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BankruptC
Senior Member
1030 Posts |
 Posted - 30 August 2008 : 12:01:23
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Hi all,
Just juggling our I&E again and wondering if anyone's had gifts or a contingency fund allowed by the OR?
I keep hearing recently that they're generally not being allowed, but does anyone elsehave experience that shows otherwise?
Thanks,
CG. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 August 2008 : 12:17:13
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Hi CG
Im still waiitng to hear about mine, so i cant help you.
Maybe someone else will have the answer and then hopefully that will give me an idea too on whether we will be allowed it or not.
I know my OR said they dont allow Christmas money so its a case of wait and see for me.
Jo
"There is light at the end of the tunnel, if you cant find it get a brighter torch" |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 12:23:33
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Thanks Jo,
Yeah, maybe someone will be able to shed some light for us.
I hope yours is allowed too.
CG. x |
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Needafriend
Junior Member
United Kingdom
344 Posts |
Posted - 30 August 2008 : 12:41:06
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CG
I dont know about you but the I&E bit confused me, i mean we had to put what we actually spend our money on and it felt like we were being questioned before the form got handed in.
I hope that our OR gets back to us soon as i would really like to know what is ours now but i wont be holding my breath.
Keep us informed as i will you.
Jo :)
"There is light at the end of the tunnel, if you cant find it get a brighter torch"
You can read my blog here:
http://debtfreejo.blogs.bankruptcyhelp.org.uk/ |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 12:55:41
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Hi
whilst contingency is generally allowed in IVA and DMP this is because once the disposable income amount has been agreed you will be required to pay 100% of the balance into your agreement.
In BR you don't, you will pay anywhere between 50% and 70% therefore a contingency is already available.
Regarding gifts, some have been known to be rejected, it depends on the individual examiner's view but I would list £15 per month for Xmas and £15 per month for Birthdays.
Don't forget a holiday too. For a family of 4 £60 to £80 per month should be accepted.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 12:57:31
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Thanks John,
We've put 25 for gifts but will up it to 30 now I think.
We've put 60 for holidays but there's only the three of us. Too high?
Thanks again,
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 13:15:44
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Again i would leave it.
If you dont ask..........
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 30 August 2008 13:16:01 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 13:26:58
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Thanks John,
I'm still not sure how an IPA will be worked out for me and hubby as we're both going BR. We can't seem to get a definitive answer as to whether we would need £100 EACH surplus to warrant an IPA or £100 BETWEEN us. I've even emailed the IS and had no reply.
Do you happen to know?
Thanks again,
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 13:44:59
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Hi
I don't know the answer to that but I have always assumed that in the case of both partners going BR a total of £100 DI is required to propose an IPA.
Each BR is questioned, not on their personal expenditure but that of the household.
Although there is no such thing as a joint bankruptcy, they are all individual, consideration has be given to affordability.
Let's say your SoA showed DI of £500 per month.
It stands to reason your spouses SoA would state the same. But the OR can't claim 70% twice as that's £700 and the total DI to the household is only £500.
Also if it were 2 X £100 allowance then a couple both going BR would be better off than a couple of which only one party is going BR, which wouldn't make sense.
So I think it's £100 allowance, a single IPA based on the household DI.
Then, the OR will look at your percentage contribution to the household and direct the same percentage of the IPA payments to your creditors, the balance of the IPA payments made by your husband based on his percentage contribution to the household would go to his creditors.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 13:48:47
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Ahh ok. How do you always make things make sense?! I've been told that so many times and never understood it till you put it so clearly! Thanks!
Now, it looks as though we'll have an annoying amount of DI at around £110, providing everything is accepted as we've put it on the I&E(grrr), so presumably we'd be looking to pay £55 BETWEEN us?
Have i got that right?
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 13:56:16
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Hi
yes you are CG.
When DI's are so borderline, £80 to £120, the OR tends to look fairly closely at these to make the proper judgement.
There has to be a line drawn somewhere I know but it's mad to think that if the agreed DI is £99 you end up with £99. If it's £100 you end up with £50!!!!
My point is that in cases where the DI is borderline in respect of an IPA I would suggest you try very hard to change it and secure the DI for yourself. Be absolutely sure you have all the expenditures listed and the maximum allowances against each as clearly a few pounds either way can make a big difference. A minimium difference of £1800!!! (36 X £50).
www.Bankruptcyhelp.org.uk
0800 078 9367 |
Edited by - John on 30 August 2008 13:56:31 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 14:01:03
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Thanks once again John,
I've tried and tried and think I'm already chancing my arm with SO MANY of the items on the list! Not sure where else I can 'pad it out', unless they would allow us to NOW start paying into a union (more important now I'm part time but could never afford it before) and a car breakdown service (had it included with our barclays account which of course will now be frozen). Worth a shot or will it be frowned on to take these things out now?
CG. x |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 14:06:58
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Hi
AA and or RAC membership is accepted but still only £10 to £15 per month I would guess.
From one of your earlier posts am I right in thinking that your DI figure includes income from your child benefit?
If it is you should leave it in but the OR will deduct this amount putting you further into negative DI..
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 14:11:03
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Hi John,
Unfortunately I've already taken CB off...
OK so I'll add RAC or AA etc. What about my union fees?
Also, how much do you think is acceptable for car sparesand servicing? I think I've got around 30?
CG. x
Thanks for your help again by the way, especially on a Saturday! You're such a star!
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Edited by - BankruptC on 30 August 2008 21:34:53 |
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John
New Member
United Kingdom
73 Posts |
Posted - 30 August 2008 : 21:59:36
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Hi
your fuel costs should be listed under travel expense.
Your insurance, road tax, servicing, repairs & maintenance, tyres, pre MoT, MoT test, AA / RAC contributions should all be totalled under vehicle costs. Remember an IPA lasts for 3 years if you get one. How many sets of tyres does that equate to based on your annual mileage?
I think your £30 figure should be at least £60 or even higher (perhaps even £100). The older the car and the higher the annual mileage for essential journeys then the higher your fuel cost and the higher the tyre, servicing and repair costs.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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BankruptC
Senior Member
1030 Posts |
Posted - 30 August 2008 : 22:06:06
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Thanks again John,
Did you mean £100 for all those things together then? We have ins: £56, tax: £12, RAC etc: £15 and spares/servicing: £30 which takes it to £113. Is that ok or too high? Or did you mean more for the spares/servicing part?
CG. x |
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Topic |
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Has anyone had gifts or contingency allowed?
