Dont put zero, as long as you get a good firm they wont put an IVA proposal forward that they think will fail so they will help you tweak your I&E if necessary. I think my contingency was something like £30 but now its none existant as we took a paymemt break at some point and that £20 has been used monthly to pay that back. Just be honest and you should be fine.
PJG Recovery have a free online advice channel at www.debtadvicetv.com. If you are ready to ask us for specific advice or help, then get in touch at www.pjgrecovery.com/contact-us.asp . I look forward to speaking to you.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Trying2cope
The iva budget planners I have looked at have sections for car tax etc and even contingency in expenditure. Is it the case that u just aren't allowed all these things or was it a case putting zero to make the iva proposal acceptable?
We did include our car tax, car maintenance (MOT's, Services) etc in our I&E but as it is only due once a year then we put a monthly amount away for it, ready for when it is next due. We only contacted our IVA company in December last year and our car tax was due end of February just gone so the money we saved for the two and half months of not paying bills went on this years car tax etc, even if we hadn't of paid for the car tax, the IVA company did not ask for it.
Make sure when you do your budget you put everything down, even dentist, prescription payments, newspapers etc as even if you don't buy them, that is then the money you can save for a rainy day!
Hi Kelly, can u let me know whether Melanie advises to stop payments once consultation starts and would I then be able to keep the money I save from not making payments? My car is not gonna survive five year. Missed payments might help me sort something?!
Hi T2C, you made any calls yet?
Regarding a contingency fund, 3 wise monkeys spring to mind. Advice differs, but whether you make token payments or not will have no bearing on the success of your IVA application.
Hi hyperdrive,
No not yet. I'm very keen to know what I want before I start asking for it!
I've never had so many questions in my life. Googles getting a hammering,
I guess I'm worried that if payments aren't made and iva proposal is rejected then we won't have iva and won't have credit and we'd be in serious difs.
Thats a very wise approach. I learned so much on here before getting any "quotes". But there`s no harm in making a few approaches now - what have you got to lose?
Your IVA won`t be rejected because you fail to make payments to creditors. In fact that`s the reason most of us are here !
But if you`re worrying about getting credit if your application fails, what is the alternative? IP`s will only put forward applications that will succeed - I think the success rate is about 90%.
Last edited by Hyperdrive on Mon Mar 18, 2013 10:14 pm, edited 1 time in total.
T2C ... might I suggest having at least one chat -- it is amazing how it clears the mind and you get a feel for the questions you should be asking. And, might I be so bold as to say, if you only make one call, try Melanie Giles and her team.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
That was my exact worry. I tried so hard for years to always make payments, i had no one knocking on my door, no scarey letters in the post, it was quite easy to pretend i wasnt in debt i even use to refer to it as controlled debt. Then someone was telling me to stop paying without being able to tell me i would get an IVA accepted. You just have to take the plunge and do it, as others have said, as long as you pick the right firm your IVA will be accepted, they know what they are doing when they propose one.
Hi guys,
I'm still thinking about it all but until someone confirms what I can put in for expenditure to I'm really none the wiser. It's hard to know exactly what u spend on some stuff. It's s bit like sticking your finger n the air isn't it?!
You're all right, I need to make a call.
This is a guide only and will give you an idea of the sorts of things you can claim for. No-one here will be able to give you a definitive reply to this as we are all different, with different circumstances.
You will get nowhere without making a few calls
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi foggy,
How r you?
Yes I went through it last night. Am bit confused because step change ask how many dependant adults and children in house at the start and then offer suggested expenditure. These figures seem to be counting our'adult' kids but in the beat my debt guide it says kids under 18 so I don't know how to budget for the older two. One is at tech and getting a small wage from his placement that pays his petrol. The other one is also at tech and has a part time job that pays for her books etc.
