IVA BUDGET - I can't get my head around it!!!!

[dakota76]

Hope someone can help me. i've got my telephone appointment booked with CCCSVA next wednesday and i'm trying to fill out my budget sheet. They have asked me to fill out all income and expediture for me and my girlfriend. All debts are in my name, my girlfriend pays nothing towards them, but i have to fill out what she spends on clothes, make up, her credit cards, loans, haircuts etc?? How are they meant to get a true reflection of my money, with all of this in the equation? i understand that they want to see that she contributes to the househopld bills, but surely it would be easier if i put down 50% of all the bills on my expenditure? Hope someone out there can help !!

[Tina Shortland]

Hi Dakota76 - welcome to the forum - the budgetting can seem a little daunting and confusing but hopefully regardless of what you put down CCCSVA will go through it with you in detail to understand your personal circumstances in detail.

They have asked for your girlfriends expenditure as they want to see the whole picture. If you have not been living together very long and therefore your girlfriend has not benefitted frm your debts at all it may be better for your budget to just reflect your income and your share of the expense. Another way it is done is to put the total income then deduct all the joint bills and allowances for two adults for thingsl ike clothing, food etc. What is left is then proportionally split to give you both your fair share of the disposable income. Hers is hers to use as she wishes (pay her own debts if she has any, more money for lcothes etc) and your would be what you would then have available for creditor payments/IVa etc.

Any good company will go through all of this to explain it and help you work it out so if you are feeling even more confused now don't worry it will all become clear.

Remember you can also speak to other companies as well to compare what you are told and how comfortable you feel.

Keep us posted how you get on,

Regards,

[langerbridge]

I'd second speaking to a few companies. You can google the budget guidelines. There is a website that has it on - debt matters? - mite be making that up?. There are so many variables that a budget is a guide and very individual. It can be hard at the start I did find it difficult. Have a look at your bank statements to see if you can work out some of your expenditure utilities may be a place to start as well as fixed monthly costs like mortgage / rent & council tax.

Your budget will depend on your income & level of debt. When mine was first done I had no knowledge of this site or any guidelines & my monthly surplus was £1. I was advised to go bankrupt, I asked for the budget in writing & looked at it eventually after 3 phone calls got a surplus starting at £160 & a return after 6 years of 33%.

Good luck you have started a very hard journey but one that allows Peter & Paul to have a rest!!! (rob one to pay another!)

[Foggy]

It's the beatmydebt website, langerbridge. There's a downloadable Living Expenses Guide. Very useful for reminding you of the sort of things you can claim, with guide amounts. However, you DP need to put down the actual amounts you spend.

[kallis3]

I think beatmydebt has guidelines on it.

I would certainly speak to one or more companies before making a final decision.

You can find other companies via www.iva.com - it's always best to speak to a couple.

[Shining]

Within on the forum we would always encourage you to get advice from 2 or 3 companies even before any decision is made to ensure case specific impartial advice. The link above is a good starting point.

All the best and welcome to the forum.. x

[oscar]

I'd go to 2 companies personally then a third if I was still unsure who to use.
Oscar
x

[kev59]

I talked to 2 companies mysef,
was a lot happyer after talking with the 2nd one, about going for a IVA.
you will know which company fells right for yourself.

[Shining]

I agree you'll know when you've found the right company. I spoke to a couple and then spoke to Melanie's firm and felt at home straightaway. x

[Steve.123]

I have to agree with most people on here i went through about 3 companies and the company i choose i new i was in safe hands x

[Jim978]

my e-mail address is *email removed* send me an e-mail I will show you how this will no longer cause you a problem

*Jim, you are not allowed to post email addresses on the forum*

[oscar]

don't worry Jim I did this myself recently I didn't know about it either then
Oscar
x

[James Falla]

Trying to do first pass of your income and expenditure budget is never easy. The best thing to do is have a go and then discuss it in detail with your IP. Remember the first pass you make can be chopped and changed and is not likely to be the final draft.

The most important piece of advice is never sign up to an IVA if you are unhappy with the expenditure budget or do not agree with it. If this is the case it is far better to start again (with another IP if necessary). Getting it right at the beginning is a lot better than trying to sort out the problems of not being able to maintain your payments down the line...

[kallis3]

Beatmydebt is an excellent website for I&E guidelines.

You should then sort it out with your IP. Always make sure that you put down exactly what you spend. The IP will tell you what is and what isn't allowed.

[Andy.75]

Hi. I rang baines and earnst who i believe are a broker? To be honest they were brilliant. They told me what to put down for expenditure and how much. They gave me an allowance for things like mob phone. Sky tv. Gym membership. School dinners. News papers. Clothes. Emergency money. They were very very generous with my expenditure.