Had no idea this forum existed!!

[dragonsfire1981]

Hi everyone,

I'm in the process of entering an IVA. Firstly a week ago I had no idea such a thing existed, let alone this forum. I first picked up a Stepchange leaflet from the library about 5 or 6 years ago, and never called them until this week (though to be fair my credit card debts were relatively small then). I can't believe it took me so long to act though.

So my situation, I've about 13k in debt. A chunk of it was really due to after a conman exorted me. A few bad business decisions as well, such as an advertising business for leads that didn't go to plan. I'm back back home with my parents and at the age of 37, finding it hugely frustrating that I'm here. I don't quite feel like a failure though as ironically my business interests are starting to take shape (unfortunately still not fast enough to be able to plug the gap). There was also a missed opportunity as at one point, the cryptocurrency I owned (in 2017) was enough to wipe out all my debts in one fell swoop (I managed to turn £4,000 into £35,000 within 6 months), unfortunately the market collapsed (though I did cash out a lot of it, I retained the lions share, which have since plummeted in value). I'm philosophical more than anything else, but desperate to move on. I suppose the main thing on my mind is how long I'll have to be at home before I can regain any kind of true independence.

Look forward to intereacting with fellow IVA'ers!

[Foggy]

Hello and welcome,
Cutting right to the end of your main paragraph ... being debt free will be a big step towards regaining that independence. In the grand scheme of things 5 years in an IVA will actually pass quite quickly if you take it a step at a time and don't let it overwhelm you.

[luluj]

Welcome to the forum ... an iva helped us achieve debt freedom in 2011 ... 8 years on I remain on the forum to help and support others as they start and end their journies ....

Think of it as a 5 year loan ... mark up a chart 60 down to 0, and each month tick off a box .. you will be surprised how quickly it goes.

Break it down into chunks ... 20% is one year; 40% is two years; 80% 4 years before you know it it will be the last year ....

Remember we are always here if you have any questions

[abbiesmum2003]

Hi and welcome!
We found forum about 6 years ago.
Started our IVA or as lulu rightly says, a 5 year loan in April 2013.
We completed in Oct last year and now debt free apart from a small limit credit card to help build credit score.
Entered with nearly £50000 debt and a new baby.
We have our budget under control, spending under control and a small amount in a savings account!
It is hard at times but read your terms and read them again then read them again! Make sure you fully understand what it entails and what you must declare. Then relax, and know that creditors wont be able to harrass you and you are on the road to getting finances back under control.

[dragonsfire1981]

Thanks for all the messages of support so far!

I don't so much fear it, though a lot can happen in 5 years, a loan is an interesting way to see it... I initally thought of it as like being on bail or probation!!

I can be pretty frugal when needed... at one point I didn't go out or drink for 4 months (not that I want to do that again!) I'll need to get my head around the agreement when it's discussed.

I was also looking at some of the older sections, so there seems to have been a frugal friend map before in the past, and some atcual meetups, but they no longer seem to be running? Definately would be nice to know people in and around near me (Watford)

[Foggy]

We used to be a far more "sociable" bunch with, as you say, the odd frugal friends meet up, sponsored by an IP member and more banter on the forum generally. Many members connected on facebook as well, but the golden rule was that the IVA was never discussed publically. I did try to revive FF a while ago but, it seems, these days anonymity is the key and that has to be respected.

[luluj]

I live in Beds ... so not too far from Watford ..and would be happy to arrange through admin to exchange email addresses if you wanted to arrange to meet up half way.

[dragonsfire1981]

Interesting. It sounds like a good concept though, since you may be more liekly to be open about it with others who are in similar situations!

We used to be a far more "sociable" bunch with, as you say, the odd frugal friends meet up, sponsored by an IP member and more banter on the forum generally. Many members connected on facebook as well, but the golden rule was that the IVA was never discussed publically. I did try to revive FF a while ago but, it seems, these days anonymity is the key and that has to be respected.

[dragonsfire1981]

Yes am happy to exchange emails then take it from there?

I live in Beds ... so not too far from Watford ..and would be happy to arrange through admin to exchange email addresses if you wanted to arrange to meet up half way.

[dragonsfire1981]

I suppose my biggest worry and insecurity about this whole process is the current lack of independence I have and how it will only make it worse... I don't have any doubt I'll have a problem making the payments or budgeting properly. I moved back home a few years ago after having left a stable job (the boss was a complete arse) and that was the catalyst for some of the debts tbh.

So I've read about the problems with renting, which worries me a little... so it looks like renting via letting agent will be a real hassle because of the credit checks and 6 months upfront deposit. I do have friends and contacts who live in other cities though so I may consider moving to a much cheaper city like Glasgow, or Norwich (I grew up in Norwich and worked in Glasgow so have connections there) but it would mean renting thru provate landlord or a contact, we'll have to see.

[Foggy]

There are usually "ways and means" to cope and get through. Think of it as a means to an end. Five years spent sorting out, potentially, the rest of your life, especially if you take on board the lessons living in an IVA can teach you (it is a sort of "financial reset" with a dollop of rehab thrown in).

[dragonsfire1981]

Interesting way to put it. It's a big fork in the road. My head has been spinning to be honest in the last week since contacting Stepchange. I'm obviously focused a little more on the negatives at the moment than the positives, the main thing I suppose is not knowing the restrictions upon agreeing a budget, and how much it may restrict my lifestyle, I saw some budget examples and thought they looked a bit odd. I do understand from speaking to the Stepchange adviser they are figures proposed to the creditors are to get the proposal through, and that as long as I manage my budget correctly I can of course informally reallocate spending from one area to another.

There are usually "ways and means" to cope and get through. Think of it as a means to an end. Five years spent sorting out, potentially, the rest of your life, especially if you take on board the lessons living in an IVA can teach you (it is a sort of "financial reset" with a dollop of rehab thrown in).

[Foggy]

It might not be the case for everybody, but my lifestyle actually improved once the IVA started. I was budgetting correctly and learning the worth of money. I actually had a few quid (literally only a few -- but more than before) left in the account at the end of each month. Previously I was borrowing to live and every penny went out long before the month ended.
Six years out the other side I still use my spreadsheets to keep an eye on my spending and recognise the difference between what I want and what I actually need. More importantly I still owe no one anything and have a modest savings account.
I am sorry --- but there is little worse than the ramblings of a reformed character. We tend to get a little evangelical at times

[dragonsfire1981]

I'm glad to hear it! It would be much more daunting if I was entering something and there weren't many people to have either been through the other side or to say something positive about it.

The irony is I've never spent extravagantly on anything like booze, holidays, cars, gifts etc. I've always known how to rein that in; the only thing that scuppered me was the businesses that went pear shaped. So I don't think I'll have to make hardly any major adjustments to my lifestyle as it is. I haven't been on holiday for a couple of years and can live with not doing it longer. My main concern is just being stuck at home for a while... but I think within 18 months I'm going to sniff around and see which people I know have spare rooms so that I can either sublet or rent off the agency grid.

It might not be the case for everybody, but my lifestyle actually improved once the IVA started. I was budgetting correctly and learning the worth of money. I actually had a few quid (literally only a few -- but more than before) left in the account at the end of each month. Previously I was borrowing to live and every penny went out long before the month ended.
Six years out the other side I still use my spreadsheets to keep an eye on my spending and recognise the difference between what I want and what I actually need. More importantly I still owe no one anything and have a modest savings account.
I am sorry --- but there is little worse than the ramblings of a reformed character. We tend to get a little evangelical at times