5 months in

[andrewgoodman121]

Hi everyone.

I am now entering my 5th Month of my IVA and so far everything is
going to plan.
I have had a couple of times where i have been a bit skint especially when it is a week till payday,this mainly due to a new shock absorber on the car and kid's birthdays.
I am finding it a Massive learning curve and it has learnt me to Budget within my means.
I find it better to be skint and in credit with the bank instead of O/D and getting myself deeper and deeper as before my IVA.
As long as i am making my monthly payment and ticking that month off
it's like all the stress is over for another month and i am getting near to to the main target of DEBT FREEDOM!!.
I can now certainly sometimes go without for a few days and now look forward to weekends where we can have a bit of money to enjoy.
All the nasty letters have stopped and i can get by after making my IVA Payments and have set up Standing Orders on the Payments i have to make without worrying and know what is left is to Make Last for the Month and it is quite comfortable.

[TheMatrix]

Its a good feeling isn't it. We will get there. Although it can be difficult when those unexpected bills come in, I know from my own experiences.

[andrewgoodman121]

inaiva,
I have read some people on here that are really struggling with there IVA's and they have only been in them a few months, some even missing payments already.
I have had mine since February and i am treating it as though it's a mortgage payment that has to be paid at all costs.

[worryhead]

Hi there
It is a bit tight for some especially when most things have been funded by credit for quite some years, and to drop to your wages alone and stick to a budget is difficult at first.i have paid 2 months now and even though it feels great to know only 58 payments to go till debt freedom, the adjustment period takes some getting use too, i use to get takeaways 4 nights a week nearly with my credit as my back up, now its home cooked meals always and just curry n chips as a friday night treat. I am happier now then before, but the fist month was awful cause all my money had gone in 2 weeks and i had to wait 2 weeks till i next got paid, but as you say its a learning curve, i have changed so much now and belive my IVA is the best decision i have ever made [:D] even working out to the last penny what i need and what to save [:D] the help and tips on here have been fantastic, i would not of coped if it was not for the help of many on this site.....thanks everyone [8D]

[TheMatrix]

My iva payment comes out as main priority, its a considerably lower payment than I was paying before I had my IVA and I was juggling payments with credit, don't get me wrong things are tight, and I have had to make adjustments, but my IVA is manageable most of the time and its good not to rely on credit.

[joh71262]

I find that Microsoft Money really helps. If you got Microsfot Works with your PC, it should have been included.

I entered all my bills and as soon as I get paid, I enter the salary total from my pay slip and then deduct all the bills, including my IVA payment.

It means I know what I have left for that month. I have recently opened a second account with the Co-Op so that all the bills are paid from one account and the rest is moved to the other. If I have any left over at the end of the month, I will then transfer that to my (very empty) savings account !!

I have just started my third year and it does get easier after a while. I now find myself looking forward to what I will do with the "spare" cash I will have once I have finished paying !!

[TheMatrix]

Often that "spare" cash goes into a savings account just in case the car breaks down or I get some unexpected bills.

I just use a spreadsheet to budget with and have got by with that so far.