Contingency allowance!

[Jinx]

I'vce noticed a few people talking about contingency allowances within the I&E.

What is a contingency allowance and how is it justified within the realms of an IVA?

[aguise]

Contingency fund is just there as an allowance for the unexpected, like birthdays, breakdowns anything really. Some have this, personally I dont but I have reasonable expenditure on other things so I manage to save from that. I think the usual allowance acceptable is £50 a month.

Ang

[MelanieGiles]

I would say that some form of contingency allownace is absolutely essential, as you cannot accurately predict for all eventualities in a household budget.

[aguise]

I totally agree Melanie, unfortunately I knew nothing of this and was not told it was allowable.

Ang

[Jinx]

Ooo I am definately gonna try & throw one of those in on my I&E review in may!

Thanks!

[hallway]

I was allowed £70 a month contingency, looking at other posts I have been allowed realistic ammounts for all i&e,I must be one of the lucky ones which is prob why so far a year in I have found Iva managable.

[caraf]

Hi
I have got £80.00 per month for contingency too

[rachellxx39]

I have a £125 contingency allowance in my iva .

[MelanieGiles]

Rachel - which IP firm are you with, and do you have any debts with HSBC, HBOS, M&S or Sainsury's, and do you know if The Insolvency Exchange voted on your proposal. Also is the £125 listed purely as contingency, or is it a total of several categories?

[aguise]

I still havent got one[:(]. But we manage so thats ok.

Ang

[rachellxx39]

Melanie, sorry my contingency is £100 not £125 as i first wrote.We are with Clearstart and we havent got any debts with the ones you listed.I dont know if the insolvency exchange voted on our proposals.The £100 is listed purely as contingency.Clearstart did put our contingency at £125 put it was reduced to a £100 when me and hubby checked our proposals.

[rachellxx39]

Why is it that everyones ivas seem to differ so much and im amazed that some people haven't got contingency allowances.Im only new to ivas in general but i thought that most people would have same i&e allowances.

[OPTIMIST12]

I get a £50 monthly contingency fund for one person - I think that is pretty good!!

[MelanieGiles]

It is interesting, as I am sure if anyone else put £100 in for contingency it would soon get chopped! Maybe you just had a lucky bunch of creditors on the day - and for the record I feel that £100 is a very realistic and necessary allowance, which I am sure will be much needed over the next few months.

[rachellxx39]

We have 2 adults and 3 children in our family .Also Clearstart set the amount for the contingency at £125 we actually cut down when they sent us the proposals to look at.