Just another thing - it seems tedious when going through all your paperwork, but get together as much as possible to make sure it works in your favour. For example I printed off our last 12 monthly electric bills, telephone bills etc and working it out as an annual average rather than the last couple of bills worked in our favour. Also have a sit down and work out everything you need to spend through the year. Pet insurance, dental, opticians etc as some things are easy to forget. On www.beatmydebt.com there is an expenses guide. I wouldn't ponder too much on the amount for the allowances as they are guidelines, but it lists everything that can be considered as an expense.
Also beckie.
You probably already are aware of this but your monthly payment wouldn't necessarily be set in stone. Each year you would have an annual review where they would go through your income and expenditure again. If it turns out you have more disposable income than the previous year then they will take a percentage of it and increase your monthly contribution.
Some peoples contribution increases others stay the same.
Nothing to worry about but just didn't want you to think you will necessarily be paying that amount for the full 5/6 years.
It's difficult to begin with, knowing there is no safety net to fall back on and you have to budget like crazy because once it's gone, it's gone!!
I am still trying to get my head around it but we have had a couple of expensive months. The novelty of paying for everything with cash though still isn't wearing off! It's a good feeling and will be worth it to be debt free at the end of it all! xx
Hi.
For each annual review they will ask for certain info. Some want p60s, wage slips, others want bank statements. I just have to send in p60 and wage slips.Some will ask for receipts (petrol for example)if you are increasing your expenditure. Best to ask Clear Debt or whoever you go with what they would ask for. But nothing to worry about.
Personally I have never had to justify my expenditure, I've put down what I've spent and that's been accepted.
It is down to the different companies though.
We find at the moment that we can manage and still have a little money left over each month at the moment. I actually like paying cash for things and always take a list out when I go shopping and pretty much stick to it.
What I did when I first started was to do a virtual shop at Tesco, Sainsburys and Asda and see what was cheaper. It did help to save money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
I haven't started the IVA yet but this last month have lived according to the allowances proposed. We have found we have a bit left over and we haven't had to go without anything. Treat it as a 5/ 6 year loan repayment and it seems to feel better in the mind!! It also teaches you to think twice before spending which is a good thing and from other posts on the forum it looks like you tend to still live like that after the IVA has finished. Good luck!!
Hi, I am with Cleardebt and I've just paid my 2nd monthly payment - I first contact them in Feb and I've found the whole process to be very plain sailing, I've had no real issues at all and found Cleardebt to be very very helpful, always easy to contact and very clear when explaining things.
They got my IVA approved and sent me the chairmans report within 2 days and since then i've had no real dealings with them. Unless of course anything changes my side with my situation. I got an email advising of my IVA acceptance and just saying someone will be in touch in the next 12 months to sort out my Yearly review. All in All, and i know its only early days, I'm very happy I went with Cleardebt.
Hope you have a smooth journey!
Susie
x
IVA Accepted 31st March 2011.
IVA Ends 31st March 2016.
Thats really helpful. Im dealing with a lady called Sarah Longsdale there and she's been great so far, as you say, very helpful and explains things well. Did you have to attend their office at all and how long from the courier collecting your documents from you did it take to getting the IVA accepted?
We are with Clear Debt.We had a clause in our arrangement that we would have to remortgage to release £10K each in year five. Our paperwork says that if we can't do this then we will have to pay another twelve months in lieu of equity. Like others on here, we can't get a mortgage anywhere, and they are making us continue for two more years, not the one set out in our agreement. We tried to find out why and told them numerous times that this was'nt part of our agreement, but they refused to discuss it. They said that if we didnt agree to two more years they would let the IVA fail. We have'nt missed any payments and our contributions have increased by over 50% over the last four years. They have coviened a creditors meeting soon to tell them that we will pay for another two years. If we had known when we entered the IVA that they can just change the terms we would have thought twice. I am really gutted that we will have to pay for another two years. Has anyone else had the rug pulled out from under them like we have? I would be interested to know if this is the norm or if it is just CD that do this.
Hi Beckie. Susie will explain her circs. I am with another firm and it takes approximately 6 - 8 weeks from start to finish if there's no queries. I contacted my company 1st in April. It took me a few weeks to get everything together as I suffer from depression. IP issued IVA proposal to us mid may. I sent it back 1st June and our meeting is 21st June.
You normally only have to do a face to face meeting if either of you are self-employed.
I've never known it be two years extension in lieu of equity. Did you have a minimum dividend to achieve? It might be that you're not actually going to to achieve it.
Size5 who posts on here is from Cleardebt so hopefully he can pick up on this and address your queries.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Are they asking you to release the 10k each as you have got the equity in your house? I doubt very much that even in 4 years we will have equity there as our house is currently in negative equity. I thought IVA's were over 5 years as standard anyway? Am I wrong?
