Advice for Ox

[Ox1987]

I said Hyperdrive its needed for the mortgage and I have health issues (high BP) that drove it that high

We only have 1 car

I seem to be getting a feeling this morning that you guys are not confident we can survive on the budget shown , that is scaring me.....

[Hyperdrive]

I too have health issues Ox but no life cover, it`s something I need to address. Mrs H has in service benefits but my policy stopped because I couldn`t afford it. Now we have the F&F I need to have a look on some sites. I guess the bp will bump it up.
I realise you only have one car Ox but what I was trying to get accross was when you think about things in a different way there are plenty of savings out there, necessity is the mother of invention[;)]
I apologise for giving you the impression you might struggle on the budget, the opposite is the case, it`s just that in your mindset everything is negative at the mo but that will improve, trust me[:)]

[footiemad]

Hi Ox. Just had a look at your budget and I would say that you should be able to manage quite comfortably on it. Good luck and try to stay positive - I know its difficult but once everything is agreed and in place you will feel like a huge weight has been lifted. 5 years isn't too long and if you just think of the IVA as a 5 yr Bank Loan it somehow feels better. Take care x

[Ox1987]

The issue is 5/6 years does feel like a lifetime at the moment, and my little girl will only be 5 middle 9 and eldest 13 still very young. That the positive bit but my worry is will I be able to hold my job that long and if no pay rises etc will we survive that long. Or would I be able to get a new job with the IVA on the record if necessary. The wife will try and get some shifts at her old work as bank staff that would help but not consistent. I dont know why but the future seems a long time and scare the hell out of me at the moment. I am back thinking did we have our children too late as I will be nearly 50 when she starts senior school...I am 38 and the wife is 41 (I considered us still young, maybe this has aged me) with a 8,4,0.5 year old....everything seems so daunting at the moment. Sometimes I start to think that should we throw in the towel and go BR get house repo and start again, the fear is what would I/we do and that it would destroy the family and their education etc.

[Foggy]

You need do no such thing. Your budget is healthy, People are just suggesting tweaks should the need arise.

You ARE young ( I shall be in my dotage when Foglet starts senior school ). And you have a happy and debt free life ahead of you.

[josu]

Applogies Ox for making you worry more, i do think you can survive on that budget, as i said before, to me it is a luxury budget. The reason i said you need to get rid of the car is because i feel in order for you to stop stressing you need to free up some more money, i dont think you are use to having to budget which is why you have used credit cards. If getting rid of the car is defintely a no i still think you can survive but you are going to have to start realising it yourself. We are all just suggesting cut backs and at some point you are going to have to realise that you maybe cant have everything that you had before. Something usually has to give. Saying that, it is still a very healthy budget, if you can stick to it.

[Ox1987]

Thanks Foggy and Josu

I needed that I just don't want to go through it all and it be a waste of time. Don't get me wrong I wish I still had my old scenic and not this car, but I was earning a bit more when we got it.
Foggy from your sane post the other day do you believe our F&F has a good chance of being approved.
All I crave for is a simple happy life with my 3 kids growing up nicely and happily. If i can earn to pay the budget and the wife can get a few shifts to top up for savings etc that would be good, anything else is a bonus

[Foggy]

Ox, on your figures, if you went for a full blown IVA, the estimated dividend would be around £13k, over 5 years. So, given that, an offer of £10k, in a lump sum, right now would seem very attractive. The creditors get their money right away, instead of dribs and drabs, and get to write off the toxic debt from their books (which they usually do by selling it on for pennies in the pound).

So, yes, I feel you have every chance of the offer going through.

[josu]

Do you feel comfortable enough on your budget that if it does get accepted you can be happy and not worry so much?

[Ox1987]

Where do they sell it too

I think in reality the IP have the 5 year dividend at 3,000 so would make the 10k even more attractive surely. They have more costs in for other lines which are reasonable but I would cut back in reality.
Thats why I was scared they got the Disposable income at only 50 pound which freaked me a bit as I thought that was too tight, but basically it was the same base as I have on here.

Josu I should do surely as I have to make it work and improve it from there. I am sure you think if I could not there must be something wrong

[lulu123]

Hi Ox.
I have followed your story with great interest since you started posting.I assume by some of your posts, which mention that one of your children have his/her communion coming up, that you are a catholic/cristian. Can I suggest you to visit the church (not necessarily during mass )to help you rebuild your faith in life.
I do apologize if I am completely off topic but keeping my faith helpes me a lot when life becomes more difficult to bear.
Your list of I&E is very generous and I am sure that you will get this IVA approved with the help of Melanie and her fantastic team. Try and relax a bit, focus on your family and your job,treat your depression the best you can,do not get in conversation with creditors and start to live within the budget that Mel`s team prepared for you and soon your life will change for the better.

I wish you the very best of luck and please keep your faith alive.

lulu

[Ox1987]

I suppose I have really lost faith in life at the moment, these things impact people in different ways and my doubts are caused by the reality of the situation. One day I like to think that we whatever happens as long as the family stay together we will be ok, then the next day I have deep concerns over the impact of that. I feel I am up and down like a yo yo and oddly a beer or two has helped but dont want to have to rely on it.

I just wondered often if it was not for my career choice and possibly the children would I have been recommended to go BR, due to the overall state of our finances.

I just need to eliminate BR from my brain as it is not a good option and I don't want to go there

[footiemad]

I have 3 children Ox and I had the third when I was 43 - she is now a happy 13 yr old!! Really, your budget is manageable and as soon as you start living on it, you will see how it can be done. It's not all doom and gloom! All though I would prefer not to be in an IVA I feel that it is like having a massive safety net around me (nobody can touch us). As long as you continue to make your payments or report in when there is a problem when you can't for some reason, you should be fine. If I understand correctly you are with Mel's team, one of the best in the marketplace!!!! We are not allowed to go BR because of employment but even if we could the IVA would be favourite. Don't get too bogged by What If's because you just never know what is around the corner. If you have a crisis there are options in place to deal with these like payment breaks, payment holidays and payment reductions. Keep going x

[lulu123]

OX, to go BR or not it is a personal option . I am sure that BR was explained to you when you had your chats with Mel`s team. Personally I dont want to go BR if I can help it. At the end of the day I borrowed this money with all the intention of paying back. OK,with my IVA I will not pay 100% of the debt but I will pay as mutch as I can. My husband was made redundant last month and I still dont want to go BR, I still want my IVA to carry on. If at any time I find that BR is the only way forward I will have to do it.BR is the best option for some people. If you dont want to go BR at this time just eliminate that from your thoughts and work with the option that you have chosen.

lulu

[Ox1987]

I am the same not allowed to go BR due to employment, what is it you both do then Footiemad. I just want to make sure my kids are OK if that mean aldi beans on toast forever for me then great. The fear was that with the budget I could not offer a decent full payment but do have 10k cheque from a relative. Maybe the generous budget will help the F&F be approved but scared that the alternative would be disastrous for my young family.