I/E

[markss]

Posted - 05 May 2010 : 12:09:13

---------------------------------------------------------------------Does the I/E below look okay?
----------
my original I/E was:
water rates £15
Electricity £20
Gas £20
Car insurance £29
Car tax £15
Car maintenance £30
Petrol £ 105
Food / household £130
Personal hygiene £15
Clothing £20
TV License £6
Contingency £50
Mobile phone £30
council tax £46
rent £450
I get paid a petrol allowance from employer £300 per month which does reflect fully what I spend due to my job
=£981.00 I noticed there was no dental / optician allowance
My net pay £1,800 I now pay £607 in to the IVA and struggle. the original amount 2 years ago when on lower income was £320 (£1,200 net pay) it then increased pro rata which is fair enough but I still feel the new figure is high. Can any one compare this? my debts were £78k no assesstts

[MelanieGiles]

Looks on the low side to me - is this realistic compared to your real expenditure?

[markss]

I think it is low should i ask for a review? just wondered if the contribution seems high.

[MelanieGiles]

I think that you should base your expenditure on what you actually spend - and let the IP tell you if they feel that you are being excessive and why. Ask them to compare your figures to the upper level of CCCS guidelines.

[markss]

Thanks Melanie I will ask them to do this. With BR your surplus is usualy split 50/50 is the IVA not done in the same way?

[MelanieGiles]

No - an IVA generally requires you to pay your full surplus to creditors from the outset, and these days under the IVA protocol 50% of any uplift discovered at each annual review.

[markss]

I see I just assummed it was %50 of your surplus. BR is more generous I guess but has severe implications with it.

[MrsKnight]

Hi markss

Can I just ask did you do your own I&E at the start of the IVA or did your IVA company do it for you so you fitted an IVA? Even if you did your own - did they amend it so you fitted an IVA.
This is what happened to us & if had not been for this forum & some small pay rises over the past 2 years we would of gone under by now. We were fortunate to have our IVA company realise our I&E was unrealistic.

*Your Gas & Electric looks to low.
We set off on 30 for each which was ridiculous & now on 89 gas & 49 Electric. We did have to send in proof.
*You are allowed Dental & Eye care (our is 14 a month for each - based on a family of 4)
*TV by direct debit is 12.12 a month for us (as helens)
*The car mot/service our is 35 & I feel that is low for us n the car is always a struggle for us - also depends on how much mileage u do.
*Food & household goods - is that true to what you spend? Dont forget food n petrol prices have risen alot. we set of on 295 a month n now on 400 (family of 4).
*Water Rates/Council tax- do u pay water over 12 mths or 9 / CTax do u pay 10 over 12? As with our IVA they split it as though we pay over 12 for each making it less a month than what we actually pay out.
Do you have Sky TV - allowance for that is 21 on CCCS guidelines n was put in our IVA even though we didnt have it at the time - due to having our I&E done for us.

Sorry for waffling, but I understand what its like to be struggling with an unrealistic expenditure & you have to have a true reflection of what you spend to help you succeed in an IVA.
Hope its been of some help - Lyns

[kallis3]

My gas and electric are £83 and £87 respectively and I've never had to give the IP proof.

I do agree that you should put down exactly what you spend on everything. Don't forget haircuts, and you can have a newspaper allowance as well. Some smokers are also given an allowance (depends on your company).

[markss]

Hi thank you so much guys for your advice. looking at the comments I think mine seems very low. I have to pay the dentist twice a year £35 each time. Haircut £9.50 pm I contribute to the bills as I share the house and are unable to provide proof of utility bills as not in my name. I have emailed DFD but had no reply yet. I am already in arrears from the last 12 months by £1,700 they extended my iva term to absorb the arrears. But the new payment of £607 is too high I could only pay £507 in April instead of £607 and this months will be same. The other presuure is on the 20th May there is a creditors meeting to acept my extended 4 months re arrears. I am concerned. When my payments were around £400/500 I could just about meet it. Are some companies on commision when reviewing IVA contributions?

[kallis3]

I don't think they are, but you do need to sort this out before the meeting.

Declan is back next week and we also have a new poster from DFD on here, so hopefully one of them will be back in touch next week.

[markss]

Thanks everyone. Lyns which IVA co are you with?

[MelanieGiles]

Your payment absolutely needs to be based on what you spend, and your IP needs to fight your creditors if they seek an increase in payments which you believe are unaffordable.

[MrsKnight]

Hi Markss & your very welcome
Im with BE & just waiting for my 2nd year review so fingers crossed everything is running smoothly.

Declan from DFD is a great help on the forum & its unfortunate hes on holiday this week. The new poster from DFD may pick this up.

Are you able to get written confirmation from the person whos name is on the bill - stating you contribute to the bills & the amounts you actually pay?
When I shared a flat with a friend both our names were on everything.

How far are you into your IVA? With your arrears & not being able to maintain the payments they are requesting. Sounds like you need a complete evaluation of your situation. You need to look at your expenditure n put down your "true" outgoings n see whats left.
Dont forget the haircuts & dental costs & indeed if there is anything else missing - like contents insurance etc. Plus think about your car n the mileage it does & has done.
Do hope you get sorted n keep posting, if you want any help with your true I&E just ask. Lyns