www.iva.co.uk

[8D]
How many people are there in the country that are actually living off of debt.
What i mean is i spent 15 years living on overdrafts, credit cards and loans and my whole life was living in minus for all that time.
When i looked at my 2 daughters and they had just a small savings account with there pocket monies in reality they were better of than me
in a sense as they were in credit and my life was always in Minus.

It is frightening really how millions of people are living there lives in Minus instead of Credit especially as there is now an economic downturn.
Once the Credit Tap is Turned Off it is then the Citizens Advice for You.

I am in an IVA and will nearly complete my 1st year and it is by far the best thing i have ever done and can see a way out.

I am wondering how many people especially with Christmas Coming Up!!
are coming to the end of there lives living in minus and having there credit tap turned off.

I reckon over 50% of the UK poulation as a minimum. You have seen the light of day and many more in debt will. Good luck and well done for recognising your problem and dealing with it sensibly.

i agree ...so many people i see in shops buying goods with credit cards....i wonder how many of them pay it off each month....we never did..
2 years into our IVA we use cash for everything...we withdraw our food and petrol and "play " money each month and keep it in a box with notebook and pencil and we keep a total and jot down what it is spent on.......its back to the old ways...my dad used to do this decades ago....everything else is done by DD....i know for lots of my friends that they will overspend for christmas and most of it will be on credit.....so sad.....

Have you thought of a pre-paid debit card. Safer than using cash - have a look at There is a cost but it is not too expensive and it is a VISA one accetable worldwide.

Link removed - advertising.

i went to Disneyworld,Canary Island 6 times,
Bought a Car,
Bought a House
Bought loads of gadgets
CD's
DVD's
Loads of Clothes
EVERY LUXURY YOU COULD THINK OF!!!

NONE OF IT MY MONEY , BUT THE BANKS MONEY!!!!!

Apart from my wages back in the 80's and 90's
The Banks constantly threw money at you.
I lived constantly in Minus instead of credit and
for 15 years it was the Norm, Not just me but everybody.

Now times have changed and i want to be in credit all the time not O/D in minus.

Instead of having loads of credit cards it is now more cooler to just have a debit card only and be financially astute.

Agreed

I'm afraid it's a pre paid card and a cash card for me. Can't get a debit card.

Sorry David, I think that constitutes advertising, so have removed the post.

When you use a credit card it is a right hassle just to get an up to date balance , you only found out when you got all the interest added to your balance and a statement through the post box once a month.

With a debit card you can easily monitor what comes in and what comes out.

Since i have been in my IVA my bank account is always in Plus.
I have no more creditor hassle and can sleep easy that i only have 50 months to go.

10 down 50 to go

The world has lived and thrived on credit in the last 16 yrs of it and will have to continue or job losses in retail will occur.Thats what the media is telling us - the shops need your custom and patronage.

You were probably considered to be one of the Banks best customers like myself and I still have 10 credits Cards moving money around - till I decide to sort my self out whenever.

Notice that there has been no talk of restricted borrowing as the shops like
M&S, Oasis,Principles,JJB,Curries,Dixons,Miss Sixties(gone)etc are stumped and cannot continue if we people don't spend...this is what is sad...the lending mentality has got to continue...or no recovery and people are out of a job,IVA don't get paid etc and etc.

With 2008 'Black' Xmas coming up.... the retail people wil be nailed to the mask at this rate.We are in a catch 22 situation.

Brown has done a blinder for now looking like a leader but the debt fuelled spending spree goes on beneath the floorboards.

I agree wholeheartedly and its encouraging to see that I am not the only one in this position. I have spent the last 5 years swapping balances from one card to the other to avoid having to make the minimum payment, running up my overdraft then waiting on a bonus every 3 months to pay off my overdraft so I could start again. Only now, credit crisis, NO BONUS and nowhere left to turn. Credit card companies reducing credit limits to nowhere left to transfer balances too, interest payments almost as high as minimum payments, and the comment by Andrew really rings true with me - both of my children have £1000 each in their accounts, built up with birthday and pocket money, whilst I have unsecured debit of £88k and nowhere left to turn but an IVA. I only hope they never follow my example and realise what my Dad always used to tell me, but I never listened. If you want something, save for it. If you cant pay cash, you cant afford to have it. My problem was always that I wanted stuff there and then. Holidays, clothes, cars, nights out, going mad at Christmas etc, and all of it paid for with a little piece of plastic. Just started my initial IVA discussions today, and hopefully will start seeing some progress away from the spiral I find myself in at the moment.

Hi all,

I can so relate to your posts,

I too initially lived above my means, however the last couple of years I have been consolidating and transferring balances to keep afloat and I am no less in debt although I pay out in excess of £1500 a month to service debt. I stopped overspending and started to live within a budget but could not get on top of our debts. We have a modest house and basic family cars.

I wish we had tried for an IVA years ago instead of getting deeper and deeper into debt, and of course because we paid every month on time the offers of further credit kept pouring in.

I have expelled so much energy into managing complex borrowing, just want a manageable budget and to sleep soundly at night.

Just started on the road to an IVA, fingers crossed x

A pre-paid debit card is probably a helpful solution.

In reflection, nothing wrong in my books to aspire to want a 'Hello'or 'OK' life style.Life is about living in color..we didn't question it then when the CC spree went on and no big brother government said -'shame shame shame'So what has changed.I didn't need anyone to say don't smoke as it is bad for my health to not to smoke, so did I need someone to say don't spend what you have not got? Well Yes.

Why should 5% of the population have 1/4 of our wealth while we face more taxes..yes and there will be more borrowing as the governemnt is set to borrow more for basic spending on the public from our taxes.

The triumphalism one feels in curbing the spending spree is a uplifting one but the mainstream current is to spend more as we just have to as things cost more....family needs for children goes up constanly. I have no children but 5 ctas so I can stop myself but I woundn't want to stop the little darlings have the finer things in life.

I am 29, and apart from when I had my first job when I was 18 I have lived in my overdraft for 10 years.

My biggest problem is that my mother and father were not money-wise. When my first bank at uni gave me a credit card, my mother asked me what it was! I had no idea that mortgages, credit cards, loans - anything - existed. I wish I had been tought from an early age how important money was, I'm quite sure I wouldn't be in the situation I am in now (well not so bad anyway!).