Struggling

[churchmouse]

Hello everyone,

I'm brand new here, its so nice to be among people in similar situations, its so easy to feel so alone!
A brief history: my IVA was processed through July/August and finally approved in September. It was the most stressful time of my life but its thankfully behind me now and I have a future after all!

I'm three months into my IVA but I'm finding it really hard to cope with money. My repayments are rather high, coupled with rent, I'm left with about £6 a day for the month (take bus fare and cigs out of that and it leaves me very little!). I have a full-time job and work really hard for my money, it depresses me to think that I DO work so hard and see so little financial reward but I have to remind myself that this is a consequence of my actions.

I guess I just wanted to see if anyone else is finding themselves struggling with money and if anyone has any tips or advice they can offer me?

Sorry to moan, just needed to vent in a place where judgement isn't an issue [^]

Hope you're all well and things are going good for you.
x

[neverending]

Hi and welcome.
You are not alone in struggling,the only plus side is to think of that bright light at the end of the tunnel [and yes it is a long way away].When you complete your income and expenditue form,at your annual review,then list things as they are.Your utility bills will have increased and it may be that you understated some living costs when you first agreed your IVA[sounds like you did].If when you complete this and your disposible income has fallen then ,if and when, you do overtime you could argue that this extra money is to make up the shortfall between your disposible income and your IVA payments.This actually happened to me and I succesfully kept the extra money.I stated that the shortfall each month was made up by a family member.
You have a long way to go and if its very hard now then it will seem even harder after a couple of years.Only you will be able tell if you can get through the next five years and if you think that you really can,t then speak to your IP and ask for a variation at the year review.You could ask for reduced payments years two and three and then increase years four and five [you may feel that you are likely to
increase your income in a couple of years].These are just some ideas from someone "going through it"like you.
Regards and keep posting

[ray72]

hi churchmouse as you know by now you are not alone their is you, me and hundreds of others all rowing the same way up the river, but i am like you also money is tight, so i made a little saving by doing without the fags,prioritys are needed at a time like this, it will be a simple christmas this year with very little, but one things for sure their is always someone worse off that yourself,

[bluebelle]

yes and it might be a simple christmas but at least you wont have the stress and worry of digging yourself deeper and deeper into debt...this time last year although i still had several thousand pounds left on my credit cards to use...i was still living on credit....i knew this.....and it scared me...and this was always in the back of my mind..the guilt, the embarrassment the pretence.

[freelili]

A simple Christmas sounds good to me. My kids will be getting a new mum. No stress, No guilt and NO PLASTIC. cant wait.

LILY

[iva_squirrel]

Good evening,



It's now November, and 2007 is almost upon us!

Christmas is an expensive time of the year and It is natural that you are feeling slightly depressed as far as your finances.

All too often, the holidays seem to come and go in a flicker of an eye leaving us wondering if we even had a celebration at all.

Take the time to visit with others whom you do not get to see very often. Spend time with the elderly in your family. These will all be your cherished memories of the loved ones in your life that no gift can replace.


It is important that you stick to your IVA payments. Do not allow yourself to backslide.

Plan your budget to take into account the due dates for different bills, mortgages, personal loans and other financial obligations. In short, stick to the agreed monthly payments that you have reached with your creditors. If you fail to do so, you will find yourself in a worse financial position than when you started your IVA.

All the best,


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[churchmouse]

Thank you all for your postings, its very reasurring to know that you're not alone. The reason why I'm finding it such a struggle is because at my creditors meeting, 2 of my creditors said they weren't happy with my income and expenditure and asked for an extra £50 a month, and it was either agree or be made bankrupt so I had no choice. I spent a lot of time working out my disposable income and £50 may not seem like a lot of money to most people but that is over 2 weeks bus fare to and from work for me, and not having it has made a huge difference.
I am enjoying the new me, don't get me wrong, I love being free from credit and hassle and night-time worries etc and this was definitely the right thing for me to do, I guess I just hadn't realised it would be this difficult.

