Nervous about spending

Get expert opinion. This is the place for new questions to be posted.
18 posts Page 1 of 2

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 6:44 am
i have been in an iva for 3 months and am worried when my review comes round, because if am withdrawing in cash any extra monies I have after my main direct debits have been paid. I get a monthly big shop from morrisons to deliver all the heavy items as I am unable to cary them, but I pay for everythin g else in cash, and put money in envelopes for expenses that occur yearly ie car insurance, repairs etc. will this be ok as all my expenditure is not shown on my statement.

Foggy

User avatar
Forum Expert
Posts: 28146
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Nov 09, 2018 7:55 am
They do not scrutinize your spending to that degree --- I, and many others, lived by cash entirely (after the usual direct debits) for the first couple of years in my IVA!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

Lisa Thomas

User avatar
Industry Expert
Posts: 7267
Joined: Wed Dec 03, 2014 10:26 am

Post by Lisa Thomas » Fri Nov 09, 2018 9:22 am
Just ensure you keep your receipts to show the expenditure in cash it is ever queried.
I'm a licensed IP with 16+ yrs at Neville & Co covering the South West area. I have a YouTube channel with advisory videos on here: https://www.youtube.com/channel/UCMPTTu ... Z5k9ZcC2MA http://www.nevilleco.co.uk 01752 786800 Lisa@nevilleco.co.uk

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 12:14 pm
Lisa Thomas wrote:
Just ensure you keep your receipts to show the expenditure in cash it is ever queried.
hi lisa I have not been keeping my receipts as it is just everyday spending, i.e fresh food milk etc, petrol and hairdresser every month, are these the nes I should be keeping as I didn't think I would need to for such small amounts

kallis3

User avatar
Forum Expert
Posts: 74141
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Nov 09, 2018 12:16 pm
I never kept any receipts for normal spending.
http://kallis3.blogs.iva.co.uk/
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.
Bob Marley.

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 12:21 pm
kallis3 wrote:
I never kept any receipts for normal spending.
I don't understand what I am expected to keep as I have only weekly spending,fresh groceries etc, I am really worried now as I have not been keeping any

Foggy

User avatar
Forum Expert
Posts: 28146
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Nov 09, 2018 12:27 pm
Your grocery shopping has been agreed as a lump sum. You do not have to keep receipts for this unless it is outside the guidelines, same with petrol. Receipts are only needed to back up extra-ordinary spending on these things.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 1:02 pm
Foggy wrote:
Your grocery shopping has been agreed as a lump sum. You do not have to keep receipts for this unless it is outside the guidelines, same with petrol. Receipts are only needed to back up extra-ordinary spending on these things.
hi foggy, what would be classed as extra-ordinary spending, as I draw out the cash I have left each month for my spending I didn't think it would matter what I spent it on, because sometimes my hair costs more than I stated in my income and expenditure, but I have just been taking this out of my food money. thank you for your quick reply it is really appreciated

Foggy

User avatar
Forum Expert
Posts: 28146
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Fri Nov 09, 2018 1:16 pm
If you had, say, a gluten free diet (on medical advice), so shopping would be more than usual. Or your commute to work was further than an average journey, so needing more fuel usage. 99.9% of everyday stuff isn't examined once it has been agreed, unless it changes at review.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Visit my blog here : http://foggy.blogs.iva.co.uk/

kallis3

User avatar
Forum Expert
Posts: 74141
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Nov 09, 2018 1:23 pm
I never had any receipts for normal shopping - only ever had to produce one for a payment break when we had our boiler replaced.
http://kallis3.blogs.iva.co.uk/
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.
Bob Marley.

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 1:38 pm
kallis3 wrote:
I never had any receipts for normal shopping - only ever had to produce one for a payment break when we had our boiler replaced.
thank you so much I feel much better now

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 1:39 pm
Foggy wrote:
If you had, say, a gluten free diet (on medical advice), so shopping would be more than usual. Or your commute to work was further than an average journey, so needing more fuel usage. 99.9% of everyday stuff isn't examined once it has been agreed, unless it changes at review.
thank you so much, I feel much better now. I have nothing to hide, but just want to keep myself right.

kallis3

User avatar
Forum Expert
Posts: 74141
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom

Post by kallis3 » Fri Nov 09, 2018 2:04 pm
Don't worry - you have your budget and if you have anything left over - keep it for a rainy day in a jar!
http://kallis3.blogs.iva.co.uk/
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.
Bob Marley.

dorothy245

User avatar
Posts: 31
Joined: Thu Sep 13, 2018 9:01 pm

Post by dorothy245 » Fri Nov 09, 2018 4:33 pm
kallis3 wrote:
Don't worry - you have your budget and if you have anything left over - keep it for a rainy day in a jar!
thank you so much for your advice

Gouldy

Posts: 15
Joined: Mon Feb 19, 2018 7:52 pm

Post by Gouldy » Fri Nov 09, 2018 5:08 pm
This has made me feel better reading this too. There are a lot of myths around reviews. I’m still nervous for mine but after the first I don’t think I’ll worry anymore.
18 posts Page 1 of 2
Return to “Ask IVA Forum and Industry experts”