In process of 1st Year Review

[louisa.s]

We have finally received the paperwork from our IP about our 1st year review. Feeling quite please to have got this far, however reviewing our I & E has alarmed me as our expenditure is far more than the original proposal (about £90) this is down to increased fuel cost, contents insurance, rent etc. Also we were only ever allowed £40 sundry expenses which for 2 people was not enough for mobile phone, haircuts, birthdays, christmas, dental & optical. So have increased this as I do need a new pair of glasses but ho hum cannot afford them!

Really not sure what they are going to say but with everything I suppose we shall just have to wait and see.

[Adam Davies]

Hi
Put it down as it is,as long as you can back it up with facts.
Even if it shows your disposible income lower than your agreed payments and you continue to make your payments you can argue that any overtime you earn should first be used to fill this gap.
It worked for me
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Oliver]

Put this forward to your IP backed up with explainations of the increased costs and see what they say.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[MelanieGiles]

If your expenditure has increased so much, how are you managing to fund the ongoing IVA payments?

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[louisa.s]

Basically by going without, and on the months that my partner makes bonus we have enough money for everything but it is definitely not easy. At the moment we are making do with no new glasses for me which I need, no clothes or shoes and no even a bottle of wine with our shopping!!! (milk & bread take priority) It is very disheartening but at the end of the day we got ourselves into this mess, we will have to get ourselves out of it. I keep smiling (well I try to)

[jpj]

I think you should be able to put wine and petrol down as one on your IVA expenditure form as they are an essential part of daily IVA life!! ;o)
JPJ

[catullus]

In that order of priority?!

[MelanieGiles]

An IVA is not supposed to leave you living a drachonian lifestyle, but making comfortably affordable repayments with no allowance for luxuries. Unfortunately, with various industry benchmarking guidelines, inappropriate allowances now dictated by creditors, and the attitude of certain members of my own profession - an IVA is becoming the new bankruptcy, whereas the relaxed approach taken towards bankruptcy expenditure allowances makes bankruptcy often a more favourable option.

Strange how times change!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[louisa.s]

Definitely! We've got quite a few friends who have gone bankrupt and whilst for 2 of them they have learnt through the process another one just hasn't learnt at all and their attitude & lifestyle hasn't changed,(very irritating when they are talking about by a new digital SLR camera) we've certainly learnt the true value of hard cash and budgeting. With hindsight I wish we had gone bankrupt as it was the other option given to us.

Smiling is all I can do!!!

[ray_a]

Could I suggest that a variation is made given the unforeseen increases in living costs ie fuel, food , and council tax increases most probably have dented the expenditure budget as originally proposed.

[Adam Davies]

Hi
I think IPs need wider parameters to vary the payments made into an IVA rather than having to arrange a variation meeting with the creditors.It,s costly,and with the squeeze on fees that are proposed,IPs may be less willing to propose them.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp