What are the amounts allowed by creditors in a budget.

[erdentarthurdent]

Sorry if this isn't the correct way to do this but can anyone help me please? I am finally sorting out my budget for an IVA and my advisor keeps saying " that is within what the creditors will allow/expect for a family of your size for (for eg) food."
Is there any way I can find out what these values are and upon what they are based? Is there a web site or document they have all agreed to?
Thanks in anticipation.

[labman]

Re: What are the amounts allowed by creditors in a budget.

I assume what has happened is they have completed a Common Financial Statement with you, and as a result of this have said that you ae within the limits for a family of your size.

As long as you are within the trigger figures, you are fine. Some sites do publish them as a table in figures, but in reality, that is not how things work, so while they give you a rough idea, they are by no means definitive.

Your best bet would be to register for CASHflow with someone:

CASHflow - Login

If you work through your income and expenditure on one of these, it will tell you whether or not you are within your trigger figures. You can then decide to back out without incurring any expense, nor any real inconvenience to the debt advisor.

You could also contact Latch Key Kid who works for NE Derbyshire CAB. They have their own scheme which he speaks highly of. I have no idea whether or not this sticks to the actual trigger figures or not I'm afraid.

[Latch Key Kid]

Re: What are the amounts allowed by creditors in a budget.

Sorry if this isn't the correct way to do this but can anyone help me please? I am finally sorting out my budget for an IVA and my advisor keeps saying " that is within what the creditors will allow/expect for a family of your size for (for eg) food."
Is there any way I can find out what these values are and upon what they are based? Is there a web site or document they have all agreed to?
Thanks in anticipation.

Hi

Will your IVA be a protocol compliant one (PCIVA)?

Have a read through below, it is a link to the Straightforward Consumer IVA Protocal as this might explain things a little section 7.5 in particular

http://www.cleardebt.co.uk/media/382...20protocol.pdf

CCCS & CFS information below that might help

http://www.insolvency-practitioners....ort%202011.pdf

http://www.cfs.moneyadvicetrust.org/ (no alloewnces figures available to the public)

For obvious reasons getting sustainable expenditure figures right is very important as 5/6 years is a long time (if this is the case with you).

Has the adviser explained guideline allowance figures to you - I will mention the word 'guideline' again as an IVA is an 'Individual' Voluntary Arrangement and peoples circumstances can vary eg utility, travel & fuel costs etc.

Also if you dont mind me asking, have all options and solutions been fully explained, explored and advised (useful links below)

https://debtremedy.cccs.co.uk/start.aspx

http://mymoney.nedcab.org.uk/moneyadvice/

https://www.mymoneysteps.org/

[Sapphire]

Re: What are the amounts allowed by creditors in a budget.

Rest of thread moved to its own location to allow the OP to get help.