lifestyle change required? expenses?

[rickyg33]

Another one from me........I've only just joined the forum and I'm so full of questions that I can't hold my posts back

During the review process with the IP, would they make suggestions such as 'the Sky box has to go' and so on.......

Or is the review based around current lifestyle?

Just curious as to what's 'allowable' expenditure and what's not.

Oh one other question......my work sometimes includes travel for which I receive mileage allowance. Does this need to be added into the calculations?

Rickyg

[MelanieGiles]

You are allowed to have a basic Sky package of £21 per month by the majority of creditors. Your review will be based upon your actual expenditure, but the IP will probably guide you over certain areas in terms of reasonableness. Also a lot of the creditors rely on the CCCS guidelined expenditure which makes allowances for certain areas which are generally believed to be acceptable.

Mileage allowance is not included as this is paid to you to cover your travelling expenses.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[roadrunners]

Hi rickyg
just to let you know, our IVA s were approved in jan2008 - included in our I & E was our Virgin Media subscription of £40.00 per month (tv, broadband,and phone ) None of the creditors questioned this at all. Hope this helps
Roadrunners


we'll make it !!

[rickyg33]

I've just totted up the debts and the available money per month after all expenses I can think of.

£70,000 debt

£290 available to pay an IVA.

That would just about scrape into the 25% minimum target.

Am I looking at this the right way?

[MelanieGiles]

You have not taken account of the costs of running the IVA, which may equate to £4k to £5k, so your calculation is incorrect. Do you have any assets which would be at risk under bankruptcy proceedings, and if not have you considered this as an option.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[rickyg33]

the house probably

there is an amount of equity and the deeds are 90/10 in favour of my wife

how would that work?

[MelanieGiles]

How much is the equity in total, and why is there a 90/10 split?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[carlmcmullen]

Doesnt sound straight forward.

Firstly not all creditors require a minimum of 25p in the £, and i have seen IVA's approved with dividends of 16, 17, 18p in the £. Each proposal is viewed indepent. You need to contact an insolvency practitioner to discuss your own personal requirements.

I would suggest with a disposable income of £290 and a debt level of £70k this alone would be difficult. However as you have equity in the property this may increase the return by way of releasing some of that equity, usually in the final year of the arrangment

Hope this helps

Carl