www.iva.co.uk

I'vce noticed a few people talking about contingency allowances within the I&E.

What is a contingency allowance and how is it justified within the realms of an IVA?

Contingency fund is just there as an allowance for the unexpected, like birthdays, breakdowns anything really. Some have this, personally I dont but I have reasonable expenditure on other things so I manage to save from that. I think the usual allowance acceptable is £50 a month.

Ang

I would say that some form of contingency allownace is absolutely essential, as you cannot accurately predict for all eventualities in a household budget.

I totally agree Melanie, unfortunately I knew nothing of this and was not told it was allowable.

Ang

Ooo I am definately gonna try & throw one of those in on my I&E review in may!

Thanks!

I was allowed £70 a month contingency, looking at other posts I have been allowed realistic ammounts for all i&e,I must be one of the lucky ones which is prob why so far a year in I have found Iva managable.

Hi
I have got £80.00 per month for contingency too

I have a £125 contingency allowance in my iva .

Rachel - which IP firm are you with, and do you have any debts with HSBC, HBOS, M&S or Sainsury's, and do you know if The Insolvency Exchange voted on your proposal. Also is the £125 listed purely as contingency, or is it a total of several categories?

I still havent got one[:(]. But we manage so thats ok.

Ang

Melanie, sorry my contingency is £100 not £125 as i first wrote.We are with Clearstart and we havent got any debts with the ones you listed.I dont know if the insolvency exchange voted on our proposals.The £100 is listed purely as contingency.Clearstart did put our contingency at £125 put it was reduced to a £100 when me and hubby checked our proposals.

Why is it that everyones ivas seem to differ so much and im amazed that some people haven't got contingency allowances.Im only new to ivas in general but i thought that most people would have same i&e allowances.

I get a £50 monthly contingency fund for one person - I think that is pretty good!!

It is interesting, as I am sure if anyone else put £100 in for contingency it would soon get chopped! Maybe you just had a lucky bunch of creditors on the day - and for the record I feel that £100 is a very realistic and necessary allowance, which I am sure will be much needed over the next few months.

We have 2 adults and 3 children in our family .Also Clearstart set the amount for the contingency at £125 we actually cut down when they sent us the proposals to look at.