Well-I can't believe I am saying this-but we are half way through [:D](36 months paid-36 to go-assuming we will pay an additional 12 months in lieu of limited equity in our property)
We are just about managing-although there have been a few challenges along the way-(For example,I have just spent £278 on compulsory uniform for my eldest to start high school and although I had tried to save up a little bit it has still massively dented our food budget this month-so beans on toast 3 times a week!-and we will have the same again next year for the next one starting-so trying to put £5 a week on one side now-but not easy when you are counting every single penny[:)])
Car repairs in January were unforeseen too-but we are adding that amount onto the monthly payment-so it is spread out over the remaining 36 months-I just hope we don't have any other car repairs over and above the allowance for running costs as, like most families, the car is essential for work, school runs etc. and is a bit of a worry.
I think another big challenge has been the allowance for clothing. Both hubby and I have to be smart for work and the kids seem to grow an inch every time I look at them. I have really struggled to ensure we are all reasonably dressed within budget. Two of the kids wear adult shoes now-so everything is more expensive-again a challenge, but knowing we are half way through seems to make things seem so much more bearable.
Has it been worth it? Yes-definitely, because although we struggle at times-we know that in another 3 years it will be over and we can put the whole affair behind us. Plus we now budget very carefully-and will never get ourselves into a mess again-and for that learning curve I am grateful too.
Really pleased to read your post blueshoes - it is so good to read how people are getting on, espeically when they are so far into their IVA.
The budgeting takes some getting used to but it sounds like you have worked together to do what you need to do.
The half way mark is such a great landmark on the journey and I hope your post gives confidence to others who are thinking about venturing down the same path.
Best wishes,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
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Well done on coming this far, I'm 32 payments in this month so not far behind you.
I empathise with you over the compulsory school uniform, for the first time in my IVA it's easier this year as she is going to 6th form and it's a more relaxed business suit she needs which you are able to buy from anywhere and not the specified stockist.
I'm often like you and cut back on the food budget to get something I need.
All the best for the remaining term of your IVA and I sincerely hope it runs smoothly for you xx
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I too am half way through a 6 year IVA & I must admit I dont know where the last 3 years have gone, considering at the start of my IVA 6 years seemed light years away.
I can finally see a light at the end of the tunnel & to be honest this IVA has taught me to appreciate money so in the long run after the IVA is complete, this will hold me in good stead for the future because I never want to be in this predicament again.
Well done for getting so far - you're on the downhill stretch now.
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
Well done BlueShoes!
Its great to hear peoples positive stories. Especially for some one like me, who's just starting out. It makes me feel more optimistic about the future. Just got to get the creditors meeting out of the way!
I can't believe that we will soon be halfway through the five years (I try not to think about the extra year!)
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
