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A good starting point for IVA questions
By Tracey
#29785
Hi, I need some advice about my expenses when entering into an IVA. I heard that you are only allowed certain expenses for food etc which is fine, but that there is a limit on petrol costs, is this correct? I travel quiet a way to work and my petrol costs are very high. I am worried that if I go into the IVA, will I have to find a job closer to home?? This will be difficult and if I can't, I won't be able to afford the IVA payments anyway! I hope someone can help.
By Melissa S
#29788
Hi there Tracey and welcome to the forum
If you have proof of high travel costs you may be able to agree a higher amount. At the end of the day you can only start an IVA if you can realistically afford to keep up the monthly payments therefore allowing for all your expenses is in the interest of you and your creditors as long as you can offer a realistic amount to make your IVA viable.

You are not going to be asked to change jobs. Have a look at the BeatMyDebt.com IVA living expenses guide linked below. This will give you a better idea of what living expenses can be included. You may find that you spend less somewhere else which will allow you to put more to your fuel costs. However, as I said you should include all your actual costs when working out what you can offer in your IVA proposal.

I wonder who gave you this information originally?

https://www.beatmydebt.com/individual-v ... ses-guide/
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By Hayden
#29971
Hi Tracey

It is absolutely right that you will need to live within a relatively strict living expenses budget while you are in an IVA. I am sure this is as you would expect. Do have a look at the link that Melissa posted as that will give you a really good incite into the allowances you are allowed in each category.

You will see that there is an allowance for petrol. However you must bear in mind that this is based on an average person's needs. If your job is located a long way away and you have higher than average fuel costs this will be acceptable. You will certainly not be forced to try and find a new job closer to home.
By Tracey
#30669
Hi, Thank you for your replies. It was a friend who told me about the petrol expenses. Turns out I was concerned over nothing. I included my full petrol costs in my proposal and my creditor's accepted this week with no questions - I am just grateful thank no one asked me to find another job! Thanks again.
By Melissa S
#30672
Hi there Tracey
That is great news, you are on your way to being debt free now. As the posters said individual circumstances are taking into account when your creditors are considering your IVA proposal.

If you need any further help throughout your IVA please ask and have a look at the Beat my debt website as we are always updating the advice.

Good luck :)