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What sort of budgets have people left after there IVA has been approved ?

Hi rocky and welcome to the forum

All of your disposable income will be used in an IVA but normally there is a contingency fund added in which you can save for treats and such like.

Sorry......all household and living costs will be built in also aswell as car maintainance and tax.

Things can be quite tight but not as tight as trying to live and pay your creditors. Its a small sacrifice for 5 years that will see you on your way to a debt free future.

would my daughters accommodation costs for university be allowed and things like clothing allowances ?

Thats a tricky one....Some allow it and some dont. Best to speak with a few Insolvency Practitioners and see what they say.

Melanie Giles and Ian Millington both come highly recomended on this forum.
You can find their details on the "meet the experts" page.

Went through the nationaldebtline and they use debtfreedirect but from this site I think I'll use Melanie Giles or Ian Millington

DFD are ok but they lack in the communication department which can get quite frustrating. Melanie and Ian keep it more personal and are ALWAYS on hand to help.

Does the IP have access to your bank account sometimes get some part time work in the summer but it doesn't pay that much

In our case we set the initial budget which was then challenged by our creditors. We adjusted a bit then everybody was 'happy'.

My opinion (for what it's worth)is to set an initial budget which is fairly generous, then let your creditors 'cut the fat'.

No doubt the professionals will be along with some proper advice shortly...

HTH

The thought of being debt free is lovely but the thought of never having a pint for five years or a Xmas isn't

You could try signing up for the various surveys that are on the net.
I managed to get loads of vouchers last year which I either gave as gifts or used to buy gifts. I also get Amazon and HMV e vouchers which come in useful, Tesco and Sainsbury vouchers which I use for Xmas food and booze.

OK, I do spend a fair amount of time actually filling them in, and some are quite long and boring but it's worth it in the end.

kallis3 wrote:

You could try signing up for the various surveys that are on the net.

Does the budget set give you no lee way all at to save for something each month for things like Xmas ?

Hi Rocky remember you can save from your allowed budget so if you shop well you can save that bit. Also if you do any overtime you will most likely keep at least half, if not a little more. If your income and expenditure is good at the outset an a reasonable amount for you to manage on you can make savings.This is where most of us get our little contingency funds for things like xmas etc. Holidays can be managed if you do things like the sun holidays for £9.50. I have found it now quite a challenge to try to save as much as possible.

Ang

Hi there

My view is that if you spend it you should be allowed to spend it in an IVA, of course within reasons, but the majority of creditors follow guidelines prepared by the CCCS which are very frugal in certain areas.

I suggest that you chat things through with an insolvency professional, to compare what you actually spend to the known allowances to see whether an IVA is going to be too difficult for you to manage. The allowances under bankruptcy proceedings tend to be far more lenient, so if you have no assets which would be captured under such proceedings, I would recommend that this route also be given some consideration.