Contingency allowance!

[MelanieGiles]

I would think that this then accords with the CCCS guidelines for Sports, Hobbies and Entertainement and Sundries and Emergencies which does equate to £100 per month.

[rachellxx39]

Proberbly so, we havent got anything listed for sundries,sports entertainment etc.

[Skippy]

I didn't have a contingency fund, and didn't even know you could have one!

[jane.l]

We are bankrupt and tried to put down a contingency of £15 but it was disallowed [:(!] not allowed holidays, birthdays or xmas either.

[carlmcmullen]

Bankruptcy is diffent as what they genrally do is take your disposable income, half it, then what ever is left is what you pay as your IPO. So i would say the other half should cover Contingency.

I am suprised the Insolvency Exchange allowed £100 in Rachell's case as we had a case recently were they tried to reduce it from £50 to £40 !! But again like Rachell rightly said every one's case is differnt and viewed differently depending on who there cicumstances.

[rachellxx39]

I didnt know that not everyone has a contingency allowance. I was so surprised ! Like i said it was set at £125 per mth but to make our iva payment a bit higher Clearstart asked us to chop a few bits so thats why it went down to £100, Clearstart did set it to start with though.

[size5]

I would not even think about proposing an IVA without a contingency allowance, it is absolutely vital. How much can only be assessed on a case by case basis, a single person would need less than, say, a family of five.

[spenmotherhen]

Hi

Our contingency is £100 which after reading these posts I feel embarrased to say.

We have a family of 6. The contingency however covers pets, clubs for our children, school trips and photos etc, pocket money (when we can afford it) haircuts, other children's birthday parties (a total killer with 4 children!!) and what is left goes towards our car, petrol etc.

I don't know how people can survive on an IVA without a contingency, afterall your monthly payment is based on regular monthly out goings and incomings. For me no two months are ever the same.

When proposing an IVA shouldn't a contingency be a regular factor?

[MelanieGiles]

That is a very reasonable allowance for a family of your size, and so far as I am concerned a contingency allowance is an absolute must.

[shudda]

I&E Guidelines are £10 per person now due to TIX

[MelanieGiles]

Where does that information derive from Shudda?

[james1976]

I'm not sure if I'd call it a contingency allowance or not, but I plan to add a monthly outgoing as my "Emergency Fund". I'm already on a budget and it is included.

My logic is thus: What if something serious happens, like car needs repair, or (in my case) I have to fly home for a family member's funeral (I live abroad). If you have no emergency fund, has to be paid for in credit (which you can't get on an IVA, quite rightly). Therefore it puts the IVA payment itself in danger.

Life happens.

[louisestone]

I never even knew of a contingency fund!!!!! My first annual review will be at end of this year, so should I be mentioning it then? Also, I was employed when I went into an IVA and am now self-employed. I am thinking they may want me to get some accounts together from when I went self employed to when my review is due (about 8 months worth)?

[MelanieGiles]

I feel sure that your IP must have allowed for miscellaneous items, sports hobbies and entertainment, medical expenses, car and house maintenance and other items which all build up a contingency fund for exceptional or unforseen expenditure.

If you are now self-employed, your Supervisor will definately need to see your trading accounts as evidence of yoru earnings.

[cat 1]

Morning.I'm so pleased to have a contingency allowance.I could not cope without one.This week I have had to find money for puppy to be spade (£150 plus) and son's birthday.If I'd not be thinking in advance I don't know what I would have done.Worried that we have gone fron Clearstart to DFD though and they may change too much at the review.IVA has most certainly taught me thevalue of a budget and I've only been doing it 10 month.This time last year I would have funded both birthday and dog on credit card as I would have had no surplus money at all! However, all spare money gone now so that always scares me when no contingency is left.Plus, we're away a couple of caravan nights in August so have to find spending money for then,difficult in school hols when kids always want money, additional food and new school uniforms as well....Next hurdle xmas [:D]