Just setup an IVA, will be reviewed in 6 months, single dad with 2 kids and live with parents, my partner lives 35 miles away, just want to know whether to pay with cash or use bank card all time as my spending will be reviewed in 6 months time.
A lot will depend on whether they ask for your bank statements.
Practically we all come to individual decisions based on our circumstances.
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.
It is up to you how you spend your own money. Unless there were gambling issues I see no reason why there should be any review of your spending except the normal annual one.
Thanks for replies, just looked at the internet and some people said they could only spend so much on xmas presents or cut back on socialising etc but I guess you have to live, but my IVA will be reviewed in 6 months (creditfix), so will spend my money how I want till then (cash and card).
Creditfix can be difficult and they have been known to misinterpret things so take a cautious approach.
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.
To be honest I doubt if any firm has the time to analyse the spending habits of their clients. We do not ask for bank statements after the IVA has been approved unless they are needed for a specific purpose such as if a client loses a wage slip. For example you are allowed £26 per month for Sky but if you want to use your allowance for sports and hobbies to get the football in then that is your choice.
The most important thing in an IVA is affordability and not whether you shop in Waitrose, Marks & Spencer or Lidl.
CF asks for statements and there is evidence they look at them.
Lisa's company asks for them and she has made it clear they are reviewed.
I can name one other company that has created an industry on analysing that spend.
I totally agree with your approach and view (not least because it could make savings for the IVA companies and reduce certain risks) but the practical reality is totally different.
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.
Thanks again, I do feel like big brother is watching me lol
Just to let you know I got in debt because I borrowed thousands to invest in shares (over 15 year period) and worst decision in my life but all stopped now, guess it was like gambling, sold last of my shares and paid my overdraft off before entering IVA instead of keeping them, so honest with my creditors. Creditfix don't know this but knew I had to do this to get my sanity back. Thanks yet again for advice [:)]
I used both cash and card for my monthly spending, plus DD's for the big household bills such as the mortgage and utilities. I still do.
Payplan never asked for statements but I could justify everything that I spent if I had to.
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
Obviously I will inform creditfix if I get any ppi, inheritance or a win on the lottery (even tho I don't do shares or gamble anymore), wont have any holidays abroad, be extravagant with my spending, just becareful with my spending, guess the creditors have done me a big favour accepting my iva.[:)][8D], our lass pays for sky Michael so I will be ok lol
I looked at one of my debtors statements and he spent over £1,000 in designer shops and then had the nerve to say he didn't spend his money on anything excessive! At the end of the day you need to ensure that you can keep up with your contributions. If you spend too much on non essential items and fall behind on your IVA payments you will breach your IVA. Good luck.
I kind of understand where you are coming from but I would suggest that for the majority of people in an IVA all the statements would prove is that we have had had to make compromises about how money is spent that month or even the fact that you transfer money to help your partner out if needed.
As you say the critical thing is not to get into arrears but there is evidence from the board to suggest that certain companies will allow arrears to build up rather than admit they have made a mistake at the assessment stage.
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.
