Hi Lynn - it's very brave of you to come back and face your debts. It will be frugal few years but you really are creating a better future for your young family. Your IP can sanction payment breaks and reduced payments when there is unexpected expenditure such as an exploding boiler or the car breaks down so you are always supported. Funnily enough, knowing I can give up at any time keeps me happy because it reminds me how bad it was before and how lucky I am to be in the iva and ultimately, that I want to be in the iva. Like you I'm better off in the iva than I was before and each year gets a little easier as you can keep some of your payrise. Good luck and do t let our arguing put you off including everything you want to in your I&E; it's for your ip to negotiate this with you not us lot.
I can definately sympathise with you going through the post-Army resettlement process. My husband did a full 22 years service and has never really settled into proper employment - although I am glad to say that he does now work in the business with me and is an enormous support.
There are no hard and fast rules to your expenditure Lynn - if you pay for it it usually allowable so long as it is justified. I have a client who has a £600 per month entertainment budget for instance, because as part of his job he is expected to wine and dine clients and this was accepted by creditors because we fully explained the need within his proposal.
If you are rented accommodation Lynn, you could always consider bankruptcy.
Althought the rules for that have changed recently, I believe the allowances are still more generous than those in an IVA.
I would have a chat with one or two more professionals via www.iva.com.
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
Lynn.
Some good points made here.
Just make sure you get all the "essentials" down.
If you spend a fiver on your hair put £10.
Is that lying? No. Cos you may have spent more on medication or a school play you had to pay a poxy fiver for. You can't put everything down but put the max. Ily list includes a lot but even that is probably £100 short!
Remember being in an IVA doesn't make you bad or wrong!!
Don't live like a pauper. Now is the time to live!!!
Totally agree Skippy! You can claim for prescriptions anyway and you should not put down more than you spend, or put down things that you don't need.
An IVA is about paying back as much as you can to your creditors, and I'm afraid you will have to live like a pauper for the duration.
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
Aw thanks for the help and support everyone. We have considered Bankrupty with living in Army quarters due to the hubby having to rejoin. After alot of consideration though, I think it's ok in some ways with us not having any money or things worth anything, the only thing they can take is our car which is 10 years old and done over 100,000! lol I just think bankrupty can be a quick fix and after year or so our debts are clear but it never really goes away does it? My husband would like the option to maybe join the police after the army so think that path would be a last resort. I don't want our debts haunting me forever. It's bad enough that you can't get a house for 6 years after an IVA. Going to sit down tonight and work out the incomings and outgoing as only have a rough idea at the moment. Really appreciate the advice, Thanks all.
I would seek advice from an insolvency practitioner as soon as you have worked out your finances. Joining the police force, even with an impeccable service record, will be tricky if he has been bankrupt.
