Advice for Ox

[abbiesmum2003]

why cant you afford mortgage when its written into budget? Weve had to pay mortgage on a credit card in the past because our wages went on credit card& loan repayments!!! yes it only made things worse but now in iva that mortgage money is assigned, the gas and electric previously blown out then paid for on CC...thats now budgetted for! the beauty of sn iva is ALL essentials are taken into account the creditors get leftovers!! Our account looks much healthier in the iva. I can get my girls hair cut now! My 9 year old has had just 4-5 haircuts in her whole life! my 4 year old been hair drssers just the once!! that makes me so sad because i feel failed them as a mum. I can now say yes lets get hair cut! You are right when said enjoyed thr high salary but now thats refuced your scarred. But you are still on a significantly high salary especially compared to your level of debt. You can live on that budget. It looks a fair budget. And although those allowances are there you may only sprnd 150 on petrol one month so thats £50 for the kitty. You will see where little savings can be made. Our life in iva is much better than pre-iva years have been. You are doubding much more positive which is great. You will survive this. The mortgage will be fine because its incorporated inbudget.

[abbiesmum2003]

Also if council tax is only for 10 months thats 2 months where you arent spending £187.

[Ox1987]

Thanks I just am back in worried mode and wanted to see what people thought of the budget

[Hyperdrive]

Just come in from the shop Ox and seen your budget. One thing that strikes me is £150 for life insurance. I know you have a young family to consider, but that looks very high all the same.

[josu]

There are definitely places in that budget where cuts can be made, i don't see that as a tight budget. My IVA I&E is so tight we don't have hair cut allowances and we no longer have a contingency as it is used repaying a couple of payment breaks we had to have to get a smaller cheaper to run car. I think its going to take some time for you to get your head around the budgeting side of things, i believe you are use to having whatever you want and have maybe slightly lost touch with things a little. We all do this, thats how we get into debt. An IVA is a massive learning tool, as i have said so many times on here if i had gone BR or done an F&F IVA i may not have learnt my lesson, its nearly five years of IVA contributions and yearly I&E reviews that have taught me how to live within my means. Like is said before, whichever IVA you get, and i feel sure you will get one, think of it as a blessing cos it really is, i feel lucky to have been accepted for mine and it has changed my life.

[josu]

p.s ,,, and before i meant 'how far do you live from work' not home, that would be stupid!!! I think your fuel costs are quite high with £200 on petrol and then another £100 on school runs, is there any way of cutting back on that? Does your wife run a car?

[Shining]

Your chosen IP will go through your income and expenditure with you Ox in detail. Your creditors will say yes/no or ask for an adjustment if necessary.

[Ox1987]

The 150 was due to the fact that I have high BP and I need it for my mortgage
Lesley this is the one from the IP team roughly and I wanted to share it to see what opinion is on how tight versus others and I was back worried about BR and losing my home etc
The wife does not run a car she has to get buses to pick kids up from school as it is in town and the nearest catholic school
I just am back worried that we won't survive even if the F&F is approved and worried about my kids
Time to myself makes me think and also the creditors hanging about at the moment is stressing me out in a major way sometime like now I feel like giving up as it seems we are in a very bad shape and feel stuck limbo always happens when I have to go to work tmw

In need of some reassurance from my friends on here

[Shining]

Try and relax Ox, I know every IVA is individual but if your IP has given you those allowances then have faith.

your monthly income alone exceeds that of mine and my husbands combined and we had far more debt than you. I further acknowledge we all have different lifestyles. Try not to worry.

[Ox1987]

I am finding it hard to relax at the moment unless I have a beer I am worried about the creditors and also what the future holds I want it too be positive for the kids and move on from this mess I am sorry as I understand I may have less debt and more income than others and you wonder why I react like this but I find it hard and doubt everything

[Foggy]

Ox, your budget looks a lot healthier than most and has a lot of built in wriggle room. If you went down the term IVA route you will not be destitute.

[luluj]

Have a beer Ox and relax ! Your list of I&E that you have shared with us is very generous and for a lot of us we would love to have had this level of allowances.

Like many have said, after your IVA has ended it gives you opportunity to save - you will get used to being on a budget and now two years on for us we continue to live life very frugally and we save each month, allowing ourselves treats along the way - but within reason and within what is in the bank account - no more credit cards for us !

We have had a wonderful weekend - spent three days at the towns beer festival, and did a car boot sale this morning - we have been out in the open and had some laughs along the way - the boot sale this morning was very cold but worthwhile - raising over £100 for our holiday kitty .....am sure you will have opportunity to do some car boots as well - amazing what other people buy and what money you can raise - just think this money can be used to ensure your children receive the treats on their birthdays and xmas or a weekend away as a family - seriously you will work out ways to ensure your family doesn't suffer.

[Shining]

My other tip is to get a tin that requires a tine opener to open, pop loose change in there. I have a NatWest current account and two savings accounts. One savings accounts gets the oddments from the current account. i.e if I have £23.37 in the account on a Monday morning the .37 goes into savings, I do this every Monday and Friday. To date £41.00 and some oddments in there, I'm saving for my daughters wedding, ok she's only 19 and at that rate will need to be 99 before she marries, but it's a start and hopefully I'll be in a better position to add more to this in the future and contribute to her having a lovely day. But basically what I'm saying is it all adds up.

[Ox1987]

I think it is all worry at the moment I don't want to lose the children's home if I can help it
At work the next role would give a 15k pay rise which will nearer back like to get the F&F done then we could move on if possible

[Hyperdrive]

Blimey Ox at this rate we`ll all be sending you begging letters[;)]