I personally find I'm better off within my IVA for disposable income than I was pre-IVA as all my disposable income was paying bills that came as I'd never missed a payment upon entering my IVA but knew I was out of my league as we were scrimping on everything. At least now I have allowances and can pay cash for these things. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
andrewgoodman121 wrote:
I wonder what the Lowest Point anyone has had to endure or sunk too while stuck in there IVA's.
I know there is SCRIMPING and STRUGGLING but having to be envious of other people for 5 years enjoying there an lives while you are Stuck and on HOLD can make you Depressed and Peeved Off.[:(!]
To be honest, Andrew, I am not envious of those not ( as far as I know) in an IVA, spending merrily around me. There is a very good chance that they are struggling much harder than I am to keep up the front. And I know, in 4 years or so, I will be debt free and everything I earn ( that the taxman allows me to keep) is mine, and all my wordly goods are paid for.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
but a lot of those people 'enjoying their lives' Andrew are doing it all on credit anyway and are up to their eyeballs, at least when we are through our IVA we will be debt free and all our money will be ours, while they are still enjoying themselves on their credit cards and getting nowehere with their debt
Unfortunately that is the way our economic sytem works. People have to continue spending in order for the economy to "grow". The fact that a lot of people are taking a reality check and becoming more frugal is sending the "casino" bankers and stock markets into a spin at the moment (not withstanding global factors such as the Eurozone crisis and the high price of oil)
Last edited by tigger on Wed Sep 14, 2011 4:14 pm, edited 1 time in total.
tigger wrote:
Unfortunately that is the way our economic sytem works. People have to continue spending in order for the economy to "grow". The fact that a lot of people are taking a reality check and becoming more frugal is sending the "casino" bankers and stock markets into a spin at the moment (not withstanding global factors such as the Eurozone crisis and the high price of oil)
This is what Mr O seems to be overlooking at the moment!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The Economy is not Growing i think because most people now cannot get Credit or Loans Anymore as they are all Maxed Out and are Deemed as Credit Risks.
Most People are either Bankrupt,IVA,Debt Management Plans or Debt Relief Orders,
Unemployed,Repossessed,Lowly Paid or Mortgaged up to the Hilt.
VAT is Up
Train Fares are Up
Cost of Living is Up
Pay Rises Frozen
Pensions in Crisis
Everybody has HAD ENOUGH OF BEING IN DEBT and WANT TO GET RID OF IT ONCE AND FOR ALL!!!!!!!
absolutely Andrew, ker-ching! the light has well and truly switched on in many of us, tell that to the government though! and all the people who are setting up businesses who still seem to be hell bent on just providing more and more 'services', and 'shopping centres', 'coffee shops' and 'restaurants', that nobody can really afford without masses of credit to fund it, I think a lot of the british public have really woken up and smelt the coffee and this is why our retail sector is dying at a fast rate of knots
It is interesting how more and more people are addressing their debt problems and are actually in debt.
I work for a company of approx 30 exmployees, when I first started there I can honestly say I was not aware of anyone having debt problems. But some five years down the line I have seen two bankrupties, two IVA's, one Debt Management Plan and one person who owes £250k to their bank and is paying it off on an Attachment of Earnings. It will take this person 102 years so is having going bankrupt.
It is a shame more and more people are having to go down this route.
I have to admit a lot of my debt problems probably were excessive spending but an awful amount of it was caused by trying to keep a roof over our heads, put food in our bellies and keep the car running.
I think, apart from anything else, this financial crisi has made us all more aware of our finances and examing exactlu how thin the ice is! We all seem to have become mini - economists too !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
In my own inner circle of friends, which only comprises of around 10 couples, over the last five years we have seen three bankruptcies, two IVAs and a couple of informal arrangements. My friends are not reckless spenders - but people who have been unfortunate, and suffered from the usual divorce, illness and redundancy - being the main drivers to most debt problems these days.
I'm certainly not envious of those not in an IVA - my life is good at the moment. I have the cash to be able to do things and if I want something I have to save for it.
I look on it as a 5/6 year loan and at the end it will be paid off and apart from mortgage and secured loan (which will be nearing the end anyway) that will be it.
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 had a wobble around year two. Lost my job and fell about two months behind (overall two months as I continued to make token payments). I was with BE then and I must admit that they were great, caring, talked to me like a person and not a 'number' and said they would do everything in their power to help me get my IVA back on track (I vaguely remember the account manager telling me that they weren't in the business of letting people 'fail'). I thankfully found another job and met my (now) lovely new wife and between the two I managed to make the payments up slowly, paying a bit here and there (sometimes only £20-£30 every few months) but by the end of the IVA I had caught up.
It's a long hard road but I can guarantee you there will be no more loans or CCs for me.......
I`m extremely glad that I entered my IVA, my only regret being that I didn`t do it earlier. I had very large debts on starting my IVA, but since May I`ve been paying considerably more than was expected into it due to anticipated employment changes not yet coming into effect, so already the dividend payable to my creditors is improving every month and will do so until my employment circumstances change.
Up to now I`ve been able to negotiate my way through any car repairs, etc... that have arisen, but looking around my house outside and in, and at my garden fence I can see many problems to greet me in the not too distant future.
Since my IVA started my monthly outgoings have increased by well over £100 a month, luckily my partner`s payrise just about covered things.
My concern is that when my employment changes do come into effect, will I be able to manage due to the rate of price increases and my mortgage now at the mercy of interest rate rises.
We are all in the same boat I guess...I just hope I don`t fall overboard.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
Foggy wrote:
I think, apart from anything else, this financial crisi has made us all more aware of our finances and examing exactlu how thin the ice is! We all seem to have become mini - economists too !!!
Pity I haven't become a mini - typist too !!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
