Hi, my IVA has been accepted last month and is now in place, one lingering concern I have... I know that my bank statements will be reviewed, and also that my income/expenditure plan allows £15 a month for "sports/hobbies/entertainment". This was told to me by my IP when putting the proposal together.
I guess my main concern is whether this element is reviewed/judged by my IP/creditors or is it irrelevant if my income is static and I keep up the monthly IVA payment?. My only outgoing of this type is a monthly payment of approx £6 for website hosting but this is a regular payment that will show on my bank statement. I would like to maintain it but am just worried that some creditor will see it as frivolous expenditure and make an issue?.
Any advice appreciated. I know that say, payments to a betting or porn site would be viewed badly, but what about a legitimate hobby?
If hobbies were allowed in your initial proposal, I can't see why it would change. There's no allowance for hobbies in hubby's IVA so can't be sure, but others will advice shortly, so hang on.
I would be a little concerned if assuming my IVA is accepted that my IP went through my expenditure with a fine tooth comb! of course if you were gambling or spending money on dubious website's which your not then I don't see what the problem is? you get an allowance & it is up to you how you juggle it.
Hopefully I am right? this is something that would cause me some concern.
If they have agreed to it from the start which they did there should be no problem i have added extras to my expenditure list they are more judgemental about these but as long as you can play the agreed monthly payments no problem.i added extra insurances etc etc at review time so this swallowed my pay rises up so havent had any rises in 2 reviews
You can spend your expenditure however you see fit. Your ip is not going to go through it with a fine toothcomb!
If I stuck rigidly to the allowances both me and my cats would have starved by now!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
IPs do not have time to be looking through bank statements to try and catch you out over a few pounds spent on something which you did not have allowance for.
Good IPs cut their clients a little slack in the knowledge that you work hard to pay your IVA contributions, and so long as the return that you originally pledged is striven for, I personally cannot get too excited about reviewing expenditure so long as it does not exceed 10% of last year's budget - where I will question the increase and look for supporting evidence if necessary.
I often 'move' my budget around if there is something I need in a month. E.g. I'll walk to work instead of the bus and use the money I save for a night out or new top or sometimes I halve my food shopping budget to save up to get my hair highlighted (living on pitta bread and soup for a couple of weeks is really cheap!!).
And I guess that these budgeting skills will continue after your IVA is concluded as well Poppy! What a sensible attitude you have adopted - well done!
