5 Years is a long time.

[Terry Henry]

Im thinking of going into an IVA but within the 5 years i could be getting married and starting a family, would being in a IVA allow me to budget for these plans?

[johnpaul]

5 years is a long time but well worth it regarding the other thing terry best to speak to the experts

JOHNPAUL

[scaredkez]

hi terry 5 yrs is a long time and this is what you have to think about when thinking ahead, have you thought through all your options? what is the level of your debt? when you get married your partners contributions will also be taken into account on your annual reviews to see if you could release more money into paying your iva if they are working, if you post more about your debts i am sure we will do our best to see what the best way forward is for you, all the best.
an iva is a great repayment vehicle if accepted by your creditors of paying as much back to your creditors as possible, do you have property that would also be affected by a 4th yr equity release?
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

I have lots of clients who were single when they first came to me for an IVA, have subsequently married (and a few have divorced!) and children have also arrived along the way (sometimes before the wedding!)

With a good plan, and a helpful IP, most life changing experiences can be built into the arrangement, so I would certaintly not let the thought of what might happen in the future put you off, if you have decided that and IVA is the best way forward for you. But do consider other options such as DMP or bankruptcy.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[james.c]

Hello

I am in an IVA, i will have done my first year in January 2008, and in feb my partner is having twins, and then in december 2008 getting married.

I have had a pay rise which means I can still continue my payment as first agreed and by been tighter with money, its worth it as it still not as bad been in all the debt having the stress.

Top tip dont look at it as 5 years, look ar it as 60 months, i have now paid 8 payments, 52 left to go, it does not seam that bad then.

no matter how bad money gets, theirs stll alot more important things in life

[OPTIMIST12]

Hello james.c

Your post made me smile as I do exactly the same!!!

60 months = 5 years and 5 years = 60 months BUT watching the months come down one by one is a big help!!

Whatever way you look at it 5 years IS quite a long time but ticking the months off puts things in perspective.

[Skippy]

I'm doing the same with my IPA - 36 payments, 3 made (4 on 30th September) so 33 to go.

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[sonyse2t5]

Don't think about the IVA five years, it will fly by.....think of time you were in debt and how you sustained it for many years; for my case - most of my adult life.

[johnpaul]

the say it is 60 months can last for 58 months

JOHNPAUL

[johnpaul]

or even sooner if you have a lump of money eg a scatch card only costs £1 to £2 you never know or a will

JOHNPAUL

[OPTIMIST12]

The five years of an IVA definitely present a person with a dilemma - on the one hand you cant wait for the time to pass but - on the other hand - who really wants to wish away five years of your life!!!! I was just wondering today whether - if someone gave me an opportunity of pressing a button and jumping forward in time to the last day of my IVA- would I do it? I decided that I dont think I would. Its an awful old cliche but money isnt everything and you do rapidly discover a whole new world of things to do that dont take pots of money whilst you are living on a tight budget.

Having said that I cant deny that a part of me cant wait for the day I hopefully make Payment number 60. That will be a red letter day indeed!!!!!

[louisa.s]

Just like to say whilst 5 years appears to be a long & daunting time in an IVA, we are 19 months in (& I can't believe where the time has gone) and we got married at the end of spetember (incidently if you shop around & don't do what the magazines tell you, you can save a fortune, I'll send you a copy of our budget & handy hints if it would be our any help) and probably plan to start having kids at the end of next year (peer pressure - god love it) so nothing is impossible during those 5 years it just requires planning and a bit of thinking outside the box! (I like that phrase!)[:)]

[cul8tr]

I was one of those that seperated (can't afford to divorce !) and yes 5 years seems a lifetime but it does go very quickly and more importantly, you learn so very many valuable lessons along the way.

Like so many others - that 5 year point will be a time for a small celebration and move on to a new beginning debt free.

Keep smiling.

[cat 1]

I've just read the above links whilst smiling ironically to myself. I had this dilema about the 5 years (which actually turned into six!)I became very concerned about the long term commitment. However,I just wish I'd been so sensible before I'd managed to get myself into significnt debt. Trouble is before I always had 'the plastic' to fall back onto. No plastic now and no contingency fund as yet...although I am hoping to build one up after father xmas has been.Strange how our outlooks change.Cat 1

[chairmanmiaow]

I've had the same thought. It's a scary thing to do, because it will require a big change in the way you live and look at money. You'll need to be resourceful and disciplined in order to get through it.

However, during the course of it you should have learned some very valuable lessons which will benefit you for the rest of your life. You can also pass them on to your children (if you decide to have them) so that they don't suffer the same difficulties. So in some ways the 5 years will be an excellent education, albeit one which will require sacrifices.

I've been privileged to meet quite a few people that I greatly respect and admire, and most of them have undergone some sort of hardship either financial, emotional or health-related at some point in their lives.

CM