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| T O P I C R E V I E W |
| DanlotheDog |
Posted - 22 July 2007 : 12:11:12
Hello all - new member, so please bear with me if I know nothing. I have just decided to go with a company who will see me through all stages of BR after I found I could not pay the £845 every month to the IVA. It seems IVAs are weighted in favour of the creditors , rather than helping the debtor to have some quality of life. I realise I am responsible for the debts (even though some of the credit cards added huge increases to credit limits without me asking - why don't they make people apply and check that the repayments will not be too much?)
My question is: how can I find out how much the maximum allowances are for expenditure (food, phones, TV sat, etc?) It seems to be a secret! I live with my partner, who is on Income Support, and we have a dog who is high maintenance (£32 pm insurance!). We are both going for bankruptcy in our own names. |
| 5 L A T E S T R E P L I E S (Newest First) |
| Johnny Debt |
Posted - 26 August 2007 : 08:01:22
Your professional company advising should know the figures acceptable.
Rough guide for some items
Food £150 first person £100 rest
Haircut £10
Holiday £10
Clothing £10
Sat - bit of a luxury, could be a problem
Car - this can be quite substantial depending on distance to work etc. Fuel alone is a huge expense - Insurance - Service - MOT - Tax
Are you a property owner??
Has the company done a full financial fact find on you?
How much disposable income is there?
What assets have you got? Value of car? Are your parents in good health - inheritance? It has happened.
Do not rush into this!
What services is the professional company giving you? Just helping with the forms? Attending court with you? Attending the Official Receiver Interview?
Some answers and more questions for you to think about.
I know some of the things above are not relevant to you, but others reading would need to think about this.
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| Skippy |
Posted - 22 July 2007 : 22:18:40
Hi, I am concerned about the number of companies out there who take money to 'help' people petition for bankruptcy. It really isn't difficult to do - I completed the forms online on the Insolvency Service website, took them to court and was made bankrupt. All they can really do is help you complete the forms, and the CAB will do this for nothing.
Regarding your expenditure, there are no upper limits, everyone's expenditure is different. I have a blog on the sister IVA site where I have listed my allowances, but what you are allowed varies according to your OR. When you complete the forms, be honest with what you spend, and make sure you are comfortable with it.
Where there's life there's hope! |
| mish1953 |
Posted - 22 July 2007 : 13:22:29
Steve,
Im pretty amazed that anyone can say they know what the upper limits are for expenditure ... perhaps they have collated data from various people that they ahev dealt with.. but the official guidelines dont specify upper limits for example a child on a special diet isnt going to get the same allowances as someone who isnt on a psecila diet...
Just watch out there are some real rogues out there... remember they are after your money ..
guid luck
Mish
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| DanlotheDog |
Posted - 22 July 2007 : 13:12:21
Thanks, Mish.
Yes, I am paying someone to do it for me. I am convinced that it will be better in the long run. They say that they have amount limits for every area of expenditure - anyway, I have no car or other assets and my home is local authority rented.
I have been reading the posts on both sites this morning and find everyone's experiences mirror my own. I am impressed by the amount of support on the sites and wish I had discovered them a long time ago.
Steve |
| mish1953 |
Posted - 22 July 2007 : 13:03:20
Hi Danlothedog
I'm no expert but I am BR and will be going thru my Income & Expenditure list with the examiner on Wed this week.
There is no definitve list as one size just doesnt fit all, everyones circumstances are different .
Have a look at
http://www.insolvency.gov.uk/freedomofinformation/technical/techmanvol1/Ch25-36/Chapter31/part7/part2/part_2.htm
there are guidlines in there 
Also this site seems to be pretty dead... looks as if Im the only one replying ... arrrgh
have a look at www.iva.co.uk the forum in there is much more active and cover BR as well .
Are you paying for someone to help u thru BR ? Its pretty easy to DIY
cheers
Mish 
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