I was wondering how everyone has found their IVA's. I found the 1st year quite smooth and easy to adjust to. However, when things need repairing or you want to re-decorate etc and there is any spare cash, thats when I found it a struggle.
For us, hitting the 18 month mark has brought it home that we are in an IVA. Just wondering how everyone feels or have coped.
I totally agree with you Julie. Thus far everything's great (one year in) but I do worry about unexpected bills, not least my car which has now done 136k miles.
I have total respect for the resilience, dedication and good humour shown by people here. Just hope I can manage the next 4 or 5 years; seems a lifetime away.
Being nearly at the second year mark now all has gone well so far, with a few hiccups along the way. There is always that little nagging fear though, as you say that some huge unexpected cost will suddenly appear. I dont like to be really low in our contingency as we are at the moment due to having been away, and wont relax until we have put some of it back. Not easy on the run up to xmas, but still so much happier and better than pre iva.
We have completed just over 3 years and things aren't too bad day to day it is when you are hit with some unexpected problems that require money fast that I realise how restricted an IVA is. Some how we manage to get through but at times i am not sure how.
But I do not for one minute regret going for an IVA.
Jan
Nothing you can buy feels as good as not being in debt.
hi there, just completed 15 months in an IVA and so far not too bad but know what you mean, no holidays, working hard to pay off etc but hey i suppose it could be worse, i do worry about unexpected bills like cars etc but the peace of mind and nights of sleep that this has brought me is priceless.
15 down, 45 to go
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
hi am 9mths into an iva and have been coping ok apart from burst radiator on car and mot which set us back combined £600 , the problem i have is my dear old hubby he still has the payday spend gleam in his eye and takes money out bank and then gets fed up when i question what it was spent on if it was a want or need , normally its an actual need and normally for the kids and its normally onlya little spend lol im pretty good at sticking to shopping lists etc and at the moment my utilities are all in credit by about £50 each as i pay monthly dd i'm just counting down to completing iva . i am happy knowing that if i answer the phone its normally someone i want to speak to not a creditor wanting payment and my postmans getting a break as i don't get any red letters demands for payment etc any more which is nice as i dreaded opening the post and my little brain is rested knowing the budgets in place and that all bills are paid on time and have money for food etc and i don't have to work out who to pay when how with what or maybe miss that one and pay that 1 etc and i do sleep at nights save the broken sleep of any parent with a toddler so mainly positive for me , and hopefully will be getting job as applications for jobs been sent out so more to pay off our debts but also more for us too
elldina
It's good to see that you are so positive Elldina, as is everyone on here.
Ours seems to be going along ok at the moment (touch wood!), no major expenses and a little money left over at the end of the month. Only 6 months in, and I must admit that it does seem to be stretching away far into the distance without the finishing post in sight.
Still, each month brings it a little closer.
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've got my initial telephone appointment to go through my options on Monday, snd initially I thought 5 years was an awful long time to have to account for every penny of what I spend, but I've now got all my debts listed in a spreadsheet (£88,000 in total) that shows how much interest is being added each month, and I comfort myself in knowing that without taking some action now I would have to pay them off over a far longer period than 5 years. In fact its doubtful whether I would ever be able to. I pay £1350 a month in loan and credit card payments, and about £600 of this is interest from the previous month. But then because all my money has been used up after paying rent/maintainance/car payment, I have to rely on credit to pay utility bills, living expenses and food/fuel etc. so the position is getting worse each month.
Im looking forward to having just one affordable payment going out each month rather than the 8 or 9 I have to find at the moment. Its taken me a long time to face up to the mess I am in because up to now I have somehow managed to keep meeting the minimum monthly payments but now my sales bonuses have stopped which make up up to half of my salary its time to take my head out of the sand and do something positive.
Well you've taken that first, most important step in recognising the problem and doing something about it.
Provided everything goes ok tomorrow (which it should),then in a couple of months or so time, you can breathe a sigh of relief and look forward to a debt free life.
Good luck, and let us know how you are getting on.
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
When five years seems a long time to be paying back a high level of debt, it is often a good idea to go back to the loan agreements where you may find that you actually contracted to pay over a much longer period. It will soon pass, and once the first year is over most of my clients say it is plain sailing from thereon.
I would advise everyone to build a contingency fund ready for the rainy days. Even though we've had stressful times lately with extra costs, I don't regret entering into an IVA. It's surprising how you change though through having to budget. I've started to sell unwanted clothes on ebay, whereas before they would have either stayed in the wardrobe or I would have given them away. Now every penny counts!
