Struggling

[suze]

I knew an IVA wouldn't be easy but I don't think I was expecting it to be so hard either. I earn £1499.00 per month, I pay £803.00 per month into my iva which leaves me a grand total of £696.00 to pay the bills, board, food, traveling expenses, pet food. I am left with nothing at all, how do people save money? go on holiday etc. I have no money left at the end of the month to do nothing. How is everyone else coping? does anyone have any tips?

[pbeck]

IVAs aren't really about saving money up so that you can go on holiday, they're about repaying your debts, and for the next 5 years the creditors have decided that repaying your debts takes precedence over going on holiday.

If you can manage to do some overtime, then you'll probably find in the terms of your IVA that you're allowed to keep a proportion of that (probably half) which you can save up for treats, but if you're saying that you've got nothing left over at the end of the month yet still managing to pay your bills, it seems that your budget has been set accurately.

[james.c]

Hi Suze

Creditors dont want you to save money for holidays, they want the money to pay of as much as your debt as possible, after all theey probably will end up writing some of the debt of.

I understand its hard, i had the same feelings when i started my iva, but you learn to cut costs and you do save a bit for the odd treat, you jsut after to remmber the alternative as its was before, been n debt, people shasing you for money etc etc

[MelanieGiles]

Your IVA payment looks completely disproportionate to your income. I would have been very concerned as to your ability to service such high payments if I had been asked to act for you - and wonder what expenditure figures were actually used. No wonder you are struggling and the IVA is making you miserable.

There are certainly no allowances for luxuries, but you are not expected to live a drachonian existence either.

[quark2008]

Pbeck, you come across as extremely stern. Point taken clearly,remember though we are aware of what an IVA involves.Who are you to say what creditors want in terms of us taking holidays ? #13;#10;A happy IVAer is likely to remain healthy and stress free if payments can be managed effectively, families suffer less, and it's more positive all round. An IVA should be succesful, not a punishment, and IP's should not be reminding us of our responsibilities. We are all human beings after all. So lay off with the harsh words. Thank you.

[kallis3]

I see no problem with people going on a cheap holiday if they have managed to save some money from their allowances.

An IVA is stressful enough without having nothing to look forward to. Everyone needs a break, even if it's only for the weekend.

We are all trying to pay our debts, and hopefully pay back as much as we can, but to say we shouldn't have any enjoyment for the next five years is a bit much.

[size5]

My own view, for what it is worth, is that there is precious little leeway for IVA providers to work with in the guidelines that we have to stick to. This is especially true, in my view, in the case of single people. Creditors may, for example, query food allowances when board payments are made to parents but surely everyone deserves just a little for bits and bobs and some sort of life?

The acid test for me is to ask myself could I live on the allowances provided and I certainly could not do so in the case of a single person, so I tend to think very carefully before proposing an IVA for a single person at home, although only the individual can make the decision once armed with all the facts.

I just wonder what level of debt Suze faced to look at an IVA and whether all other options were explained fully.

[suze]

Thank you Quark are sticking up for me :0)....

I know I have to pay off my debts and compared to life before my iva it has got better in terms of stress etc I was just after feed back on how people cope. In regards to holidays I wasn't referring to "living it large in Ibiza" or anything just a break would keep me more than happy. I just feel down and stupid for getting myself into this much debt to start with.

I was in approx 43,000 worth of debt - most of it being down to someone who shall remain nameless and got me into alot of trouble between the ages of 18 to 24. (however I am old enough to know I also have to take resposibility)

8 payments made :0) 52 to go :0(

[sblack]

Hi,
A payment of £803 per month for a £43,000 IVA seems very high, repaying over £48,000 ?
I think we are all struggling at the moment I know we certainly have nothing to spare and can save nil after we have paid the essentials like bills, food and fuel.
Good luck for the future.

[size5]

£803 per month for £43k debt?

That is quite surprising, I was expecting the debt level to be significantly higher than that.

[chris.g]

Why are you're payments so high??? With that level of payment you could have possibly come to an arrangement with your creditors for a DMP in my opinion. I agree that IVA's can be very harsh going, not that I've experienced it myself as I'm br but from the other posters on here.
And the comment about not been in a position to go on holiday because IVA's are about paying back debt, (although I think that it may have sounded more harsh than it was meant) ......an IVA is a way to pay back some/all of the debts, not a punishment.....Why shouldn't IVA's have a little spare cash to treat themselves??? 5-6 years is a very long time to struggle without any small 'luxuaries'.....it's little wonder that some of them fail [:(]

[MelanieGiles]

Which IP firm are you with Suze?

[plasticdaft]

That seems a very high monthly payment for that level of income. I am paying a pittance compared to that.

[chilipepper]

i have read you pay so much to the £ back in a IVA is that correct?

[rayb]

Blimey that is a high payment. I owe £38000.00 and I am only paying £300.00 a month but I suppose it all depends on your income and expenditure!!!