IVA proposal with me, but want to make changes

[sammysmith]

What happens if I want to change some of the budget figures in the IVA? Will it need to be re-written?

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sammysmith

What happens if I want to change some of the budget figures in the IVA? Will it need to be re-written?

Proposal Paperwork is back with me back with me- but it needs changes. Does this mean that my IP has to re-write the proposal?

[Adam Davies]

Hi

If you are not happy with any part of the proposal bounce it back to your IP.
The proposed payment figure needs to be realistic and affordable whilst at the same time all expenditure needs to be reasonable given the fact that creditors are going to agree to write off any unpaid debt in 5-6 years

Regards

[Daveyboi]

You need to ensure the budgets are adjusted to what you really currently pay and then at the meting if they're not happy with anything they will request changes at the IVA meeting and then you have to come to an agreement with the creditors

[Adam Davies]

Hi

You do need to make adjustments though, for example if you are paying £100 per month for Sky TV it would not be unreasonable for your creditors to ask you to reduce that [if you are not tied into contract]

Regards

[Daveyboi]

If the creditors ask you to adjust it then you need to know that you could continue to live on the reduced budget if you are paying £100 for sky tv then yes of course they can request it lowered as its not an essential bill but if they say i think £150 is quite a lot to get to work we'll let you have £70 that would be an IVA set up for failure if you actually agreed to those terms its about common sense and what is reasonable and what is just illogical.

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sammysmith

What happens if I want to change some of the budget figures in the IVA? Will it need to be re-written?

What they have me down for

Rent

£425.00

Monthly



Contents insurance

£30.82

Monthly



Council Tax

£728.25

Annually



Dual Fuel

£80.00

Monthly



Water Rates

£27.00

Monthly



TV Licence

£12.12

Monthly



Other

£54.16

Monthly



Home phone

£25.00

Monthly



Mobile phone

£55.00

Monthly



Public Transport

£150.00

Monthly



Housekeeping

£210.00

Monthly



Laundry/Dry cleaning

£14.95

Monthly



Clothing / Footwear

£30.00

Monthly



Health (dental, optical, prescriptions etc)

£20.00

Monthly



Hairdressing/Haircuts

£10.00

Monthly



Cable, satellite and internet

£29.48

Monthly



Memberships Professional Subs

£15.00

Monthly



Memberships Professional Subs

£100.00

Annually



Memberships Professional Subs

£150.00

Annually



Memberships Professional Subs

£20.00

Monthly



Contingency

£20.00

Monthly

What I see as more realistic given I don't want to pay a pension and the proffesional fees can be streamlined...


Rent 425
Contents insurance 30.82
Council tax 73
Dual Fuel 80
Water rates 27
TV Licence 12.12
Student loan 54.16
Home Phone 30
Mobile Phone 40
Public Transport 150
Housekeeping 210
Laundry and dry cleaning 14.95
Clothing 30
Health 20
Hairdressing 10
Cable and Internet 29.48
Union Fees 14
Cilip fees 13
Portfolio fees 8.33
Contingency 20
Total 1291.86

Does that sound reasonable?

[Daveyboi]

none of it looks unreasonable but you said your travel was about £154 a month so claim 154 if that's what it costs you. You are allowed to pay into a pension it made no difference to my application. Housekeeping is that food? Just you needs to eat for your £210 I am assuming? Whats your dispoable income left over to offer into the plan?

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Daveyboi

none of it looks unreasonable but you said your travel was about £154 a month so claim 154 if that's what it costs you. You are allowed to pay into a pension it made no difference to my application. Housekeeping is that food? Just you needs to eat for your £210 I am assuming? Whats your dispoable income left over to offer into the plan?

House keeping is food, toiletries and cleaning products.

I would be able to offer £148.19 if the budget was ammended to that...as opposed to £130 per month. A much more sensible offer and now in keeping now I have taken away unneccesary professional fees and the pension.

[kazzafunk]

With regards to pension contributions - not everyone is allowed that in their budget. There have been posters on here who had them refused. The same as we were advised that our life insurance may not get accepted, but in the end we got it through.

[Daveyboi]

They would have been taken away separately no need to touch your household food budget if it stands at 210 put that forward including your toiletries etc and like I say if they have a problem they will ask you to lower it at the meeting. Honestly don't try to be too harsh on yourself because as I say 5 years is a long time to suffer on low budgets simply because you thought you was going to have a higher chance of acceptance. They will adjust if needed at the meeting nothing on your expenditure screams out at me as wrong. Don't forget any little emergencies have to come out of these budgets as well or a replacement iron etc so don't set it too low otherwise you'll be living on beans for 5 years.

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kazzafunk

With regards to pension contributions - not everyone is allowed that in their budget. There have been posters on here who had them refused. The same as we were advised that our life insurance may not get accepted, but in the end we got it through.

This is why I have taken it off (the pension). When my IVA has been finished then I'll be able to sort it

[Daveyboi]

Taking it off assuming they will reject it is a bit silly though. If they reject it at the meeting then so be it but if you can get it through then it is 5 years worth of building some form of financial security for you in retirement in order to not be in this kind of situation again. I would put it through. What is your disposable income you are offering is it very low is that why you feel you have to shave off the budgets?

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Daveyboi

They would have been taken away separately no need to touch your household food budget if it stands at 210 put that forward including your toiletries etc and like I say if they have a problem they will ask you to lower it at the meeting. Honestly don't try to be too harsh on yourself because as I say 5 years is a long time to suffer on low budgets simply because you thought you was going to have a higher chance of acceptance. They will adjust if needed at the meeting nothing on your expenditure screams out at me as wrong. Don't forget any little emergencies have to come out of these budgets as well or a replacement iron etc so don't set it too low otherwise you'll be living on beans for 5 years.

So what would you suggest to change it to? I usually pay 160 for food, 30 cleaning and 20 toiletries so sounds okay...they gave me £20 for sundries if the iron broke...

[sammysmith]

font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Daveyboi

Taking it off assuming they will reject it is a bit silly though. If they reject it at the meeting then so be it but if you can get it through then it is 5 years worth of building some form of financial security for you in retirement in order to not be in this kind of situation again. I would put it through. What is your disposable income you are offering is it very low is that why you feel you have to shave off the budgets?

Nope I just don't have a pension fees or union fees in place yet...