheaper and I need a number of stuff for my asthma and eczema. So I will get this sorted.

    I hadn them over cash every week to pay them for the childcare. they haven't asked me to send them any proof of this but I suppose I could get them to do me a receipt. they are also in nursery so they will see the payments to them and it is only the last month that I have been using the friend. So they can see all m y previous payments to the nursery.
    • tatty1985
    • By tatty1985 12th Nov 18, 3:00 PM
    • 20 Posts
    • 4 Thanks
    tatty1985
    if you were using a regostered child minder, you would probably be entitle to some for of help with your childcare - just because you work and have no benefits (apart from child benefit), doent men you automatically not entitled.

    you my be able to get some help form a scheme Tax Free Childcare, where the money you put into the account, you may get 20% top up from government. This will not work with friends or relatives and the childminder needs to be registered

    i would put all your correct details in the following and see what comes out:
    https://www.gov.uk/childcare-calculator

    you could save up to around 1700 going through a childcare scheme, so would suggest doing this. Also, when baby turns 2, should be able to get 15 hours a week free during term times, so something to look forward to in next 7 months
    Originally posted by Craig1981
    Thanks I will look into this as anything back would be a great help
    • tatty1985
    • By tatty1985 12th Nov 18, 3:06 PM
    • 20 Posts
    • 4 Thanks
    tatty1985
    You won't get things under control until you realise the reason for you being in the situation you're in isn't the amount you're paying on payday loans but the fact you were and still are buying things you can't afford with other people's money and you're putting too much on a bonus you may or may not even get.

    You spend too much money on food, the national average for a family of four is 56 a week according to ONS figures and you're spending almost double that. 60 a month in clothing is also much more than you need to be spending as an adult. Clothes can last years before they need to be replaced.

    I cant see how that much is too much for food and shopping. that includes the dog food, lunches and meals for three, cleaning products and toiletries. etc. I really thought I might of under budgeted for this. As for the clothes we dont buy clothes except for the baby. the agent advised to put this figure in. we shop at charity shops or market place to get things for ourselves.

    Life insurance is double what it should be unless you smoke and if you do smoke then stopping would save you over 3000 a year if you go through 20 fags a day, buildings and contents insurance seems very excessive compared to what I pay.
    Originally posted by Tarambor
    I used to smoke but my mother had breast cancer at 34 so I am a risk hence the high charges. this again is for the two of us. we took out the basic insurance for the house and contents could it be the area I live in?
    • tatty1985
    • By tatty1985 12th Nov 18, 3:13 PM
    • 20 Posts
    • 4 Thanks
    tatty1985
    Hi,

    Council Tax Arrears and the Electricity arrears would be debts bound by the IVA, that should ease some of the pressure, though you would be expected to go back to normal payments so that they do not happen again.

    The key with an IVA is affordability, and budgeting tips to bring your costs down are all well and good, but in an IVA would serve only to drive a payment up. For DMP's, paying as much as you can to get debts down quickly can be a good idea, for IVA's they are a recipe for disaster.

    Proof of the Childcare can be achieved by either a regular bank transfer, or written proof of the bill, the provider does not have to be registered. If that were the case, all the parents and grandparents helping family out would not be an allowable expense, which is just a nonsense.

    Some of your expenditure looks low to me, food and clothing especially, along with one or two discretionary items not listed. Factor that in, and it looks like you have maybe offered a tadge too much, IMHO, although these things are notoriously difficult to get exactly right on a forum without the benefit of necessary written evidence.
    Originally posted by DorisTrousers

    thanks for replying to me. I do not want to get in this state again I am so conscious of getting this budget right so I can clear my debts and live with a realistic budget.
    I will be glad when it is all set up and I am paying it off this part is getting stressful making sure I have all debtors on the list and the budget is realistic.

    what does everyone do for xmas and birthdays? I know I will have to do a low key one this year as I will have no money only what is on my budget but any tips would be appreciated.

    I will see about adding a small hairdressing fee ( I haven't had mine cut for over a year and the boyfriends mate does his and the baby get his done by the mother in law.... he has been scalped a few times would be nice to get him a proper cut )

    I would rather offer a bit less and then up it after a year of seeing how it goes. thanks again everyone for commenting xxx
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