www.iva.co.uk

Hello all,

New to the site but have read through and looked at plenty of it over the last week or so.

I just want to know how much leeway people have had with IVAs regarding what I'd call "pocket-money", i.e. living expenses that may not be defined as 'essential' - money to go out once every now and then for a drink, to the cinema or to a meal, for example. Or are you basically required to put all money other than what is essential into an IVA proposal?

Regards

Hi Terry and welcome
I think the more accepted amount is £50 as a contingency fund as such for unexpected expenditure, but ask your Ip what they think. Make sure when you are setting your expenditure to include the little things we dont think of sometimes llike dental optical, pets, prescriptions .

Ang

Hi Terry,

I've read lots of conflicting issues regarding 'pocket money' as you call it, and it seems to vary so much between IVA company's. In my IVA (which i started 15 months ago), i was told this would come under the Food/Housekeeping column, but i was told the maximum i could have for this was £150 per month. Now, i pay approx £120 per month on food, so i was basically left with £30 p/m for a social life! I was also 'advised' to put less for other things to make the IVA work in the creditors eyes, but unfortunately, this has led to my IVA failure as there was no real room for compromise, so i had to petition for my own bankruptcy yesterday.

Because of my experience, i would be very careful, and dont be put under pressure to put less than you actually pay out per month, and as Ang says, think of EVERYTHING, because i forgot things like prescriptions (i'm on 5 lots of tablets which adds up), and i stupidly forgot to include a store card at beginning of my IVA so i was also paying approx £20 on this (minimum payment) per month.

Anyway, hope things go well for you and good luck.

Terry
The reality of an IVA is very different to that shown on the TV adverts and the chances of you having enough money for meals out are slim.
As others have said a £50 contingency fund seems the average and you will find that this is eaten up by the unexpected bills.
An IVA is a superb way to address serious debt but it is a very tough five years,believe me.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I don't think creditors will allow a social budget so this money will have to be found from other sources. Try and read some of the social posts for great tips on how to save money on things whilst in an IVA.

It is extremly important to make sure your agreed budgets are a true reflection of the money you need to "reasonably" live on otherwise your good intentions will mean that you will come unstuck during the IVA term.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hi Terry

I also have a £50 contingency fund each month. I have £150 a month for food which I am finding a bit tight!

Poppy
Poppy is the £150 just for you ?
Works out at £34 per week
I am allowed £300 per month for two and £0 contingency .. thats in BR.

Yes, the £150 is just for me!

Hi
it wont be easy but £34 a week is 'doable'.
Its no fun of course :- (

Slainge
Mish
No Whisky for months !

The CCCS guideline 2007 for budgets for Food Toiletries and Cleaning is £140 / month.

Most IPs can get a little more agreed by the creditors but it definately is a challenge to live on such tight budgets.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

I've got £350 for two and no contingency in BR.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Are the CCCS guidelines of £140 per month for food/toiletries/cleaning each?
And how do children fare?
Blue