Income & Expenditure Form

[jillybean]

It's now time for us to complete our second income & expenditure form. Can you let me know if there is a limit for household expenditure, i.e food, clothing etc. We have 2 children and this is currently set at £540 per month which we struggle with at the moment. We also have broadband at £18 per month and sky at £37 per month. Would these be classed as an expenditure that we shouldn't really have?
Your comments would be greatly received.

[MelanieGiles]

Hi jillybean

You should put down what you actually spend, and let your IP decide whether he/she feels it is reasonable. Unless there has been a major change in your circumstances however, you will need to justify why you need an increase at higher than inflation rates. £540 per month for housekeeping and clothing is relatively generous in the eyes of the creditors these days, and you would struggle to get an IVA accepted now with that level of outgoings. And SKY TV is increasingly becoming a no no! Broadband in fine.

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

[Sadsack]

Hi

As someone within an IVA and desperately trying to get out of it - Sky is a definate no as Melanie says. I have, however, opted to forgo some of my basics to keep Sky as it is the only form of "social life" that I have!!! I don't have any dependants apart from my animals who always take priority in my life and I am quite happy to live on the very basics of life.

You have to make a choice at the end of the day, and if I were in your position, my children will always come first.
Sue


Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/