My IVA has been approved and the first payment has gone out of the bank today. My house insurance is up for renewal and Admiral have refused to insure me because of the IVA! Have gone with another company and paid in full rather than opt for the monthly payment option, but does anyone know if I'm going to have problems insuring the cars in February? Am I going to have to pay in full. Feeling kinda daunted at the moment.[:(]
That seems harsh and plenty of people on here renew their car insurance. If you have any problems your IP will probably allow you to miss a payment to pay it all and then collect the money over the following year. Hopefully you will be fine anyway.
I've just finished my Iva and have never really had any problems paying monthly for things. I use a private broker near my house for car ins im not sure if that makes a difference. I once had issue setting up with BT after we had moved house but they let me pay a deposit and then they gave me it back after six months. Good luck, its the best thing i've ever done!!!
I think you'll find you'll have to stay with the same insures for everything if you want to do it on instalments. Changing means credit checks.
We had a fiasco when my car insurance lasped ( long story , it normally went out on automatic renewal, been with that insurer for 5 years) the credit check failed me. I suddenly had to stump up nearly £ 500 of car insurance. Nightmare.
This year as I've had a whole year to put aside for it,,I paid upfront for my car insurance. Until the 6 years are up & iva is off your file & defaults have dropped off your file I think you'll find you won't get the credit for the insurances based on my own experience that is!!
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
That's a bummer HB, I've stumped up the £220 for the buildings and contents, and I reckoned on paying about £20 a month on installments, so now instead of putting £20 a month away, I'll double it to £40 to pay back the £220 (robbing Peter to pay Paul), then I should have enough next December to just pay it in one go. The car insurance (multi car) with Admiral is due in one lump sum in Feb, and I should be able to scrape the money together, been putting away since August, but because of the way they treated me today I will be taking my business elsewhere! So basically, if I pay for it in one go then I don't have to declare I'm in an IVA?
Congratulations!!! Heres wishing you a smooth journey to becoming debt free. We changed over to Tesco car insurance last week on monthly direct debit with no problems at all. Good luck
I never told anyone about the iva!! It's nobody's business apart from mine!!!!
I just kept things ticking over as they were. Anything that needed a credit check to renew somewhere else I left it well alone.
We have stayed with the same telephone company, insurance for cars & house contents ,hubby's mobile( I'm still on payg) & sky tv. I have switched gas & electric a couple of times though without any problems.
I know it means that you can end up paying more- but there is no leeway in the budget to be paying for something on dd all year & then switch to a better deal & have stump upfront in cash for the year ahead because the credit check will turn you down!!
We robbed Peter to pay Paul for the whole 5 years! It's the nature of the beast!!!
The post office do a budget card. You can put cash onto it every week & budget ahead for various bills including car tax.
I still use it!
I hope it works out for you welliboot - don't worry too much! It is a learning curve! But if I can offer any advice it would be: try & squirrel away some money for emergencies & keep some cash in a pot, hidden away somewhere that is not easy to get too... so when you are facing the dire moments of not having two pennies to rub together you know you have the option to dip into the emergency fund!
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
Thanks for your advice HB, now the credit cards have been destroyed, I felt like I was having a panic attack today.... sat down with paper, pen and a calculator trying to work out how I'm going to live within my means... went to do my food shopping and had the grand total of £60 cash - normally I just whizz everything in the trolley and slap it on the credit card when I get to the till.... walked around getting my stuff adding it up as I went along - managed to get to £59.41 so was very pleased with myself..... hopefully it gets easier and becomes the norm to pay for things with money....
Cash is king as far as I am concerned!! You can't spend more than you've got & it produces small change that can go into another "pot" that all adds up when you put it through a coinster machine!!
Aldi is fab to shop at if you have got one near you - you'll save loads on a weeks shop in there!!
I think you'll find you'll end up being a lot more savvy with your money!!! " do I need it? Can I afford it?" -
IVA COMPLETED & CLEAN CREDIT FILE.
An old bible proverb says this: the rich one rules the poor, and the borrower is a slave to the lender.
