Who are you with? They should have explained things to you.
I guess different people find different things hard. I found not being able to keep replacing broken things hard, no holidays, feeling like we work for nothing, lying to friends about why we couldn't go out and not treating our child.
Your iva company should have explained that to you. Forget sbout credit and work on the basis that the next 60 months at least can be a long hard slog.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
The bad sides are that you have to live within a strict budget. However, if your payments have been set correctly that should be OK (ish). If the car blows up or the boiler breaks down ( or the other way around)you will need to think outside the box, as you will not have credit to fall back on, nor money sloshing around.
Your finances will be scrutinised for 5 years, which can feel pretty intrusive and your credit rating is dead.
Apart from that it is all good
Read your paperwork carefully, have a cup of tea and read it again ... come back with any questions. Life in an IVA is far easier if you understand what your responsibilities and those of your IP are.
Again, ask questions.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
