I am in the fourth year of my IVA and this Dec I hope will be my last review. I have to date complied with the terms of my IVA and have not defaulted once. And if I continue like this my creditors will get what was agreed. My question is this. Obviously this dec at the anniversary of my IVA I will have an annual review just as every year but what about next year? My final payment should be Dec 2009 but will I be subject to a further review before the IVA is deemed as complete and final??
Nearly there - wish I was ! Speak with your IP for clarification - I would have thought this will be your last - next year should be your completion statement !!!!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
In my opinion this December will be your last review - check with your Supervisor.
Well done only 1 year to go - hope you have learnt to budget and you keep it up.
Best wishes.
Regards
David
Last edited by David Mond on Thu Oct 02, 2008 9:06 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You ought to get a mini-review at the end of the case, which ought to check whether there are any additional monies due to the IVA by way of overtime or additional amounts earned during the previous year, and you will be required to provide confirmation that you have not received any windfalls which ought to have been paid over to the Supervisor.
I am really pleased to be coming to the end of this but I am pleased to report that I am a budgeting genius and will never ever use credit again. No need to firm policy of save then buy and it has worked these past four years. I think I was lucky compared to others I have read about on here in that I think my IP was quite realistic in what I could pay and has not stretched me to the point that I am on the breadline.
I will check with them to see what I need to supply!!
Great, now you have one other task after your IVA, rebuilt your credit file.....it is not credit thats bad,credit keeps the world going merrily along...its uncontrolled consumption thats the antithesis.We all got caught up with shopping therapy over the years racking up cards and why I ask....I still don't know.There must be ways of forfilment that don't need to spend your future wages TodaY?
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
Well reading the previous post, Bambi isn't bothered about building up the credit rating again.
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
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Well reading the previous post, Bambi isn't bothered about building up the credit rating again
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If one doesn't use credit then how long will it take to buy a car, replace the home furnishing, etc etc in a family setting? Only a few people can get away with public transport(what for life?)......I know a guy at work, a cop and his wife an accountant have no need for credit....but their combined income is 70K!! So I guess you don't need credit with that gross income, How many people who have been racking up debts have been on that income....no need realy??
Credit is needed now, tomorrow and forever....the intincts to buy to please oneself NOW is too great to resist....we all like to pamper ourselves....and others and that cost $.
Last edited by NBNA on Fri Oct 03, 2008 10:13 pm, edited 1 time in total.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
One or two people on here yesterday posted that they would be saving for a new car etc. They are paying a lot of money across to their IVA and so it won't take them long.
We on here have all learned our lesson the hard way (at least I hope we have). I won't be doing credit. I'm fortunate that we get our car through motability so don't have that worry. Anything else will be saved for.
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
Bambi81
Congratulations on getting this far. Well Done !
Can I ask which company are you with ?
Have you found it has gone fast and has the budgeting gone ok.
Its all very convienient to think that when the IVA is over, the money that used to be paid to the creditors will then be used to buy cars,big ticket items etc.No need for credit?? But you have to bear in mine that the current allowance given in an IVA would be defined as 'living in poverty". There is a demonstration today on child poverty in London, and they say if you have less than a tenner a day to spend on a child then thats children living in poverty line.(1 in 3 kids)For an adult won't it be more than a tenner to live above he poverty line??? I am not even going to ask people what they think they are living on a day as CCCs decrees? Its obvious....
When the IVA is over, you will increase your expenditure and life above the poverty line...to enjoy the finer things in life...that will implode on the budget that used to be given in an IVA. Credit will be partially needed as in most non iva UK families....that is a normality....we can't wait forever to save for ever and enjoy life..its too short.Life expectancy of 70? All the tepid talk of a pension shortfall? Better to get on the dancing shoes early with a pocket full of change.
The world has not made up its mind how much credit is too much or little but what we know what poverty is to be avioded at all cost.
Last edited by NBNA on Sat Oct 04, 2008 11:29 pm, edited 1 time in total.
"DEbt is all in the mind. Think wealth and you'll be wealthy but not in £££"
Speaking as somebody that has come out of a completed IVA (hubbys not mine) If we need another car, we will save for a second hand one. We still live pretty much to the budget we lived on then apart from the things that have increased. For 3 years we proved we could do it.
Obviously money isnt tight any more BUT we have learned what is a luxury and what is a neccessity.
I dont disagree with anyone wanting controled credit, thats the choice we make as an individual but lets face it, brand new cars are not a must, the latest electrical equipment is not a must. They are just material things.
Household items are far easier to get at good prices these days, therefore, far easier to save for.
I'm not having a dig at anybody, merely giving my opinion xxxxx
Sorry, just to add.......i know compared to some, our allowances were pretty good. I'm not blind to the fact that some are stretched to the limits so please, no offence to anybody.
