www.iva.co.uk

how much do people realstically have to live on in an iva
after paying mortgage etc?

You will have enough for your normal bills and also other allowances such as dental, prescriptions, social - all of these will be discussed with an IP company.

It all depends on your income and expenditure declaration.

This you must take care over as you'll be living by it!

If you are struggling, something is wrong and a variation needs to be called.

An IVA is supposed to be comfortably affordable. Not much money for luxuries, but a good basic lifestyle.

With careful juggling, you can put money aside for little luxuries.

We had enough for a bottle of wine and 4 cans of beer each weekend plus with careful budgeting we got away every year for two or three weekend breaks either camping or sun newspaper holidays.
It is a change of lifestyle but for us it was a lifeline and one i will be forever grateful for.

A lot depends on the size of your family and where you live. It is certainly very tight for a single person in London or any other major city but if you have children the allowances can be quite generous.

I found that I actually had more to live on that when I was struggling to keep up with loan repayments as well. Everything was budgeted for and taken account of. It is, by no means, an extravagant lifestyle, but shouldn't be bread and water either !

Every IVA is unique to the debtors circumstances. Your Income and Expenditure will be reviewed and you will be left with sufficient to cover your reasonable living expenses.

The balance, if any, is then usually offered as contributions to your creditors via the IVA together with any other assets.

I've got to be honest we had about an extra £30-£40 a week left after all our bills except when I got a five week month we had extra cash,which we used for things needed for the house.
We had to keep a few quid in hand as I worked on price as a builder for the months when we were short but all in all we managed although Christmas and family birthdays were a bit of a nightmare

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

I've got to be honest we had about an extra £30-£40 a week left after all our bills except when I got a five week month we had extra cash,which we used for things needed for the house.
We had to keep a few quid in hand as I worked on price as a builder for the months when we were short but all in all we managed although Christmas and family birthdays were a bit of a nightmare

I used to ( still do actually) fund Christmas with high street vouchers "earned" by scanning shopping and doing surveys as well as saving up my Tesco Clubcard coupons. One year with double ups I managed to buy all of Little Foggy's new school uniform for £7 as well !

When i first enquired about an IVA i approached a company called Blair Endesby. They then changed to Grant Thornton and then again to Aperture. They were really generous with what i should include in my income and expenditure when setting up my IVA. They allowed my to have gym membership, allowance for school dinners and trips, sky tv, mobile phone, even a daily newspaper. If i remember correctly they went through a whole list of expenditure items and i just told them approx how much.

Most people in IVAs also find household budgeting becomes easier. An IVA requires a single monthly payment into the IVA, whereas you are currently probably paying multiple creditors different sums through the month.

The IVA monthly payment is fixed in advance at an affordable level. The IVA contributions will only change if your household surplus changes. You may be finding that the sums you are being asked to pay to your creditors changes as the debts are passed to collection agents,interest and charges are added etc. This can make budgeting difficult and many people end up using more credit to make ends meet.

An IVA is designed to leave you with sufficient to pay all of your living expenses, while at the same time consolidating your creditor payments into one monthly payment.

IVAs have pros and cons - you should take professional advice to confirm whether an IVA is the correct solution for you.

T agree with Foggy - I have done online surveys for years. They fund Christmas for me so that actually doesn't cost me a thing.

I've also just managed to get a very expensive kettle and toaster, tefal grill and a Radley handbag, all of which should have totalled over £400 but which cost me nothing but time.

Good result Kallis!

It certainly was! Pays to do these surveys and scan your shopping!

Well after paying for my rent and all bills etc gas and electric
What is an average people live on
I don't think I could get food and petrol for £300 a month