Review Time . ..repost with new info!

[Tab]

Ok so its review time, I have never done this before and a lot has changed in the past year, what with the increases in fuel food gas, etc etc, so not sure what to do.

Married 2 kids 12 & 15 1 dog.
My old inc/exp was

Income £1840
Expenditure £1554
For IVA £286 although I paid £300 the first few months then £287 since, I havent missed any payments.

With changes in tax credits and child benefit and a small pay rise we are as little better off now.

Income is now £1967.

Expenditure

Old new
Mortage 670 450
C Tax 95 99
Contents ins 24 24
Life ins 25 28
Gas 50 65
Elec 43 43
Water 35 35
Telephone 0 50
Tv Licence 12 12
Mobile 30 0
Road tax 15 17
Car ins 15 24
Fuel 100 130
Food 346 365
Clothing 30 30
School dins 48 48
Prescrips 18 22
TV Sky 0 31
1556 1473

So as you can see I am quite a bit up on disposable income, I dont mind paying a little extra in to the IVA but I must be undercutting my figures somwehere.
The biggest change was to my mortgage as The ip told me to change it to interest only as it would free up some cash , I did this but it didnt happen until the IVA was approved at £287.we are not paying in to any endowment etc and I only want to do this while the iva runs but what inpact will it have when it comes to remorgage at year 5 etc.? Shold I change it back to repayment sooner.?
I was not allowed anything for mot or repairs to the car etc and in the last year alone we have spent over £600 on it.Gas has gone up silly amounts plus we are penalised as we have a prepay meter. Fuel has gone up, some weeks we have to put £40 plus pounds in it, we have an extra journey as well as one of our children has changed schools due to special needs.
We realy struggle every week but these figures look like we have about £500 a month to play with.
All my numbers are calendar monthly and if anyone has any input it would be greatly appreciated.I would like to keep maximum payment to about £350 or less.
Thanks to all.
Rgds
Steve

[Julie]

Hi Steve - I don't know the answer but looking at your expenditure, I have a few points.

I can't see any buildings insurance - is this tied in with your mortgage?

Clothing allowance hasn't increased - are you sure this is a realistic amount? seems a bit low to me.

You should have a "pot" to cover car servicing etc.
Hopefully someone more helpful will come along and be helpful.

Good luck

[goulda]

Hi tab,

newspapers
dental/optical
house maintenance ie. window cleaner
car maintenance ie. repairs,mot
social/hobbies
pets if any
building insurance
haircuts
employment expenses if any
childcare
public transport if used

above are all items of expenditure I have claimed for in last year and were accepted at my last review. I was only allowed £21 (minimum package) for Sky which includes broadband. Also clothes allowance was £50. As you have children your food allowance seems low as does your clothing allowance