When you are proposing an IVA, there are quite stringent expenditure limits which most creditors require you to consider. These rates were slightly increased in September this year.
In terms of the costs of keeping pets, the allowance is currently £23 a month although there may be room for a slight increase if you have more then one. Clothing for three has also increased to a max of £60. However, if your husband needs to buy special equipment for his job, this can also be seen as a justifiable reason for increasing this allowance.
In addition, in some circumstances a budget of £60 a month for smoking can be included.
Having said this you must only agree to go into an IVA if you are comfortable with the budget that has been set. If you think it is too tight, then it probably is and you may well struggle to make your payments down the line causing your IVA to fail which would be no good at all.
What a shame the original poster deleted their post. Perhaps they felt that they were being unfairly judged, although I am sure your post was meant to be humerous Broke.
I deleted as i had a feeling someone could see things on my post and i didn't want them to find out it was me if that makes sense?!
I know Broke was only joking though so not to worry.
Melanie could you tell me please how to word something i want to propose to my ip as an expenditure? could i email you perhaps?
Sorry if I offended anyone! I am just surprised it is allowable when some people struggle to eat properly and creditors nit pick over AA cover for ancient and barely roadworthy cars.
It just goes to show you can't tell what is allowed. My IVA was approved yesterday but with the provision I cancelled my mortgage protection and critical illness insurance. The thing I can't understand is that Halifax, my mortgage provider, was one of my creditors which insisted on this !! I'm guessing its because Halifax credit card and Halifax mortgage are different areas.
Oh well just glad my proposal was accepted and I can now start living again.
I would have thought mortgage payment protection was essential-we got to keep ours in the iva and if it was disallowed when the proposals were being drawn up i would have insisted on this staying. I would seriously have words with your ip love hope and strength-remember they have the discretion of amending up to 15% of your payments-and for your mortgage provider to insist on this being left out is disgraceful.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Whether or not certain expenditures are questioned will very much depend on the nature of each specific case. Often, if you are already offering a good return to your creditors (ie in excess of 25 pence in the pound) then they can be more generous with your expenses. However for tighter cases where the dividend is lower, they will often be more strict.
It also has to be said that different creditors take a slightly different view on things. All in all, each IVA case is unique and you can never be sure exactly what the creditors will say until they look at the proposal.
I've got three lots of pet insurance which is allowed.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
