My Husband and I are currently in oyr first year of an IVA. We have struggled to afford all our bills etc, however we have took out a few payday loans. We are due our first review in one month. We will most likely still have at least one to pay outstanding. we are a bit worried what will happen ?
you are not supposed to take them out but dont worry too much.
as your reveiw is coming up,sit down and work out your income and expenditure sheet so that your outgoings are all covered.then there should not be a need to take out loans to cover you.you should not be struggling to get by if your i@e is correct.
cc received 6th January 2014 now upwards and onwards
Hi and welcome. If you're struggling to an extent that you need to take credit within an IVA then it sounds that one reason could be your income and expenditure is not set right. Do you utmost to pay off any loans and refrain from taking any more. Talk to your IP if in difficulty and see if they can help before jeopardising your IVA.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Emmad157
My Husband and I are currently in oyr first year of an IVA. We have struggled to afford all our bills etc, however we have took out a few payday loans. We are due our first review in one month. We will most likely still have at least one to pay outstanding. we are a bit worried what will happen ?
Even if the loans have been repaid by the time your review is carried out, do explain what has happened to your IP, as there is clearly a budgeting issue here which needs addressing to avoid the IVA falling into default again. If your payments have been set too high, your IP probably has discretion to reduce them by 15% to a more comfortable level in any case.
Thanks Melanie, I will explain but feel really embarresed. It started at christmas and January because it was 6 wks until we got paid and had to buy xmas presents. Also the intial payments with the debt advisory line were high until we were passed on to the IP. We couldn't get straight.
Hopefully a minor glitch but having to buy xmas presents isnt probably a good excuse for taking on credit and risking the iva failing! Sorry to sound harsh but I am being as honest as I can. Many of us did several years of spending next to nothing at xmas time to get back on track. Maybe try putting a few quid away each week to save for xmas this time.
Check your income and expenditure over and if its not manageable then tell your ip, they should be able to help you out.
Good luck.
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
To be honest Paul what's done is done. I regret entering into the IVA. It's been the worst
Year ever. If it goes tits up . I will just have to get on with is. There's no easy solution and I only
Spent £150 at xmas. I have two kids. It's all in the open now and the review papers are here .
I cannot live on beans and have gave up my car I don't go out. If people say well it' s your
Own fault it's true. But don't judge a person until You'Ve walked in their shoes.
Hi Emma - we have all been in your shoes with regards to seeking help with our debt issues. But all our own circumstances are very much individual and no one should judge the whys and wherefores of what happens.
You have now been able to inform your IP of the situation re the pay day loans and I sincerely hope they are able to work with you to overcome this blip.
It is very difficult to balance the budget whilst in an IVA and not knowing what is going to happen is always a worry as little or no contingency is often in the bank to help you out when the going gets tough.
With two children I can only imagine the added pressure this brings and I appreciate the desire to not let things impact on their lives.
Here's hoping your review is done and dusted and things can be moved on to allow you to get back on track...best of luck and let us know the outcome x
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Thank you. I'm sure all we be okay and it will be worth it in the end. My daughter has her prom. We canb hire the dress but even the ticket price is high. She gets upset because she doesn't understand the situation. I only struggle with guilt as the kids are going without and it's not their fault. I just wish we had entered into the IVA years ago when they were little and wouldn't of noticed. Regards Emma x
Hi Emma, I can empathise with you as my daugher was 14 when I entered my IVA and my other 3 were grown up and left home. She is the only one it affected. I've recently completed (awaiting CC) and I am going to give her one months payment when it's finally over to make up to her in a small way. You're doing your best it's all any of us can do.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
