Hi
I am new to the sight but have already had many messages of support.
The last 3 months have been pretty rubbish-my father has gone to full time care(some costs of which I have incurred) lost my job, trying to meet a study deadline(which will enable me to get more £ in I hope) and leaving my lovely home to move in with siblings
I have a new job beginning in 2 weeks,(I cannot apply for my IVA until this time) but I just seem to have every stressful situation possible at the same time!
Im sure everything will fall into place its just getting there
I would love to hear some success stories from people who are now IN an IVA and how its helped them and the life they are living now in comparison.
As much as I cant wait to get those cards out my life for my payments to come down and have some breathing space I do worry that my bank account will be under such close scrutiny for the next for the next 5 years and I may be required to explain a ten pound note I drew out at some point!
Hey stressed, sorry you've had a rubbish time. I have just recently had my IVA accepted, mine was a full and final though so it's kind of all sorted now. The relief is amazing, I feel as though it's changed my whole life. I sold my business of nearly 9 years to offer this money but it was the right thing to do for me. Don't worry, your IP will not be scouring your bank statements. Keep posting and you can share experiences and we are all here to support you. X
I am not actually in an IVA, I did a full and final. I just wanted to say welcome and I am sorry that you've had such a tough time lately. I would also like to add that when you apply for an IVA (I think that you have to be in full time permanent employment for a couple of months or so). All of your income and outgoings are looked into and only what you can realistically afford to pay (if you get a good IP, that is) will be paid over (it is a voluntary arrangement, although legally binding). The rest of the money is yours to do with as you please, although dont be expecting a lush life-style. Being able to live without worrying where you next gallon of petrol for work is coming from, is a thing of the past, as is robbing Peter, Paul and the other disciples to make ends meet.
I hope this helps.
Last edited by freelili on Sun Oct 19, 2008 7:04 pm, edited 1 time in total.
we had our iva approved in april - we had serious debts, credit cards, overdraft, loans etc to the tune of £160000 (still makes my heart race writing it down), admittedly we had had a bit of bad luck along the way and had also been foolish but i can honestly say the last 6 months have been so much better for us, yes we have a budget to live to but we have an allowaqnce for everything that we need! your bank account is not checked to the last £10 at all!
it was definatley the best thing we have ever done, i just wish we had faced our problems sooner!
i am so sorry you have had a rubish time over the last few months and i really hope things start to look up for youreally soon!
Thanks Barb I am already feeling better speaking to people with the same experiences, and I know exactly what you mean when you wish you had faced it sooner.
it will work for you too i promise! a iva is not like having big brother watching you it is just about paying as much back to your creditors that you can afford after your essential living expenses, we can still have a treat now and again and we can now sleep at noght without worrying!
Hubby was in an IVA which completed 2 years early.
We had some tough times but they were due to health and family issues.
We lived on a pretty tight budget during the IVA and i still more or less stick to that budget now (shopping wise)
When it was accepted, the relief was amazing. We had been trying to pay debts totaling £60k.
Ok we had to release some of the house equity BUT i know the IVA was the right thing to do and we have no regrets.
We have come through it stronger, wiser and rehabilitated.
Hi Stressed
life within an iva isn't easy but it's miles better than all the stress and worry of trying to make ends meet prior. I had a real problem with the handing over control part at first. It really isn't like that though. You have a budget to stick to and so long as you can manage that you'll be fine. No-one is going to go through your finances with a fine toothcomb.
It's very daunting at first but it will be the best thing you've ever done!
Pixie
'Welcome to where ever you are, this is your life you've made it this far, welcome, you've got to believe right here right now is exactly where you're meant to be'
IVA started may 07 ended dec 08
Hubby's been in an IVA for 20 months now and it hasn't been too bad - yes there have been times when I would have loved to be able to lay my hands on extra money ( major car problems), but on the whole its been fine.
As for being scrutinised, we haven't felt like that at all, in fact apart from the annual review and when we needed to take a payment break, we don't have any contact with the IP. They take the monthly payment and let us get on with it.
