income and expenditure

[moretolife]

not sure if this is a new topic and unsure where to actually post on the forums....but checked one of the old lists re IandE...and need some help to plan the review figures

for some reason on original proposal we only had allowances made for one car..altho it clearly stated we had two...we have been managing to run both of them by using "miscellaneous" "clothing allowance" and "optical/dental" ....but with the high cost of fuel/repairs/MOT etc...(both cars are over 8 years) and also the fact that two years in we now need to use the other categories for the correct use.!!!...

we are due our second review in sept....how do we go about making sure the review takes into account the true cost of running both cars...both were mentioned as being essential for work purposes

and also we didnt mention the dog when we were doing our figures...we were so naive and terrified we thought maybe if we did we would be asked to get rid of him...we have had him 8 years and would be bereft without him.....he is getting older so we have had to insure him and of course now have to find the 17.00 per month for that...(using some from housekeeping for that).....

do the IP ever ask to see bank statements at review time..i am worried they may see the dog insurance on there and some car expenses etc...last time we just sent in my details from tax office etc and OH salary slips and end of year stuff

and finally...as i am self employed i do need to keep aside my tax each month....i assume that is still okay to be seen to have 300.00 or so in excess each month...dont want to have them say that i need t use that for the increases in expenditure as at the end of the day i still have to pay my tax etc...i pay it all at correct time and file online etc and have receipts and accounts prepared so the IP can see

sorry this is soooooo long...but having plucked up enough courage to actually post...it has all come pouring out esp. as the review is looming fast...

this forum has been an amazing support...apart from OH i have no-one to talk to about this....if there are any frugal friends meetings down south we would def try and get there..i would love to actually be around people who understand and who i could talk to without feeling ashamed all the time

shame really is such a heavy thing to carry around all the time.

thanks to everyone for all the honesty i read here....oh that the outside world would be so honest

[MelanieGiles]

Hi there - the next Frugal Friends meeting is in Slough in September, so consider it a date!!

With regard to your cars, of course you should have two allowances for the expenditure, and if your IP messed this up in the original proposal - nothwithstanding you signed it - then they ought to be sympathetic to the true costs you are currently incurring. I suggest that you put down all of your expenditure, the dog's insurance as well, and present this to your IP. If there is a need to reduce your payments, then this may have to be done by formal variation at a creditors meeting.

As IPs we are not here to put our clients through a gruelling ordeal at annual review stage - but we do need to maintain a fair balance between what you can really afford and the expectations of creditors. I suspect you will fly through your review with flying colours.

[moretolife]

thanks... thought i had lost my post...being new i dont understand the forums working mechanisms.!!!...why does it appear then get moved???
we arent looking to reduce payments as my income has gone up for last few months...but will drop again from end of sept....being self-employed this happens with me a lot...i am a registered childminder and children come and go.... a new and temporary one was here for 7 months so income looks as if it has risen by 375.00 but he has now gone.... then one starts school in sept so i will drop 400.00 per month etc...its a bit like swings and roundabouts...so assuming IP will look at it all over the whole year etc..ie ...as my net income annually rather than some months appearing more and some less....if that makes sense???

slough is only 20 minutes from here..when and where so we can out it in diary.....

[pixie]

Unfortunately not all ip's are as fair as Melanie [:)]

I included my boys (cats) within my expenditure right from the start but was badly advised to include this cost within the household budget which had already been lowered in order to raise the minimum dividend. I wrongly assumed this would be corrected when it came to reveiw.
On getting a pay rise I was told I could not introduce a new expense and payments went up.
Luckily for my boys they are looked after from other areas of the budget!
Anyway welcome to the forum and good luck with your reveiw [:)]

[MelanieGiles]

We have pencilled in the 13th September for the Slough meeting.

[moretolife]

in my diary..will look out for more details nearer the time...thank you

[Skippy]

Excellent, I'm looking forward to seeing everyone again!