www.iva.co.uk

hi im going br next week as i cant afford my iva payments and was wondering how much they will want a month? my income joint income is 2100 and outgoings are 1920 but not sure how much they think is acceptable for some thing ie shopping i have put 450 as this is for 2 adults and 2 young children still in nappies! would this be ok just wanted some ideas as worried if i under estimate then i wont be able to afford the monthley paymens?

lisa siddons

Hi Lisa

This is lifted from skips blogg, it gives i and e in IVA/BR

If surplus income over 100 pounds this is the percentage of that you would pay into IPA


Skippy13’s Road to Bankruptcy
Blogs from the iva.co.uk Community Portal
« An update from the OR
IPA Payment Table »
IVA -v- IPA
Here is a list of my expenditure, comparing my IVA allowances to my IPA allowances in bankruptcy.
IVA:
Income £1284 per month + £560 from partner.
Rent / Mortgage - £556 (I don’t pay the mortgage, just a contribution)
Buildings / Contents Insurance - £8
Council Tax - £110 (I only pay half of this)
Gas - £40 (don’t have any)
Electricity - £40 (actually £25 per month)
Home telephone - £40 (this is paid by my partner)
Mobile phone - £50 (actually £35)
Medical expenses - £35
Food, toiletries, cleaning products - £300
Clothing - £40
TV Licence - £11 (I pay half)
Vehicle petrol - £120 (overestimated)
Vehicle insurance - £20 (underestimated)
Vehicle road tax - £15 (overestimated)
With that wonderful thing called hindsight I should never have signed the above income and expenditure form as it is so inaccurate. I spoke to my case manager and was advised not to worry as the total figures added up. What I didn’t pick up on is that they had included some of my partner’s salary to cover the mortgage. This effectively meant that I was £200 per short per month - I pay my partner £200 per month, but as the mortgage was £556, and they had added £560 to my income there was nothing spare.
Now for my IPA allowances:
Income £1284 per month
Rent / Mortgage - £200
Food / Housekeeping - £350
Electricity - £25
Water - £8
Telephone - £35
Travel / Petrol - £100
Clothing - £40
Council tax - £50
TV Licence - £6
Opticians - £10
Dentist - £10
Prescriptions - £10
Holidays - £20
Car expenses - £100
Hairdressing - £10
Blogs from the iva.co.uk Community Portal
IPA Payment Table
June 14th, 2007 by skippy13
This is a table of IPA percentages that you can expect to pay on any surplus income:
1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME
50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70

hope it helps


lily

Hi
Your shopping sounds fine and I would guess on the fiures provided that you would pay nothing or at the worst £50-£70 in bankruptcy.
Have a look at some of the blogs by Skippy,Scaredkez and Coco.They have all gone BK and it will give you some idea of what to expect.
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

thanks for all your help

lisa siddons

Good luck Lisa

Debbie

www.babynamings.co.uk

www.soulgrowth.co.uk

Good luck Lisa. When I went BR although it obviously wasn't ideal it was such a relief as it put an end to my debt problems.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Best of luck Lisa,

I am guessing you wont have to pay anything into an IPA during BR. The OR is more leanient generally in BR than in an IVA.

You'll be fine


Andy