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Spook
Contributor

12 Posts

Posted - 17 Jan 2019 :  05:32:40  Show Profile  Reply with Quote
I'm in IVA
At the moment we barely spend any money on the house, clothes or leisure as nursery bill is massive.
When that stops - will we be able to increase other expenditure or will have to live on the breadline?

Vic

IVA Adviser
IVA Expert



790 Posts

Posted - 17 Jan 2019 :  10:02:01  Show Profile  Reply with Quote
Hi Spook,

You will need to live within the expenditure guidelines that insolvency practitioners and creditors use.

The reality is that your budget will be restricted while you are in an IVA. The budget should be sufficient to live reasonably though.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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Spook
Contributor

12 Posts

Posted - 17 Jan 2019 :  11:42:55  Show Profile  Reply with Quote
That's what I mean - now we barely touch some of the expenditures like house maintenance, hobbies, fuel, clothes. Others like groceries are at bear minimum of guidelines suggested or not existing like content insurance. We'd like to get them to comfortable (not luxury) level when nursery stops. And there will be some medical expenses needed more than 20 a month assigned now for a family of 4

Vic
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IVA Adviser
IVA Expert



790 Posts

Posted - 17 Jan 2019 :  12:13:10  Show Profile  Reply with Quote
Hi again Spook.

So these are obviously things that you will need to spend money on during an IVA, so you'd hope that your IVA supervisor would make allowance for this.

Another thing to check with the firm you're with, if you've already gone ahead with an IVA.

I am a professionally qualified debt adviser. To contact me about starting a IVA please:?      
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