Hi if you are on an IVA, can you still live and enjoy yourself ?

[mole]

I think there are many factors peculiar to individuals on how they cope with their IVA.

1) Lifestyle pre-IVA - Up until 2 months before the IVA I never had a money worry. For last 15 years have been spending as much money as I liked, courtesy of the banks. Coming from this 'champagne' lifestyle to an IVA cannot be underestimated and in comparison it is very hard to live with. [However, establishing a sustainable lifestyle is not really a issue with the IVA]

2) Age - Without stereotyping, I think older people with 'established' lifestyles will find it far easier. They have homes, families, long-standing jobs and relationships. Younger people do not have this 'stability', are more prone to change and need to invest socially to develop their lives.

3) IVA company - from reading this forum, the relationship with your IVA company will vary hugely depending on your IP. This can cause massive unnecessary strain and worry. People need their automony otherwise will feel repressed.

My view is that people are constrained and very much limited by their IVA and if falling into the above categories it will be very much harder to live (and certainly enjoy living) through your IVA.

This constraint for a seemingly increasing number of years 5, 6 and now 7 year IVA is very tough for 'young people'. Restrictions on housing, jobs, education and even starting a family. Also the protracted length means more can go wrong, illness, job uncertainty.

Even tough for home-owners, after 7 years of an IVA, I expect the house if failing down and EVERYTHING in it will need replacing.

All of the above is not a criticism of IVA but a pointer to the Original posters question of live in an IVA.

[Foggy]

Upon reflection I think one of the greatest aids to an easier ride through the IVA (which will, in turn, have an effect of your Life in an IVA) is understanding what you are getting into before you take the plunge.

Many of the upsets I hear of could have been avoided by simply reading and understanding the terms of the IVA'ers own IVA proposal.

This is where resources such as this forum, its members and its experts, come to the fore.

For anyone reading this, about to enter into an IVA:

Speak to several companies and ask questions.
Cruise around the forum and see how IP's operate, ask questions.
When your draft proposal arrives read it several times, ask questions.

[Shining]

Unfortunately, not everyone finds the forum and some in desperation sign up for the first solution offered. I found the forum prior to my IVA commencement as I am well known for doing my homework but in another life things could have been very different for me.

Totally agree that if the word can get out there to speak to several companies and read those proposals and question anything not understood.

[Pennyless]

"Hi if you are on an IVA, can you still live and enjoy yourself ?."

What a great question and equally some great answers but in my individual case I simply ask myself "if not in an IVA could I still of lived" and that question is a resounding "No".

IVA's mean differant things to differant people and for some it may seem a long hard slog but when you hit close to the bottom an IVA can bring you a huge amount of relief and at least give you a glimmer of hope in a torrid situation. That you can get yourself out of a debt nightmare.....now that truly is priceless....or at least it is to me.

[Pennyless]

sorry double post

[Rod Newman]

Excellent sentiment and thoughts there Pennyless

[littlefi]

So interesting to read all the viewpoints. I am personally having a better life in an IVA - so far anyway!

Yes it is restricted but all I'm doing is spending the money I have, not the credit cards money. I wish I'd learnt to live like this years ago, yes I wouldn't have the lifestyle I've had but I also wouldn't have other people reviewing my finances for the next few years. I think this is a small price to pay for the mess I have got into.

Having said all this I hit my credit card limits nearly a year before I entered into an IVA so I struggled like hell to make the payments for a year, this means I am better off now. Obviously I still pay over all my excess to the IVA however, I can eat without worrying, if I save here and there, I can go out occasionally, have some wine occasionally of course I won't be going on holiday for some years but I still have a life. It's also made me more inventive, if I want something or to go somewhere I have to find a way to get the money like selling something I don't need on ebay, or saving the money by scrimping here and there.

I thought I was naturally decadent, but actually budgeting is just fine. I won't lie and say I prefer it, obviously I would rather have money, but this is what I signed up for and I'm happy to pay off my debts!

[AM77]

Our IVA was agreed in June and I have to say while we are by no means living the life of a Kardashian we are able to live.

Agree with other posters in that while we have had lovely holidays and spending sprees in the past the 6 months leading up to looking into an IVA we really were struggling, as reality was starting to hit and the banks were no longer throwing money at us.

It even got to the point where we emptied our coppers pot to buy food, sold loads of belongings on eBay just to keep heads semi above water. As for booking an expensive holiday or buying gadgets that would not have been an option as credit gone, would never have been able to save as did not have enough money to live let alone save.

One thing which I really think has helped us is that we do get bonuses, and while I now have to pay over 50% I can actually do something with the remainder. Before I may have got 100% but it just propped up the overdraft and let us pay bills for a week or so longer!

As we lived such a frugal life in the run up to IVA now it does not feel too bad at all especially when I consider the alternative.

[andrea1968]

we spent 7 months on a dmp before finally throwing in the towel and going for an iva, so we had a *practice run* so to speak!!!!
Our quality of life has barely changed in the iva, the only difference being we now have to think before we buy and realise there is a difference between wanting something and actually needing it.
We have a lovely home and garden (thanks to NRAM unsecured loan), theres more food in the house than ever before, but best of all the bills are being paid on time every time.
Hubby gets the odd bonus which does for a treat and covers celebrations. We wouldnt have seen a penny of it if not in an iva.
Your priorities do change in the iva and as long as all the above are covered each month I for one am content with that.
The foreign holidays have stopped but the way travel companies are going bust and volcanoes erupting I dont think I would fancy it anyway.
When it feels like a struggle, especially towards the end of the month, we just think about what it would be like without the iva protecting us.
How anyone not in an iva is keeping their head above water is beyond me.
-and we know when it will all come to an end and we can CELEBRATE!!!

