Here is a list of my expenditure, comparing my IVA allowances to my IPA allowances in bankruptcy.

IVA:
Income £1284 per month + £560 from partner.
Rent / Mortgage - £556 (I don’t pay the mortgage, just a contribution)
Buildings / Contents Insurance - £8
Council Tax - £110 (I only pay half of this)
Gas - £40 (don’t have any)
Electricity - £40 (actually £25 per month)
Home telephone - £40 (this is paid by my partner)
Mobile phone - £50 (actually £35)
Medical expenses - £35
Food, toiletries, cleaning products - £300
Clothing - £40
TV Licence - £11 (I pay half)
Vehicle petrol - £120 (overestimated)
Vehicle insurance - £20 (underestimated)
Vehicle road tax - £15 (overestimated)

With that wonderful thing called hindsight I should never have signed the above income and expenditure form as it is so inaccurate.  I spoke to my case manager and was advised not to worry as the total figures added up.  What I didn’t pick up on is that they had included some of my partner’s salary to cover the mortgage.  This effectively meant that I was £200 per short per month - I pay my partner £200 per month, but as the mortgage was £556, and they had added £560 to my income there was nothing spare.

Now for my IPA allowances:
Income £1284 per month
Rent / Mortgage - £200
Food / Housekeeping - £350
Electricity - £25
Water - £8
Telephone - £35
Travel / Petrol - £100
Clothing - £40
Council tax - £50
TV Licence - £6
Opticians - £10
Dentist - £10
Prescriptions - £10
Holidays - £20
Car expenses - £100
Hairdressing - £10

Although some of the outgoings in my IPA are lower, others are higher and I’m much better off.  Due to the £200 difference in the mortgage I was trying to buy food and groceries for 2 of us on £200 per month, which wasn’t easy - I don’t eat dairy products and dairy free food is more expensive.

If you are considering an IVA or BR, please make sure that your income and expenditure is accurate.

My IPA is due to start on 4th June, but I still haven’t had any correspondence from the OR regarding how to make the payment.  Last week I screwed all my courage up and gave the OR a call.  Don’t get me wrong, she is very nice, but I still feel like a schoolgirl going to the headmaster’s office! 

Anyway, she chased it up for me, and it turns out that the paperwork has been delayed, but will now be moved along and I should hear from ‘the company dealing with my IPA’ (not sure who they are!) by the end of the month.  That will make it tight to make the payment by 4th June, but there’s nothing more I can do.

I also mentioned to to the OR that I received a payrise this week.  She said not to worry, wait until I receive a payslip so I know what I will be left with after deductions and then contact the company dealing with the IPA and they may reassess the payments.  I have heard that they don’t always reassess upwards as it costs to much, so fingers crossed!

When I was made BR I decided to open a bank account with Think Banking as I know they don’t do credit checks.  It was accepted and last month’s salary was paid in and all seemed to be going well.  However, I have discovered a few problems with Think Banking that made me decide to open an account with Nationwide:

1. It’s almost impossible to get through on the telephone straight away.
2. You cannot get a balance from a cash point.
3. The free text messages they send you are not free - I have been charged 10p for each one by Vodafone.
4. No internet banking.
5. I only have 2 direct debits, and £12.50 per month seems a lot of money for them to transfer £45 each month.

I know these are only small niggles, but I wish I’d known about 1-4 before I opened the account.

I have been accepted by Nationwide, and I am hoping that I get the account details through before I get paid this month so I can save myself £12.50!   I will miss having a debit card, but I not enough to pay £150 per year.

I may live to regret saying this but everything has been quiet so far.  I signed and returned my IPA agreement form and I haven’t heard anything back yet.  The first payment is due on 4th June 2007, so if I don’t hear from the OR in the next couple of weeks I’ll give her a call as I want to make sure this all goes smoothly!

That’s all the news I have (ie nothing!) at the moment, but on a lighter note, can I just say good luck to Man Utd against Milan tomorrow night!!!