further review before IVA complete?

[kallis3]

I have to say that our allowances are reasonable as well, and I don't think I am anywhere near the poverty line. OK, there are things I have had to give up for now, but they weren't necessities and I can live without them.

As for afterwards, I have no intention of taking credit, hubby will be 66, I will be 60. The last thing I want is to be saddled with paying more credit until I die.

I am quite enjoying living within my means for once and making my money stretch. Long may it continue.

I will be able to retire when my IVA is finished, and my pension will be an excellent one. I intend to live life to the full on that.

As to credit - my parents have lasted without it all of their lives. Anything they have needed has been saved for. They are better off with all their pension allowances now than they have ever been.

I agree with Mrs S. though, there are a lot of people on here who are struggling with their payments. Those I do feel sorry for. I hope I haven't caused offence either.

[Skippy]

NBNA, have you ever thought that, like Mrs Skint, some people will actually learn to live within their means and stick to a budget and therefore be able to save for things they want?

You seem very cynical about the whole IVA process - would I be right in thinking that your allowances are very low?

[David Mond]

If there are many posters in an IVA who are struggling with their budget or allowances they should (especially if costs of food,heat and light, fuel etc) have gone up to request an early review by their Supervisor (IP) to see whether any reduction is possible and if so for him/her to propose a variation to creditors. In my experience creditors will accept a variation based on increased costs of living. Good luck

[Adam Davies]

Hi
The IVA process is both an excellent way to deal with unaffordable debts AND an excellent way to rehabilitate yourself.Once out of an IVA you will be used to living on a budget and within your means.
There is no problem with taking credit again post IVA,the secret is to keep it affordable.One credit card rather than ten,maybe a catalogue for larger purchases[interest free payments] etc etc
It all depends on the individual
Regards

[David Mond]

You might even consider a pre-paid debit card whilst in or post an IVA

[debbie.s]

It also depends on how much your IVA payments are as to how much better off you will be when its over, and therefore whether you will need credit again. It will take a lot longer to save for something if you only have £200 extra per month than if you have £1000 extra.
Hopefully if all goes to plan we will never need credit again as we can save our £900 towards anything we may need. Also my husband will be 65 when we finish so we will have his state pension on top of my salary. We can't wait! (Something is bound to go wrong before then though).[:)]

[NBNA]

When I finish my IVA I will be 35,so I am still afar from claiming my pension.The younger people are less than likely than their wise peers to have paid 40 years for their 1st and 2nd state pension or/and work pension for a decent fixed income for life.

With the rise in age in pension claim of 65 for men after 2012, you can see the pension pot isn't been filled to the brim as it used to be..the future annuity doesn't look too good.The inflation linked annuity is way under inflation rate for the future

I think the cccs allowance are poverty line figures, if £10-15 a day per person is what is allowed for.....that's £450 a month..now that's couple's allowance with kids? As for sky,petrol etc that's less easy to quantify and say its your daily 'pocket money' allowance. ...life is more than filling your belly and going to work and be couch potatoes.

I think people claiming benefits are probably richer than us???

[Bambi81]

MBNA you seem really negative about the whole IVA process. I am 27 and got left in the position of needing an IVA after my then partner spiralled us into debt. I walked away from a horrible relationship saddled with the debt and have worked really hard these past 4 years to pay it off. When next Dec comes and I am finally free I will not use credit to pay for what I desire. Because I have learn't the hard way that it feels great when you buy that luxury item but when the baliffs come knocking months later it doesn't seem that great. IVA's are a great lifeline and you should learn from it. I have learnt to look after my money and budget carefully and I am pleased that in a world where everything is getting more expensive I will have no debts come next year. My IVA has not forced me into poverty and I have had a reasonable standard of living. No holidays and no flash cars but I have managed. Try and see the positive of an IVA and learn from it.

Thanks to everyone else for your help I wish you all the best.

[Viki.W]

NBNA has been locked out of the forum now Bambi81.

What a great post, best wishes from me. Good luck for the future. X

[Jan01]

When I finish my IVA I am hoping not to have to use credit unless it is absolutely necessary I have found that what I used to spend money on I don't miss, I do miss the fact that i can't treat my grandchildren to things but I spoil them with my time and I hope they remember the time spent with me doing things together.

I get such a kick out of finding bargains that i will continue to do so no matter how much money I have in my pocket.

I have certainly learnt my lesson and know how to budget I keep a note and log what I spend it keeps me on the straight and narrow. So I look upon my IVA as a positive thing, I was in financial trouble but I am working to get it sorted, my priorities in life have changed for the better I think. I look at my self as being cash poor but life rich.

So good luck to every one in a IVA/DMP/Bankruptcy and well done for getting your life on a even keel once again. Be proud of yourselves

Jan

[David Mond]

Well said. An IVA certainly teaches you the art of budgeting and should help you manage thereafter and have a debt free future. Well done to all who are managing - I know it is hard but it will be worth it in the end.

[60folly]

My view on the IVA expenditure is that
it is tight especially NOW for younger people. When you are 60 you have seen a bit more and travelled a bit so we can survive on a low allowance without the need to buy more and feel good....a pink Porsche I don't want now but probably did when was 30.

With a Recession and job losses for Xmas and beyond, trying to stay in a 5 yr IVA without a break may be a problem?? How long would one realistically have a break from your IVA in the event of redundancy?? If you are out for 6 months then is that not 6 months added onto the IVA and would creditors allow such long breaks into an IVA?? Has anyone been out that long?? This is my only issue with the IVA. With Bankruptcy there is a shorter liability spell as I had been advised.

[David Mond]

Most creditors at a meeting convened to accept a payment break will give 3 to 6 months in order to allow time to find another job. It may be that inially 3 months is requested and if a job has not been found then try again for another 3 months. These payment breaks will be added onto the end of your IVA period. Keep your Supervisor (IP) informed and make sure he receives regular reports about your job attempts. For those posters in a ClearDebt IVA then their "IVA Protect" Policy will undoubtedly kick in which pays upto 12 months following redundancy. Good luck.

[MelanieGiles]

Under the current economic climate, perhaps 12 months might be more appropriate. I am in the middle of presenting this for one of my clients at the moment, and will report back with the outcome in due course.