The IP firm we were originally going with gave me nothing like the budget we have now, which is actually realistic as compared to the monastic budget I was originally quoted. The IVA was doomed to failure if I went with them so I am so pleased that we changed IP.
I am hoping that at the end of each month I put by all my annual costs, including contingency, house repairs car tax, clothing not spent etc. IMO that's what budgeting is all about, paying the bills and saving for the future bills. Ha, I can say that now, why didn't I say it back then?!
My kids are young and they eat like horses, and they will continue to eat more as they grow bigger......on the food budget I was given previously, I'm sure we would have been on the child protection register for malnutrition!
It certainly pays to speak to more than one firm. x
7 year IVA completed in December 2016 - there is light at the end of that tunnel
As a point of interest, who did you originally chose Cath?
An IVA should always be about affordability but you should not struggle with normal household bills.
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
I completely agree with all of the recent posts on this thread. I hear far too many tales of people who have had their expenditure allowances dictated to them by IPs, with no regard for their actual expenditure, which then are destined to fail because they were not based on reality in the first place. If it doesn't feel right - then it probably isn't!
We experienced the same thing - the first company I spoke to gave us a budget we just couldn't afford, so we spoke to others who gave us a more realistic one. The first company have been on the phone to me tonight, asking if I want to proceed with them - I told them bluntly that we couldn't possibly afford the budget they had suggested and, if by magic, e-mailed me a new proposal 10 minutes later instantly adding £100 a month to our expenditure!!! When we do receive our proposal from our chosen company, I will triple check it to ensure it meets our needs - I am determined to make our IVA work - I'm not going through all this for nothing!! x
SOrry to keep banging on in this thread!! I think we're going to petition for BR. But I need some answers to some questions first. Should I speak to my IP about these as they are regarding BR, or will he be biase towards the IVA. IF so, where else could I get some help. the questions I need to know are:
Will I lose my house?
Will we lose our cars?
NR will prob try to put a charging order on my house, how long have I got before they do that. can I petition for BR before they get a charging order on the house.
I would not let your creditors get a whiff of this as you WILL end up with a charging order, I, personally, would hold off on letting the IP know as they will tell NR, you have to protect yourself at this stage
You can ask a trusted family member or friend to buy the beneficial interest in your house. If it's in negative equity it will cost £1 + £211 costs. If there is equity they can make an offer to the OR.
Cars can be a bit of a grey area as it depends on whether you actually need them (rather than preferring them over public transport!) and the value. If you need them for work you can normally keep a car valued at £2500 - £3000. If the vehicle is worth more than this is will be sold and if the OR agrees that you need a car you will be given some of the money to buy a cheaper car.
You will need to tell your IP that you cannot accept the modifications and intend to go BR. Don't worry about doing this as they should have your best interests at heart and not be biased to one course of action.
You must do what you consider to be right for you and your family. It is a shame that Northern Rock have been so pernickety, but there you have it, creditors can ask for whatever modifications they choose.
Regards.
Cert DR
23+ years in debt advice
I do not post for anyone other than myself
