Contingency Allowance

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pm5

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Post by pm5 » Sun Jul 18, 2010 10:54 am
I am in the process of doing my 3rd annual review & as regards the Contingency allowance are we allowed to increase this amount as at present I have a £40 contingency & wondered whether this amount is standard or not.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 10:56 am
You should be able to increase this to what you actually need. Was your IVA put forward using CCCS guidelines, and how many adults and children are in your family?
Regards, Melanie Giles, Insolvency Practitioner
 
 

Shining

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Post by Shining » Sun Jul 18, 2010 10:57 am
I'm not sure if there is a standard amount, put what you think you need/require and I hope your 3rd review goes smoothly for you. I'm not sure how much I get to be honest without looking at my figures on the upstairs computer. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

pm5

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Post by pm5 » Sun Jul 18, 2010 11:01 am
I am not sure Mel whether it was put forward with CCCS guidlines or not.
I have no children & live on my own, I am not struggling however, I was just wondering if the £40 allowance can be increased in the event that it was needed.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 11:07 am
Under CCCS guidlines you can claim the following on a monthly basis (these are maximum amounts and you have to demonstrate that you are actually incurring the expenditure):-

Meals at Work - £31
Sports, Hobbies and Entertainment - £16
Sundries and Emergencies - £11
Dentist/Opticians - £13
Medicines and Prescriptions - £7
Household repairs and servicing - £15
Laundry/Dry Cleaning - £10
Newspapers & Magazines - £5
Church/Charity - £2
Hairdressing - £10

So have a review of your own circumstances to see whether an increased budget is sensible, and also consider the effect on your payments if your expenditure does rise in proportion.
Last edited by MelanieGiles on Sun Jul 18, 2010 11:45 am, edited 1 time in total.
Regards, Melanie Giles, Insolvency Practitioner
 
 

pm5

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Post by pm5 » Sun Jul 18, 2010 11:43 am
Thanks Mel those guidline will help a great deal.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 11:44 am
Oops - I have notices a typing error - the allowance is £11 for Sundries and Emergencies not £121. I will amend post now.
Regards, Melanie Giles, Insolvency Practitioner
 
 

kallis3

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Post by kallis3 » Sun Jul 18, 2010 12:14 pm
I'm surprised the allowance for prescriptions is so low, each item costs about that now doesn't it?

I have a prepayment certificate which costs me just under £11 per month and am allowed the whole amount.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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31101932

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Post by 31101932 » Sun Jul 18, 2010 12:51 pm
I find it interesting that the allowance for Medicines and Prescriptions is £7.00 when the price of one NHS prescription is £7.40.

I know this because I had two prescriptions recently.

Surely the allowances should be set at this level.
 
 

plasticdaft

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Post by plasticdaft » Sun Jul 18, 2010 1:07 pm
31101932 wrote:

I find it interesting that the allowance for Medicines and Prescriptions is £7.00 when the price of one NHS prescription is £7.40.

I know this because I had two prescriptions recently.

Surely the allowances should be set at this level.

Remember though that if you are incurring prescription costs greater than your allowance your IP should be happy to push creditors to allow a little more on that expense.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 1:08 pm
Yes - we've been sauing for a while that the CCCS guidelines ought to be updated - but do bear in mind that they are guidelines only, and if people have exact sums that they pay out towards their medical cover, I rarely see thse being rejected by creditors.
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plasticdaft

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Post by plasticdaft » Sun Jul 18, 2010 1:15 pm
£104 gets you a year prepayment certificate. Thats £8-66 a month so you would only need to find £1-66 a month from elsewhere to cover your prescription costs. I think most of us could find that.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

kallis3

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Post by kallis3 » Sun Jul 18, 2010 1:20 pm
Couldn't manage without my prepayment. I have four tablets on prescription every month. My IP never averaged mine out so I get the full amount per month.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
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cerberus

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Post by cerberus » Sun Jul 18, 2010 1:54 pm
Sorry, what is a pre-paid certificate???????
I'm new to all this budgeting stuff but finding some great tips on here. My wife currently has a perscription for migranes each month which she has to pay for. Luckily, apart form that we're both quite healthy - apart from the stress and depression of debt.
 
 

MelanieGiles

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Post by MelanieGiles » Sun Jul 18, 2010 2:06 pm
One of the advantages of living in Wales - no prescription charges!
Regards, Melanie Giles, Insolvency Practitioner
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