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| T O P I C R E V I E W |
| Most worried |
Posted - 22 September 2010 : 14:44:40
Hi everyone.
Just wondered:
Does the OR religiously calculate everything you spend your money on every mnth??
What I mean is would I have to carefully list every shopping bill from Sainsburys etc.....and will I have to justify the occational download of a 79p song from ITunes...??
I follow a pretty strick budget per week and have been pretty true to my I&E with regards to food money, bills etc.
I guess I just feel abit guilty if I 'spend' any money on myself at the moment!!
By spending money on myself I mean the once a mnth 'treat' in the way of something from Primark to the value of less than £20 or the Extra special Jam at the shop rather than the bottom shelf ones :)
Sad isnt it..:) |
| 7 L A T E S T R E P L I E S (Newest First) |
| Most worried |
Posted - 23 September 2010 : 08:20:41
Hi everyone and thanks for your replies! :)
I feel heaps better actually!! My OR stated my I&E was fine and I def do not have £99 left every month...more like £30 if Im lucky.
She was quite impressed with my budgeting and said it must have made a difference to me as I havent had credit for over 6-7 years now.
So now I dont feel so bad 'treating' myself to the odd £10-20 worth of clothes or beauty item.
Strangely though...I really feel more happy just occationally buying a extra special dinner etc....its the little things in life u appretiate.(specially when BR)
Thanks again to all :)
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| Bigal4787 |
Posted - 23 September 2010 : 00:31:09
Most worried,
Having been interviewed by the OR, and in relation to I/E, if you have surplus income of £100 or more, then an IPA will be arranged, however, if not then no IPA.
Then once that is completed, the OR (or case clerks ) just don't have the time to religiously calculate your I/E, once it's done that's it, the only time you would have to do another income expenditure would be if you were recommended for early discharge. However, in the 12 months of bankruptcy if your situation changes(i.e. an increase in salary) you are supposed to inform the OR, in the time I was an examiner, that never happened once.
Big Al |
| Richard P |
Posted - 22 September 2010 : 22:02:56
tracey and Kallis
Yes agree, typed wrong meant to put minimum of £99
Thank you for clarifying
Richard |
| Skippy |
Posted - 22 September 2010 : 20:47:14
Kallis is right. If you have £99 or more disposable income per month you will be liable for an IPA. This is worked out on a sliding scale of 50% - 70% and whatever is left is yours to do as you want with.
View my blog at http://skippy13.blogs.iva.co.uk/
Only when the last tree has died, the last river has been poisoned and the last fish has been caught will we realise that we cannot eat money.
Last IPA payment made on 28th June 2010 - it's over at last! |
| Niobe |
Posted - 22 September 2010 : 18:37:56
I thought that your IPA was based on a sliding scale of between 50 and 70% over £99 per month, this means that you may well have over £99 per month at your disposal.
Buckle your seat belt Dorothy, 'cos Kansas is going bye bye.
Jan
xx |
| Richard P |
Posted - 22 September 2010 : 17:50:54
MW
your income and expenditure is submitted at time of bankruptcy. If your figures are challenged then yes you will have to produce receipts.
The I & E are average monthly figures if one month you decide to use less of say your fuel allowance and spend more on Food that is not a problem
within that calculation you are allowed a disposable income of £99 per month which you can spend as you wish
Richard |
| carl |
Posted - 22 September 2010 : 16:56:00
I am in a similar position to you. Each month I have 4 envelopes in my kitchen and the money in them covers my shopping, petrol, clothing and any social events I have that month. All my household bills are paid by DD on the same day each month.
Since putting my SOA form in I just spend the money in my envelope on what I need to that week. Any money left over that week I just roll forward to the next envelope as a bonus. Some weeks my shopping bill are less than I averaged and some weeks there more, I guess its all about financial budgeting which is something I am learning to do.
Last week I needed some new shirts for work which basically wiped out my weekly allowance but I did a big food shop the week before and put an extra £20 in petrol to cover the following week. I think I had about £20 left over to cover fresh food for the week. I have also stopped using my car for unnecessary journeys to try and cut down on my petrol expenses, again trying to save to odd few pounds here and there (hope my OR isn’t reading this)
I wouldn’t hesitate in spending the few pounds here and there on a reasonable treat for either me or my daughter after all I think we deserve the odd treat now and again. As long as its not a new car or a second property abroad I don’t think the OR is concerned.
I have found that the initial relief since declaring myself BR in August 2010 has gone now and all I now have is questions about what may or may not happen next, like is no news from the OR good news or bad news or are my creditors waiting to try a different approach!!
Someone will come on here now and say that I am breaking every rule about BR and managing your money now but managing my money this way with a few ‘treats’ along the way works for me.
Good luck
Carl
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