Quite agree. The object of both, whilst to free you of debts, is also to teach you how to live within your means and budget. If you can save for a holiday, so be it. I shall be quite happy to have a good holiday once I have finished.
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
just my point of view but we chose bankruptcy over IVA as we did not want to scrimp and struggle for 6 years, the IVA was unrealistic anyway and I don't think it would have been accepted, knowing what I know now. Word of warning, we were not allowed a holiday allowance in bankruptcy, some ORs allow it, some don't. In theory, you would be allowed £100 surplus before an IPA can be sought so yes, you should be better off in bankrupty than an IVA. We did not get an IPA so we definitely have been better off in bankruptcy
Just to say that my reply was posted to agree with David's.
Me and hubby are quite happy to 'scrimp and save' knowing that we will have done our best to pay a good proportion of our debts off.
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 agree with Kallis & David - even though we still struggle with the IVA life. I feel better being able to contribute towards our debts & it has being a new lease of life in managing money.
I enjoy buying things in cash now & when its a treat for myself or my family - I feel so much better & appreciate it so much more. After this I never ever want a credit card again. I think about money so much more & what we can & can not afford.
I have now learnt your children dont have to have everything they want right then & now! A dvd that had just come out b4 xmas is now a fiver - so I picked it up & they are just as happy now at getting it as they would of been if I paid full price. A IVA life is a great teaching, not just in budgeting but thinking ahead 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
Thank you breakdown..
"Cash is the future!! Credit cards are the enemy!"
Should be a posted every where! I love it!
I do think so much more, but now I enjoy it! love find cheaper prices & feel so much better when I find a bargain! I know have friends asking me for the best prices on allsorts. Cheap skate me!!! but loving it!
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
