IPA I&E. Can you tell me if this looks a reasonable expenditure list I'm sure there's more I could add but I don't want to push it and my brain is fried at the mo. Income my wage... £955.42 partners wage... £0 benefits...£753.20
Outgoings rent...£750 council tax...£122 gas...£100 electric...£100 water...£48.90 telephone...£30.00 housekeeping...£650 travel...£100 clothing...£120 t.v. licence...£11.95 car insurance (2 cars)...£51.83 life insurance...£26.04 sky subscription...£22.50 car tax...£32 car m.o.t...£10.00 car maintenance...£20.00 clothes...£120 haircuts...£29 school expenses...£15 kids xmas pressies...£40 kids birthday pressies...£35.00 Emergency fund e.g appliance breakdown...£20.00
Income total:£1708.62 minus expenditure total: £2454.22 = -£745.60
based on 2 adults 4 children and 2 cars. At the moment my partner meets this shortfall with her savings but this is not a long term commitment on her part. Last thing I need is an IPA.
Just by taking a quick glance at your expenditure I don't think you would be allowed sky or for the birthday or christmas presents.
Also I am not sure what would happen because your income is £1708.62 and your expenditure is £2454.22, thats without paying to your credit cards, loans etc. I don't know how you would survive!
Just had another look at your figures, the reason you are -£745.60 is because you have put down joint figures for your expenditure.
What you need to do is put down your share of the expenditure and you should be in plus figures. OR put down joint expenditure and put down how much your partner contributes to this.
YOu may find that if your wife is not working (no income stated) that you will not be allowed to own and operate 2 cars, unless you can justify the need for 2 cars. Have a look at Skippy's blog it will give you a very good idea on expenditure
Melanie Nicholas 28 years insolvency experience - 23 of which in the Insolvency Service - Insolvency Manager Jones Giles
Made a mistake on expenditure, put clothing down twice. Actual minus figure is £625.60 and I am going to state that my partner meets this shortfall with her savings (thank god she manages money better than me). As I said though, she can't do this forever, can anyone advise how the OR will view this, because ultimately if an IPA is attatched she will have to use more of her savings to meet this. I can honestly say these are expenses that arise for 6 people and I am aiming to work my way into a credit balance in the future. Thanks for all replies so far, anymore greatly appreciated.
IPA I&E. Can you tell me if this looks reasonable
Posted - 27 March 2009 : 13:43:37