You're all so right about Christmas, I used to spend over £1.2k on presents so am having to cut down A LOT. I've agreed with a load of my friends that we won't buy for eachother this year as money is tight for all of us, and my family know of my situation so completely understand that Christmas will be "simple". I'm going to try and make some presents too, save a bit of money.

x

[gizmo]

We have just started the IVA process and it is extremely daunting. I had been in a debt management plan with CCCS but with hindsight that was never the right solution as we owe an enormous amount of money. It would have taken 15 years on a DMP. Matters came to a head as I received Court papers from one creditor seeking a CCJ and a week later I was served with a statutory demand. I have never been so afraid in my entire life - and still am. The last thing I want to do is go bankrupt - I lose everything as I will be unable to work due to my profession. I hadn't been advised by CCCS about IVA's and came across them by researching on the internet. CCCS had been unable to help at all in relation to the stat demand and we were desperate. I contacted several IVA companies and received papers from them. I was taken aback in the different approaches. One company actively sought to increase my outgoings and I can now see that would never have suceeded. Others talked of high fees and upfront payments. Thomas Charles have however been fantastic and I would fully recommend them. They are turning things round extremely quickly for me due to my situation and have been incredibly supportive, informative and above all professional. I feel "safe" with them. We have a huge battle in front of us I know that but I also know that bankruptcy would not return anything to my creditors. HSBC and ING Lease have been horrendous - nightmares, as have Lombard and HFC. We have over 30 creditors (no one major one) and we are hoping matters will be resolved quickly. I have lost my life at the minute and thoughts of suicide had even been contemplated. I have never felt so low as I have these last few weeks and months. I don't care how hard the next 5 years are - to be able to wake up without the fear of what will fall through the letterbox and to have my life back will be unbelieveable. This forum has been a huge help to me at times and has helped answer many of my questions. Its fingers crossed time now.

[freelili]

Hello and Welcome

I have had problems with HSBC also. I do understand your feelings of suicide, i had these thoughts myself in the begining, then i found out about IVA's and this forum. Now I realise that there is a solution and however hard it is its so much better than suicide. I wonder how I could have thought about doing that to my kids. You will get through this and life a better life and I know that you will be supported in this forum as have I.

Good luck and keep posting, people here will help you.

LILY

[kezza]

Hi there,
I agree! Although it seems like there is no way out, there always is, you just have to work hard and you WILL get there. Going down the roote you have been thinking should never be an option no matter how bad things seem.
Plus there are always loads of people here that are in the same boat as you who you can sound off at with no judgement!
Keep smiling, it will all come out in the wash [:x)]

[neverending]

Gizmo,a warm welcome.
You are now,quite simply,on your way to a new life.Ensure that your income/expenditure is realistic then once your IVA is in place get into a disciplined routine and make sure that you pay your IVA each and every month.If there is anything that you are not too sure about then ask your IP direct or post the question on this forum.
Now is the time to sort a new bank account out
Regards

[batawi3]

Hi

I'm also in an IVA and struggling, to be honest thoughts of filing for bankruptcy have entered my mind but then balance that out with the fact that in a few months I would have already completed a year then it is not so bad. I am worried about my annual review though as my salary has gone down but I can still pay the monthly £300, my mother helps me with the shortfall each month. Hope this will help. Another thing is that I informed my IP about a new debt about three weeks ago, he acknowledged the email, but to date I havent heard anything else. I am a bit worried as I do not want to continue making payments only to find out that I will be made bankrupt anyway. My creditors made it clear that should they receive less than 33p in the pound then they would make me bankrupt. The new debt is a student loan of 5k, should I contact them again.

Thanks

Batawi3

[neverending]

Hi
Try not to worry too much about the extra debt,most IVAs have a clause that allows for bankruptcy only if the new debt will affect the return by more than 10%[they receive 30p in the £ instead of 33p]
Talk with your IP prior to the annual review and explain the situation regarding your income.The first year or two IS the hardest but try to hang in there.Your creditors will probably receive far less if they bankrupt you so I feel that this is unlikely to happen.
Regards

[cazmumto4]

hi, i am quite new to the forum but its been a huge help to me already.on reading your messages and others, i noticed people saying they were having trouble with hsbc,this worries me a little as one of my biggest debts is with them.can any one reassure me(sent papers off today to begin iva). maybe you wouldnt mind telling me what troubles you had so i know what to expect. i am also scared that like others i wont manage after iva is set up(assuming its excepted)but i dont want to overstate amounts in case they refuse.i have four children and i would die if there needs werent met. crapping it now! caz[V]

[Dominic]

be totally realistic Caz take a good long look at what your expenses are.