One other thing about being in an iva and getting the debt paid off is the biggest thing it gives you is your freedom back, that might sound odd with the restrictions we face living in an iva, but when you are in masses of debt, it forces you into a way of life you might not want because you have those commitments to repay, so you end up staying in a job you hate, living life in the rat race, but once you take a step back and sort the debt out, it gives you your life back, you have options again, you can take a different job if you want, move home, reduce hours, have a baby!, change your life as it can all be factored in with an iva and once you're debt free, you can't do any of those things while heavy debt is weighing you down
Last edited by lem on Sat Apr 13, 2013 4:09 pm, edited 1 time in total.
Ox were we (are) in such a dreadful state financially that credit rating was shot so the affect an iva had on it doesnt bother me because i couldnt have got more credit if id tried and by looking st things by the time iva is finished if our income stays how it is we wont ever need credit again apart from mortgage. I dont ever want another credit card or loan again. I dont understand enough about your job to comment but an earlier post mel said she's had experience with clients in your position so hopefully she can advise further. I am glad you phoned her office and got to tslk to tina...big step!! Well done!! I sm sure they will be more than happy to speak to your wife too snd answer any questions she has. We went with the iva option as its legally binding and creditors HAVE to abide by it snd freeze interest and its over after 5/6 years depending out situation with property. A DMP for us would have taken considerably longer and I feared it never ending if creditors continued to add interest.
People have posted about car lease and mortgage rates etc on previous posts so scroll back and have a read! Yours are not new questions. You will get through this its just such a minefield to start with. Once you know where your going, who with and have a plan you will feel so much better. Keep wife in the loop so shes fully aware of whats going on too! The children will be ok and Mels team will ensure a realistic and affordable plan of action. I believe living in an iva will be tough (we are only 2 weeks in!) but its got to better than fearing every bill and shopping trip. The children want happy parents who are not worrying constantly sbout creditors calling. Too much is made nowadays about material things and latest gadget. My daughters friends all got ipads for christmas...she got the Barbie doll that she was desperate for!! Its not the expensive gifts that kids want its our time and attention which costs nothing.
Well if a F&F can be done it would take the pressure of and I could concentrate on making sure I have work after next year, but i would not have the thought of creditors over us
thank you foggy. i think thats where things have gone wrong as children are bought all the latest gadgets but then no quality time. We have lovely days out together for free or at least low cost and they dont have ipad, tv in bedroom, lavish holidays or designer clothes (tbh i dont know what our debts been spent on other than home improvements and our wedding!!) but anyway....my friend is a single earner (bf is a lazy git and refuses to work as would have to get out of bed) they have 2 kids aged 5 and 3 and for christmas she bought them BOTH anipad!!! OMFG!!! as if they need that!! Then she moans sbout debt and no money!!! Well its not necessary. So to make ends meet she works her normal hours then banks nights on days off (shes a nurse) so never sees kids. They have to go to her dads as their dad stays in bed!!! kind off gone off topic now but it bugs me!!!
oh my god abbiesmum, you could well have the same friend as mine, i have had a rant about her on a different thread. Two kids, 5 and 3 Ipad each for xmas and we don't even have a family Ipad. Not mini ones either, big giant Ipads each!!!! Even if i was loaded i wouldn't do that, my children got toys for xmas!!!! Anyway this friend of mine has just announced she is going bankrupt and it has really irritated me as i am nearly at the end of my IVA and its been hard but i feel i have learnt so much and paid back a lot of my debt yet she is just getting hers wiped. Anyway totally off subject it was just the two Ipad thing that got me wound up again!!! lol!!!
Haha!!! thats quite funny that you know someone too!!! maybe it is a small world and is same person!! Its not necessary for them to have! What will they ever learn about value of money. My daughters nearly 10 and doesnt have stuff like that. She got a portable dvd player (£50 from toys r us) because she can go off upstairs and watch film in peace but i can also confiscate it easily if required!!! haha!!! What will these little children get next if at 3 already has stuff like ipad!!
Ox1987, I can empathise with the stress and what it can do to you, both physically and mentally.
The IVA has gone a long way to giving me and Mrs H a new, and optimistic, outlook on life. Money is no longer the master of our waking hours.
Get some advice on Monday - nothing is going to change, repent at leisure as they say.[;)]
Nothing you said was disrespectful at all.
The important thing is you get some advice and start to feel more secure about the financial difficulties you are in.
I find the support on this forum invaluable, and the advice given is from people who have either been in your position or are experts in the field.
In my opinion call someone on Monday like Melanie Giles before doing anything.[;)]
I personally found one of your posts disrespectful Ox but its not relevant. You should just concentrate on getting your head straight around a lifestyle change and doing whats right by your children and wife so you can clear your debt and move on.
