It all depends on your mindset going in as well as how helpful your IP is and how realistic the budgets set at the outset are. Basically you will have agreed amounts you are allowed to spend on everyday essentials and the rest will go to your IVA payment. Yes, for many, they will actually have more in their bank accounts than they did before, but only after learing to budget and stick to agreed limits. No more safety net of a credit card. It IS an adjustment.
Then you do have to get used to having your spending monitored to some extent and being checked up on at least anually, as well as having to part with extra income into the IVA.
Some enter an IVA to pay as little back to their creditors as possible --- these, generally, are unhappy and object to paying anything over the basic IVA monthly payment. They also tend to regard the IP as 'the enemy' (Indeed, some IP's do tend to act as such as well !).
Those that enter with the intention to pay back as much as they can afford tend to be happier and work with the IP, rather than against them.
Finally, there is thge perception of time 'wasted' --- looking ahead 5 or 7 years seems a long time. But, looking back, it actually passes quite quickly. The Charlie Hebdo offices in Paris were attacked in 2015 -- 5 years ago .. doesn't seem that long ago. Jeremy Clarkson left Top Gear as well and Brexit was first promised by Cameron (OK -- that one might be a bad example!) .
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Peejayel, Country Girl, Struzzo - you know exactly what I am going through. Yes, one more summer, one more Christmas. Still in limbo, can't quite believe it, but nearly there.
