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Debtdummy
Junior Member
United Kingdom
267 Posts |
 Posted - 27 February 2007 : 02:05:23
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For your Income & Expenditure Forms here's a list of items you can deduct along with a space for other deductions.
Expenditure (per month)
Mortgage/Rent
Gas
Electricity
Water
Council Tax
Telephone
Housekeeping / Food
Clothing
TV rental / Licence
Prescriptions
Gifts / Emergencies / Newspapers etc
Car Tax / Insurance
Petrol
Car Repairs
Life / Household Insurance
Sky
Child Maintenance
Holidays
Entertainment
Any other essential items i.e mobile, professional journals,etc.
Please note all expenses must be *reasonable*; and have receipts and statements ready to show the Official Receiver as evidence of these expenses.
Deduct the expenditure amount from your monthly income. A percentage of this difference (SURPLUS INCOME) 50-70%(% OF DISPOSABLE INCOME) will be used to pay back your creditors if over £100 left. This amount will be payed through an IPA/IPO (AMOUNT TO BE PAID) for 36 months.The rest is yours to put into a savings account or spend. The savings account is a better option though. 
Below is the table the OR will base your monthly payments on.
1st Column=SURPLUS INCOME
2nd Column=AMOUNT TO BE PAID
3rd Column=% OF DISPOSABLE INCOME
50 Nil
60 Nil
70 Nil
80 Nil
90 Nil
100 50 50
110 55 50
120 60 50
130 65 50
140 70 50
150 75 50
160 80 50
170 85 50
180 90 50
190 95 50
200 100 50
210 105 50
220 110 50
230 115 50
240 120 50
250 150 60
260 156 60
270 162 60
280 168 60
290 174 60
300 180 60
310 186 60
320 192 60
330 198 60
340 204 60
350 231 66
360 238 66
370 244 66
380 251 66
390 257 66
400 264 66
410 271 66
420 277 66
430 284 66
440 290 66
450 297 66
460 304 66
470 310 66
480 317 66
490 323 66
500 350 70
510 357 70
520 364 70
530 371 70
540 378 70
550 385 70
560 392 70
570 399 70
580 406 70
590 413 70
600 420 70
All I have left is my sense of humour. |
Edited by - Debtdummy on 27 February 2007 02:23:43 |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 March 2007 : 12:43:52
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Here's the other one for you Ivafailing!
Where there's life there's hope! |
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ivafailling
Junior Member
181 Posts |
Posted - 17 March 2007 : 12:58:32
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Cheers Skippy.
Anyone any idea what is deemed as "living expenses"?
Ie housekeeping and food?
Ie if you are a single bloke, i would be less than a married bloke with 3 kids, ie how much is deemed as reasonable per head?adults? children?
What is a realistic amount??
I know in the iva it was very low, you would really struggle to eat healthilly on the guidelines they set out. |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 17 March 2007 : 13:38:14
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I'm not sure, but my partner and I usually spend about £300-£350 on food and housekeeping per month. I'm going to put that down, and hope that it's ok. Hopefully one of the experts will be able to advise us what counts as reasonable.
The allowance in my IVA was £300, but unfortunately I never had that much as some of the other figures were unreasonable (my fault for signing I know) so I had to cut back, which meant my partner was bailing me out all the time!
Where there's life there's hope! |
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scaredkez
Junior Member
United Kingdom
194 Posts |
Posted - 18 March 2007 : 22:27:11
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i was told by cab that as a general its 35 per week per adult and 25 for each child for groceries that was good for me as in the iva they put down 400 per month and that include my husband working away and school meals allowance, on the insolvency site if you click top right hand corner search and type in income and expenditure allowance in BR it lists a guideline what you can put down even to a holiday for 4 of 650 per year which can be put down on your IE as you are to be able to live a normal life
good luck everyone
kerri |
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Skippy
forum expert
United Kingdom
3290 Posts |
Posted - 19 March 2007 : 11:10:55
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Kerri, I must be really thick as I can't find it. I clicked on Search This Site, typed in income and expenditure allowance in bankruptcy and it brought up a load of yearly reports. I looked at t a few and they didn't make sense. Help!
Where there's life there's hope! |
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Expenditure Example
