what the creditors expect you to live on?

[heyzeus]

IS there an example of what the creditors expect you to live on i.e. allowances for a family of 2 adults 3 children? I know each case is different but surely there must be a rough guide available?
Cheers

[aguise]

Hi ther hezeuS
No there isnt really as you say everyone is different. I think Melanie has a guide on her website as to the kinds of expenditure allowable. You should put an amount reasonable for you to feed ,toiletries,schooldinners,household cleaning. Some people may have special dietary needs eg diabetic or coeliac so therefore more woiuld need to be put. I just put a sensible amount that I knew we could survive on and it was ok. Obvously rent council tax and things like that will vary from one to another just put what you pay. Dont forget things like prescriptions, dentist ,car maintenance ,travel.

Hope this helps a bit

Ang

[MelanieGiles]

Hi heyzeus and welcome to the forum.

This really needs to depend upon what you actually spend, but an average I usually see for a family of your size for housekeeping is anything between £500 and £600. You then must provide for clothing - perhaps £100 would be reasonable, and if your children are still at school there will be dinner money, bus fares and extra curriculum activities to provide for. Also medical expenses, and all of the other things Ang has already run through.

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

[Oliver]

2 great posts already.

I think the most important thing is to think about the actual amount of money you spend on evertyhing each month and start from there. Generally if you can justify a reasonable need for something the creditors will allow it as an expenditure.

Best Regards
Oliver

Thomas Charles and Co Ltd.
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