www.iva.co.uk

Hello
I intend applying for an iva with payplan but can see no guidelines on the limits of amounts acceptable for each catagory,i.e phone limit per month, car fuel limit per month. Could you please supply me with a comprehensive breakdown.
Many thanks

Hi Janis
There are no set amounts as everybodys needs are different just put all the things you need or as they are , council tax, water, rent gas,electric, dont forget things like prescriptions, glasses if needed , dentist, travel . car insurance lookat eevry aspect of your life and what it costs, payplan will tell you if they are over the top. Things like holidays, christmas are seen as luxuries so arent generally accepted, sometimes gym is accepted. Some allow a £50 contingency fund.

Hope that helps a bit.

Ang

Good advice by ang, payplan will have an idea of what they think the creditors will except in regards to your monthly expenditure.

Any expenses that are unusually high should be explained for example if you spent £200 per month on petrol costs, this would be higher than normal and would need to be explained and justified with the amount of miles you travel etc.

Best Regards. IVA Experts

And do be aware that it is your creditors who are the ultimate judge as to whether expenditure is too high, and not the IP - although you would be wise to heed their advice as they will be experienced in determining acceptable benchmarks.

Also contingency funding is essential, as you cannot accurately predict unforseen items and you will need to have a little buffer for rainy days.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk