Paying with cash for everything

[poppy]

I have done a budget for myself where I use cash to pay for everything, I withdraw a set amount each week and pay in cash for things like my travel card, petrol etc. I find it easier to control my money this way without swiping my card.

I am just wondering what will happen in my annual review when I have to send bank statements, it will only show cash withdrawals (apart from phone bill, rent etc). Will this be ok?

If I decided to pay my rent in cash would that be ok also?

Thanks for your help.

[hara]

I do not see why that should be a problem,if required you can explain though i do not see why it is required.

hara

[Oliver]

This shouldn't be a problem as if there is a concern about any of your expenditure your IP can always ask you to produce receipts.

Best Regards
Oliver

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

[iva_squirrel]

hi poppy

It shouldn't be a problem but as Oliver said you can always produce receipts of all your expenditure.

Regards,
Michelle P.

[aguise]

Hi Poppy
I dont keep receipts for things either. I would think they are only necessary if you wish to offset or increase you expenditure.

Ang

[iva experts]

Hi Poppy,

I dont see this as a problem, it is one of the down sides of having a cash card. Do you pay for any other bills etc over the internet?

I hope they dont ask you for 12 months of receipts, that would be a nightmare.

Best Regards. IVA Experts

[poppy]

Hi, I pay for my BT bill, electric, rent and TV licence by direct debit. Everything else I do in cash.

I have not been keeping receipts for things, do you think I should start just incase I will be asked to produce them at the end of the year? At the moment I am withdrawing cash each week which I find much easier than using my debit card as I know where I am.

Thank you.

[iva experts]

Hi Poppy,

I think your I.P will only ask you for receipts if they see large amounts of cash taken out at one time eg. if you pay a monthly or yearly train ticket, they may want receipt of this.

I would not worry about keeping receipts until your I.P specifies what they actually want to see.

Best Regards. IVA Experts

[poppy]

Thank you! The most I take out in cash is £250 in one week (I use this to buy my monthly travel card) the rest are amounts £100 and lower.

[Oliver]

I wouldn't worry too much about this at all Poppy, your IP will only ever ask for receipts for any cost that they feel is unreasonable so that you can prove that you spend the money on that. An example would be if you had unusually high Public Transport costs which you may then have to prove through receipts or previous tickets. If the IP is happy with your income and expenditure budget then you will not need to worry about using cash to fund it.

Best Regards
Oliver

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

[poppy]

Thanks Oliver!

As next month is the first month of my IVA I want to get everything right! My expenditure budget (including £150 a month travel card) was approved by my IP. I will just print out my statements each month and jot down in pencil by my withdrawals what I spent the money on.

Thanks for all your help.

[Oliver]

I understand Poppy, you are doing exactly the right thing. Keep using cash only if this is helping you to manage your finances better.

Best Regards
Oliver

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

[james.c]

I understood that at the annual review you only had to show your last 3 months wages and P60 and would not have to show any bank statments unless you wanted to review your IVA so you paid less.

I have been in my IVA since Jan 2007 and like poppy i only use cash, i have a direct debit for the IVA and standing order for rent and everything else is paid cash, i dont set up any direct debits for bills etc, becuase i want to know exactly were i am with my money, like popy i also do not keep receipts

[Oliver]

Your IP can ask for anything but it is unlikely that they will want anything other than your wage slips, p60 and possibly some bank statements.

Don't worry about using cash to budget. This will not affect your IVA unless there has been a material change.

Best Regards
Oliver

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

[Adam Davies]

Hi
How you spend YOUR money is entirely up to you.As long as you pay your IVA and inform your IP of any payrises,bonus,s and windfalls or other change of circumstances then all will be well.
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