I am dealing with Payplan to set up an IVA. During my telephoen conversation I was told that based on my income and expensiture repayments would be approx £24o per month. I received my paperwork and repayments are set at £273!. I telephoned them as I had not included any allowance for lunch and my daughters dinner money and was advised it has to come out of my housekeeping allowance of £305 per month. I explained that considering my daughter dinner money is £60 per month and I spend £1.35 on a drink and fruit each day this is going to be rather difficult & that the jump of £33 repayment was going to be difficult. Was told to call again today. Any advice welcome
Do not accept a payment you know you will struggle to maintain as this can only lead to trouble. Did you talk to any other companies?
Ensuring your Income and Expenditure is accurate and workable is the most important part of setting up your IVA. Whilst the figures are not set in stone,any allowances not claimed for to begin with,will be hard to justify later on.
Stick to your guns and insist that you run through your I&E again on the phone to ensure its accurate. Dont let them bully you!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
The reason why your case officer would have said to take it out of your housekeeping, is because this is what we advise as a rule. Is there any particular reason why you daughter has school lunchs instead of taking lunch with her? Explain this to your case officer and ask them to add it into your budget.
Let me know how you get on.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
We have a 35.00 a month allowance for school meals, my son wont take packed lunches and I dont see why the money should be taken out of housekeeping.
Why would you advise this *as a rule* when creditors are quite happy to have this amount added to expenditure.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Some creditors do not allow for school meals at all. With an IVA creditors usually like to see you putting your best offer forward, meaning that some expediture must be cut back one of these things is meals at work etc... We can by all means add this into the budgets of all our clients however they all must be made aware that the creditors could ask for this money to be paid into the IVA and for the funds from housekeeping to be used.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
I think what a lot of people have said on here in the past there is no point in entering an IVA with a company that sets a figure that in the long run you know in your heart that you will struggle to maintain.
Its alright for IP's to say i dont think your creditors would except this amount or that allowance, but you can see by just looking through the forum there are loads of Ip's who have put through different allowances etc for their clients and had no trouble.
Bottom line is, if you dont feel what they are willing to put foward to your creditors is fair on you ie able to live on then maybe talk to some other companys.
I would suggest talking to others if you cannot negotiate this. Your child should not suffer because you are in an IVA. I don't see why this has to come out of housekeeping when there is an allowance for us for meals at work - to me there's no difference.
As others have siad there is no point in going through the whole process if there are difficulties like this presenting itself before it's even approved.
I completely agree, there is no point entering into an IVA if the amount is unaffordable as the plan just wont last. Always speak to either your IP or case worker and work through the problems.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Thanks for the advice. I was actually advised that my lunch money should also come from housekeeping. Whilst I appreciate that some creditors will not accept certain things I do feel that childrens school lunches should not be affected. My daughter needs a hot meal at lunch time not a sandwich from home. I just feel that having been advised of a roundabout figure I was slightly taken aback at the £33 increase. Thank you all once again.
I think it you can't get this sorted with payplan (and they are a great company so you may be able to sort it) then you have no choice but to try others to see if they can incorporate all your outgoings.
Honestly - no point in doing this if, as it appears you are, you are thinking you can't live on the figures given.
This has to be your life for 5 or 6 years so best to make sure you can afford it hun.
On a slightly different note, I'd like to welcome Nick along to the forum, I am sure we will all benefit from having more specialised and expert knowledge on here.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
nicmc speak to your case officer and explain that your daughter needs hot meals, I will also make contact with them and explain that I have had a conversation with you and we will hopefully get this sorted for you.
Hi, my name is Nick Payne and I am an Insolvency Practitioner with Payplan.
Read the Payplan blogs by visiting our website www.payplan.com
Some people have proposed and been accepted for a smoking allowance, that being the case I think a small budget for school dinners as well as a cuppa and fruit isn't unreasonable.
