I am just wondering does anyone else feel that they are not entitled to a life whilst in an IVA? There are only a few close friends who know my situation and for certain reasons I cannot tell my family. I am being careful with my money following the budget that was set out in my IVA and saving half of any pay increases ready to pay into my IVA as requested by my IP. So I feel that I am adhering to the terms of my IVA well and as far as anyone else is concerned I am being careful with my money especially considering the current climate. What i want to hear is that it is alright for me to save my social allowance (a pittence) for things that are coming up in the future - I am bridesmaid for my sister next year and she wants to go away for her hen weekend - so the saving is beginning 20 months before and my best friend is getting married in september so i am savign up for the hotel room, plus he's promised to subsidise it for me (so sweet). I have already had to say no to one of my closest friends wedding and hen weekend which for me is a big thing to do but i have explained and she has understood. If i have to say no to going out or visiting friends for the next 5 years i think i may just go insane. This is probably a stupid rant but at the moment i just need to hear it from people who are in the same situation as me.
Hi
If you can save money from your expenditure allowance or share of any overtime then you are free to do as you wish with it.
It is so important, to any one contemplating an IVA, to have a reasonable expenditure allowance.If it is too tight you will find the IVA unbearable.
The only plus side is that when you do ave for the odd traets etc they do seem that much sweeter.
Regards
Hi there - I know how you feel and its all part of getting to grips with budgeting. As Andy says, if the IVA is set up properly, it should be realistic and you'll be able to live and have some fun over the 5 years.
Is your IVA in its early days? You'll find yourself saving money on all sorts of things and really not wasting money at all. If you can save this then nights out etc are possible. As long as your paying your IVA, if you can save some money from your allowances then you're free to do with it what you like.
Remember there's loads of sites where you csn make savings on hotels. try not to let money get in the way of you enjoying the weddings ! xx
But surely one is allowed to put money aside for such things? If any extra money is earned, it doesnt have to all go towards IVA payments if for example your saving for a Hen Night/weekend or holiday? or even a new wardrobe for the summer, im sure your catchin my drift?
Im assuming one is allowed to save even for a "rainy" even.. ? im at the very beginning stages of even being zccepted for an IVA hence why i ask these questions regarding Welshbirds post.
You are only allowed to save a small amount of money, plus if you can save any from your other allowances, that is allowed as well.
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
Hi there - yes I did feel like that to start with. But Swans Girl is so right about the budgeting part.
I had to miss my best friends 30th Birthday do. And this was a very close friend, I had a dress I desperatly wanted to wear for such an occasion (still not worn it yet!). But as it was 3 weeks b4 xmas my sons 6th birthday coming up too! I calculated the cost of taxis there/back/babysitter home (mum in law - so free baby sitter in a way) & drinks for me & the hubby - I could not do it & I was gutted. The one thing I did was tell my "best" friends about my IVA - they were shocked, but have stood by me all the way.
On the plus side I went to a concert of a band that I wanted to see as a teenager (just made a comeback) & felt good paying for my ticket (in september 08) & saved up a bit of spending money & money to pay my friend petrol. With out credit! I enjoyed it more & had the best night ever! Now nearly 10months into our IVA I budget better, shop better & have learnt to say NO to my 2 little boys wanting everything! It does not do anyone any good getting everything want - especially on credit!
I still get frustrated though - In the January sales when everything 1/2 price & its something we could do with (like a new kettle!) but dont have the cash for it. I stand in the shop & scream inside my head with frustration! But walk away saying to myself "oh well there are always more sales" & feel better for not having a credit card to slap it on x x x
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
so if for example one is in a commison based job and take home 400 more on one month than another, i can save an amount but put the rest towards the IVA?
Is there no way you can just save the whole amount?
S-star- have a look at your proposal.There's probably a clause about overtime, it will tell you exactly how much you have to hand over to the IVA and how much is yours to keep.
It's usual to be allowed to keep the first 10% over and above your normal pay, plus 50% of the rest. The other 50% has to be handed over.
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
Hi Welsh Bird.
I think I understand totally where you are coming from.
Not many people know about my situation.I have a good salary now and it's hard to justify not spending money with other people.They think I'm being careful!!! Wonder if they realise that I've had no new clothes etc for ages. Half term this week.Lots of offers to do stuff with friends- London trip ( yeah right?) chester zoo? We did manage the pictures and a trip into Manchester, but feel I have to explain all the time.A friend is having a birthday soon and wants to go and see We Will Rick You.Lovely, but £50 ticket plus a meal and dribnks later and something to wear.She's on benifits!! Clearly I won't be able to go (unless I starve the family for a week and they might object to this!)
We'll get there and when we do we'll be so good at budgeting and saying no those friends will come to us for advise,
Good Luck
cat
Cat 1 _ I really know just how you feel during half term, During the first few months of my IVA was the summer term & i had to turn so much down I felt awful & guilty. But we live in a lovely area - seaside/countryside & forestry are all 10 minutes away. So I have learned that the things that you have to pay to do that everyone else does - does not mean it will be the best. The best times they my boys have had have always been the free ones with homemade picnic - even just to the local park for the afternoon with their bikes.
Final IVA payment made in April 2013, never ever thought we could do it or get through it but we did! X
An IVA.co.uk Mentor is someone sharing from their experiences of dealing with debt
For those of you who collect Tesco Clubcard points it might be worth looking into their deals. You can change your points for vouchers to get into places - some zoos, sea life parks etc. Dave and I got into the Historic Dockyard at Portsmouth for £2 each by doing that. £5 of points is worth £20 in vouchers.
Last edited by Skippy on Sat Feb 21, 2009 8:15 pm, edited 1 time in total.
for me from 1st march i can do extra hours at work for 3 months , this is due to my manager going to another team , and us being a nurse down and as ionly work part time , im increasing hours, short term . our iva states overtime and bonuses must pay 50% into iva , well this will be neither just paid in my salary as additonal hours . so im guessing that our next review, when they calculate wages etc they will just be asking for some more from us. car sounding well ropey and we just had to pay £220 for some bits for engine.... coil packs or something, be buggared if it packs up on us
Make sure you keep those receipts to show the IP that you have had extra expenditure.
Once you start working those hours, it might be worth phoning them to explain, and also explain that it is temporary. If they are going to want anything, you might be able to pay over a bit at a time rather than them asking for a large amount all at once.
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 would would do what Jan suggests and contact your IP and explain the situation. If you have any extra money to pay over it's better to do it as you get it rather than have a nasty surprise at your annual review.