[SilverLinings]

Adding to this thread... I am still in the process of applying for an IVA and I suppose the ultimate question is what is "still live and enjoy yourself"... it means different things for different people. For me the big question was " why do IVA's fail' - I think this is paramount to your decision into entering and IVA and how you view it. For me there were core questions:

1) How is my life now and how would it be in an IVA - Ive been in a DMP for 2 years in November with no progress, I struggle desperately every month and I mean really struggle.

2) Also how honest are you with your I & E... if it is not realistic then how are you going to cope over 5 or 6 years.

3) Thirdly and perhaps the most importantly are the changes you have to make. If you are living the high life then you will have to make some serious changes if you enter an IVA. If on the other hand you are like a lot of people - pre-iva you are already struggling so the changes are going to be little if not improved.

In my situation, if my IVA is approved we will be better off because within the IVA are budgets that were not affordable before.

I think you can live and be happy in an IVA as long as you're honest with yourself and your budget and as long as you don't expect to go over the top. With a little careful planning you can afford those monthly treats but they don't include additional wide screen tvs, fancy holidays and dining out in the best restaurants. All my boys want to do is to play board games together, play footie and go to the cinema once a month.

Yesterday we went to the charity shops on our way to Blockbuster and my boys were like... oh do we have to go in here - but they got a 'Im a celebrity get me out of here' interactive dvd game for £3.00. How good is that. Books - £1.50 for a Harry Potter book of which my son is an avid reader - would have cost £9.99 in Waterstones - so you still get the same but at a lesser cost. And to add to it... they both said " can we come back to the charity shops there are some great bargains" I won't bother telling you my reply!

My IVA is not yet approved so I am a fine one to talk - but just thinking ahead and in doing that I think I will be far better off in an IVA, less stressed and therefore a better mother! I've done my budget realistically so I think yes... if you are in serious debt like me... then you can still live and enjoy yourself!

[kallis3]

Good post tajsiva and circumstances I am familiar with. We did a DMP for 18 months before entering the IVA as we were told we couldn't do one before.

Neither of us socialise a lot, it's usually family get togethers or FF a couple of times a year which are great.

I like charity shops as well and also use Ebay - have had some great bargains off there and also managed to sell a fair bit of stuff. I love a bargain and earlier in the year managed to get some tops and shorts from Sainsburys for £1 each!!!

Sadly that's not been repeated since!!

[lem]

I took my 12 yr old daughter to one of the charity shops last sat and she bought a Jane Norman chunky cardi for £5 that must have been at least £40 when new and it's gorgeous!, I'm so glad my thrifty ways are rubbing off on her, I hope she never gets into debt the way we have.

I think also one of the key things touching on what Foggy has said is to take your time when setting up an IVA, we took 6 months and looking back, although it was so stressful at the time, I am very glad it did take that time, it enabled us to really think about what we were doing, ensure we got our budget set right from the off (it must have changed a hundred times during that period before we finally all agreed it!) and also enabled us to build up a bit of a contingency, I think there are a lot of people who go into an IVA far too quickly, through desperation but without giving it enough time and thought and then find themselves struggling to cope with it once it starts.

[orchid5]

Great Posts here and good insights to what an IVA life does entail, i can't believe that i am 50 months down that route already, it hasn't been easy there are times when i see things in Monsoon that i would dearly love to buy but can't afford it, earlier times out would come the plastic and hey presto another addition to an already full wardrobe. Now i also browse the charity shops and have great fun especially when i also pick up bargains, by way of saving for christmans putting a few pounds if i have them spare on stamps for a certain supermarket as well saving vouchers for xmas all mounts up and todate myself and my partner have £300 combined so not bad, previous life would've been, spend on credit card, go overdrawn at the bank and worry about it later. Not now, love the fact that i can budget, my only worry looming is what will be happening to me as still no answer re the equity or lack of it and also that dreaded time of the year CAR MOT, but fingers crossed my lovely friends hubby will do his best. Talking of friends you need them, don't exclude them from your worries and fears sometimes they provide a voice of reason for you, you have nothing to be ashamed of and to be honest i think there are more people out there with the same problem but just haven't owned up to it. Good luck to everyone on here, life begins once you have decided what you are going to do, it won't be easy, it does take committment, there will be up's and down's along the way but at least you will be debt free at the end of it, nights of sleep and food on the table.

[Gina.gu]

hi all, all the positive stuff above is true. you learn new skills. I can feed a family of 5 for a small amount which would have been blown in the old days on rubbish. I remember in a previous job seeing an elderly woman do her shopping list and thinking wow how do you survive on that, but i do that now and its great. More money for the kids things and treats and we are all healthier. Lost the 2 stone i have been trying to shift for ages and i hope to keep eating that way when the iva ends. Yes i do have to walk past all the great shops but there is ebay and as lem says the charity shops. I do look forward to the end though but life in an iva can be good. The best weapon is a sense of humour and a good iva company. ....

[Rosepetal]

living within your means is a huge lesson. my health puts a lot of restictions on what we can/can't do but even so we are very content closing the curtains,fire on snuggled up watching a film.

having a dog is good,she gets us out for a walk (me on my scooter).

hubby enjoys a drink but has cut that right down.
i want to feel safe,without fear of baliffs.
my hubby could never be pinned down on a budget,now i know why. Tina giving us a I/E list has been life changing for him. he insisted on doing the £ but never had a proper budget.

teaching our children is so important.