Tonight I really feel at rock bottom - everything is getting to me and keep crying. Everyone is out of the house and I feel so upset.
My usband and I have been in an IVA for 5 years and about to start the 6th year due to the equity release clause.
My contract is changing in a couple of weeks and I will lose around £320 per month gross per month. I have found out this week that the council tax and gas/electric are going up. Our car insurance has just gone up and petrol is through the roof.
I have been in touch with our IVA company and they have asked for a new I & E. I can't do this yet as I don't know exactly what my new monthly salary will be. I am awaiting details from my employer. I am a public sector employee and pension contributions are also going up.
I am worried sick as we are really struggling. I don't want anything to go wrong but am scared of what might happen. I feel as though my life is in a right mess.
Stay strong , your so close to the end , I would talk to your ip again and look for an immediate solution , you could have a payment break until you find out what you can afford , it's tough , I'm in my last year and this has defiantly been the hardest .
Good luck
hang in there everhopeful, I'm going through a similar thing tonight, feeling very down and tearful but have another 3 years to go yet!, I am public sector too and although I have just had an increment rise this month, i have also had a letter saying my pension contributions are increasing so it will wipe my rise out, both me and my husband travel 60 miles to work each day which you can imagine how much of our salaries that takes in fuel! and just when you think you might be a little etter off, its pulled from under you with rises elsewhere in your budget.
All my work colleagues are on a night out tonight, I have seen their pics posted on facebook which depresses me even more as I cant afford to go, I cant remember the last time I had a night out, its been well over 2 years
I am not going to be able to afford to pay anything. My pay is being reduced by a gross amount of 320 and our IVA payments are 289 per month. That is the worry of it all.
The last year is the hardest, everything around you seems to be old, shabby and boring. The house, your clothes etc. But you are so close to the end now. You must try to look back and see what an amazing job you've done over the last five years. I'm sure if you speak to your ip again they will be able to sort something out. Good luck to you.
I suggest you speak to your IP as a big drop in income like that needs consideration. If you can't maintain payments ask if they'll propose your creditors accept what is paid to date? X
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Stay positive ...you have travelled such a long way . Why can't your payroll department calculate your new take home pay or you....if you explain in confidence they should be able too. I am public sector and i know exactly what you are saying re the pension increases ....no payrise for three years and no increments either ...beyond a joke now in my opinion.....strike action has been called for PCS members on the 20 March and on the 5 April but so many union members me included have said we simply can't afford to walk out......
I looked back on my wage slips and in the last three years my basic take home pay has dropped by £180 per month......simply unmanageable now ...time to look out in the private sector me thinks!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I know it's easy to say but please stay positive. I'm just coming to the end of a 6 year IVA, 5 plus 1 for equity release, and as wiggle1 says the last year is the worse. That may sound odd to some, but we've found it to be the case. If your income is reducing and living costs are rising, (and they are!), these can easily be proved so I can't think of any reason as to why a reduction in your payments or an acceptance of what you've paid to date, as Lesley mentions, won't be accepted. Do you have a minimum dividend to meet?
Last edited by Sensible77 on Sat Mar 16, 2013 11:10 am, edited 1 time in total.
That is very kind of you wiggle1. I do get comfort from people on this forum and I really appreciate it. Nobody judges me on here and I can talk about how I feel. Nobody in my real world knows about the IVA so I feel as though I have to pretend everything is fine with my friends and family.
People on here understand as everyone has been in a similar position. Things are so difficult right now.
Luluj - I am a member of PCS too but can't face crossing the picket line on wednedsay. Luckily I have been given the chance to do work overtime next week so I won't lose the money. Pay and conditions are getting worse aren't they? Which department are you with?
Thank you to everyone for taking the time to reply - I am so grateful!!!
Last edited by everhopeful2011 on Sat Mar 16, 2013 11:27 pm, edited 1 time in total.
Hi, it's never easy is it? As you can't complete an I&E yet, speak to your IP and see if you can take a payment break. You have done fantastic to get to where you are and your IP will not want to see the IVA fail now. If the changes mean you cannot make payments then a settlement based on your payments to date may be possible.
