How much income you are allowed to have for yourself in IVA?

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Karen Clark
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by Karen Clark » Tue Jul 18, 2017 10:22 am
I'm thinking about an Iva but wanted to know how much income you are allowed to have for yourself , like a holiday , socialising , buying stuff for the home etc.
Thank you
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Foggy
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by Foggy » Tue Jul 18, 2017 10:35 am
Basically -- they take your total income, then allow agreed expenses against this, such as Mortgage / rent, utilities, car insurance, petrol, council tax, school lunches, haircuts, housekeeping, etc.

Income minus expenses gives you your disposable income ..... this is the IVA payment.

You are allowed a frugal amount for "entertainment" (mine was £20, 7 years ago). Christmas and Birthdays you have to save from from agreed allowances ... holidays will be "Sun" £9.50 specials for a while and the home will have to go without. It sounds pretty awwful, but, when I set my IVA up I was left with more "in my pocket" each month than when I was trying to keep up with credit card bills.
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kallis3
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by kallis3 » Tue Jul 18, 2017 10:42 am
Agree with Foggy - you will be allowed a small social allowance plus basic sky package. You can do what I did (and still do) and do online surveys to fund Christmas and Birthdays.
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Oya
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by Oya » Tue Jul 18, 2017 2:57 pm
Hi Kallis, I noticed you mentioned online surveys. As I am new wth my Iva I am open all the saving money suggestions. Could you give more info about the surveys please as I never done before but would like to try. Would just search online surveys enough to find decent ones xxx
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kallis3
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by kallis3 » Tue Jul 18, 2017 3:06 pm
If Foggy will pass your email address on to me, I'll send you some links.
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Foggy
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by Foggy » Tue Jul 18, 2017 3:49 pm
kallis3 wrote:
If Foggy will pass your email address on to me, I'll send you some links.


I can do so only if you agree, Oya.
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kallis3
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by kallis3 » Tue Jul 18, 2017 4:29 pm
Or you can pass mine on to her.
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Oya
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by Oya » Tue Jul 18, 2017 6:26 pm
Oh that would be lovely thank you very much. Foggy can pass my mail no problem. Every penny count. Thank you again Foggy & Kallis xxx
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Foggy
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by Foggy » Tue Jul 18, 2017 6:36 pm
Oya wrote:
Oh that would be lovely thank you very much. Foggy can pass my mail no problem. Every penny count. Thank you again Foggy & Kallis xxx



No problem. I have given Kallis your email Oya.
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