Firstly can anyone tell me how long the IVA option has been available?
Secondly i have seen many posts about how the IVA is a way of re-educating people about their finances,and teaching people to live within their means.
My question is,Are there many people who fall back into the Credit trap or is it too early to have any evidence?
I think the IVA has been around since 1986 and was intended originally for businesses. I don't know when it became the 'norm' for personal insolvency.
There are people who get into trouble again afterwards and we have had posters on here enquiring into taking out a second IVA.
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
merry xmas jan! that wont be me, am 2 years in and have learned a valuable lesson! if you cant afford it - dont buy it! like others who post on the forum, i wish i had found it sooner - every one has been very helpful with their comments and advice! i discovered a saying that i am sticking to - "the only thing that you get with looking back is a stiff neck"
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
Having been there, done that, and bought the t-shirt so to speak, I feel confident enough to say that I am now going to be in control of my money, and not the money in control of me. I've learnt a hard lesson.
The difference now is that I do not have any cards or loans to rely on. I would like a nice ipod docking station, so I will have to save, and it will be a great feeling knowing that I can afford to buy it with MY money,without the worry of a bill coming later.
After only the first year into my IVA I have a nagging feeling that this may just turn into a way of life, no credit that is. Once my IVA is finished I am going to be, pretty much, £500 a month better off than at present. I have had a great Christmas without spending money that I will owe back at some stage, the year has been tough, but not unmanageable. There is 'stuff' that I would have wanted, but can live my life without needing. I hope that I have this frame of mind for many a year once I am free of the IVA.
I have found that although I received a good bonus this month I am finding it difficult to spend it.
After 5 years in an IVA and about 2 years before that when most of my salary went to just paying back what I owed (and taking cash on credit cards to then go into the bank and using the cash to pay that card) I no longer have the "desire" to spend.
I have learnt to budget years into the future and I can now plan my holidays and other expenditure without relying on credit.
I have seen several people over the last year who want to try a second IVA or who have been made bankrupt for the second time. Some have been reckless, others simply victims of another credit crunch. It does happen, and will continue to happen in a market which heavily revolves around borrowing and lending.
Well ... IVA just agreed, so it will be at least 6 years before I am even considered fit for credit again, by which time I will be just shy of retirement (unless the civil service retirement age gets hit) so credit will be difficult to get anyway, as a "non wage earner". But the plan for now is that I will never get credit again --- the lessons I am already learning will make it unessessary (how DO you spell that word ?? ).... if you want it .. save for it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi - I finished my IVA in November, and December I could have spent over £1300 if I had wanted to - instead I treated my family to a few extra xmas presents totalling £100, gave my mum some money as she had paid for a few things during the IVA and saved the remaining £800 in my savings account.
I went to the sales yesterday and today - and couldeasily have said yes yes yes - but instead I said no no no.
I came away with a few sale items ready for xmas 2011 and spent only £35.
I know I have learnt my lesson - I know that we will not return to previous ways - I prefer my life now to then and enjoy the ability of having an odd meal out, or coffee out instead of taking a flask in the car !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Merry Belated Christmas to all.....we have been post IVA for a year now and I am confident we will never be in a mess again ...having worked hard at the IVA for 39 months and then paying it off early ....
we do have a Vanquis card...to help rebuild our rating etc and of course it does come in useful for internet etc...but we pay it off in full every month....
we had a credit limit of 500.00 then it was raised to 1000.00...then just 2 weeks before Christmas it was raised to 1750.00....
CRAZY isnt it....but we never are tempted.......
we still draw out 250.00 cash every week and just use it.....
We have been very blessed in many ways this last year....so are determined and work hard to stay clear.....
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
Well done Moretolife. I once had a card with a limit of £24,000, never used it all but made a very large hole in it, one of the reasons i am in an IVA. NEVER AGAIN will i possess a credit card.
I would never have a credit card again nor overdraft-it doesnt feel like real money when you spend*on the cards*.Now when we get paid the essential bills money is left in the bank,the rest drawn out and other essentials-food,petrol all bought in for the month.I plan meals for the month take a shopping list and a calculator to the supermarket and stick to it.Bread and other perishables are bought for the month and put in the freezer.Ive found buying like this saves money as buying in bulk is often cheaper and theres no nipping down the local shop and spending daft amounts on *bits*.I stock up on munchies for the little one maybe once a week out of my weekly money and school dinners are paid weekly out of my child benefit.If I had been this organised years ago we might have*the dream*- the little sailing boat,static caravan and paid most of the mortgage off but hey we live and learn!!
As for when the iva finishes-the payments will go on to the mortgage and knock a good few years off that-so no - we will never fall into the credit trap again.Theres tons of stuff i really really want out there-but i can honestly say not much i really need.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
