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Posted: Wed Jan 21, 2009 9:40 pm
by Fallenhero
How much is allowed is there a standard amount that needs to be allowed ...my bills are low..as friend is helping by paying bills..so on my IVA form i put low figures on IVA...what happens if i move ect and my bills goes up...will the IVA just fail as i find it hard to pay or is there a level they have to let you live on..
Posted: Wed Jan 21, 2009 10:07 pm
by kallis3
You need to put forward a realistic income and expenditure sheet. It will be something that you have to live with for five years and so you should be able to manage.
If you have a friend who is helping you with bills before or during an IVA, that is not good. You have to be able to manage on your own.
Don't put low figures, put what you are actually paying for stuff.
If you cannot maintain the payments, then yes, the IVA will fail.
Your payments are calculated on the amount of disposable income you have left. It is different for each person.
Posted: Thu Jan 22, 2009 12:29 am
by MelanieGiles
Most IPs will work out your expenditure in line with CCCS guidelines, however you should firstly disclose what you actually spend and let the IP guide you if necessary.
Take Jan's very good advice to really consider the repayment plan over a five year period, and you have to be left with enough to maintain a reasonably comfortable existence.