I never thought it would be this HARD!

[FruRod]

We have been in an IVA for two years now. It was such a relief to do something about our debt problems, but now I am starting to wonder if bankruptcy wouldn't have been a better solution for us.
We owed just over £50000, and are paying back £550 a month, but are expecting it to increase as we are waiting for our annual review.
Most months I have to sell something on e-bay, or borrow money from a relative to actually be able to survive until the end of the month.
I'm running out of things to sell, and I'm starting to feel depressed.
We want to move, but feel that we have to wait for the IVA to be completed, which means another 3 years. Our son has just started Reception, so he will be in Year 3 by the time we move.
I don't know. I just can't see the light...

[plasticdaft]

How accurate is your income and expenditure? You shouldnt be struggling to the point of selling things just to surive to the end of the month.

What made you choose an IVA over bankruptcy to start with?

Paul

[footiemad]

I think if you are strugling that much then your I&E needs reviewing urgently. You need to contact your IP asap and explain how bad things are and ask for a review. Which company are you with as they may post on here? x

[FruRod]

Paul - that first question is tricky. The income & Expenditure seem fine on paper, but however much we cut back, the money doesn't last.
We chose an IVA because we wanted to be good people, and try to pay back the money we owe. Also, the bankruptcy seemed so drastic.

Footiemad - thanks, but I have already spoken to them about it.

[oscar]

Hi FruRod I hope you start to feel better very soon. We did struggle throughout our IVA on and off and we used the support of each other and sheer determination to get through it but it was tough. Some days I just cried and felt so low. Things do look OK on paper but it is never this straight forward. For us, the last year was the worst. I think that this time of year makes things seem worse again. We could have gone the BR way but chose not to for the same reason as you.

Also, you have already got through two whole years of your IVA which is a huge achievement. You'll be surprised how the next years fly by.

I'm just wondering, we pay ours over 12 months, but do you by any chance pay your Council Tax in 10 instalments and by direct debit? I ask this because most Councils will let you choose which of the 10 months you pay on, so if you need the money now rather then say in Feb or March you could request a payment break e.g. for a month and if they say yes you could use that money towards Christmas maybe? It's not a long term solution but just thought I'd mention it as a possible option.

Also the Asda spend £40 get £5 back price guarantee is back on now where you get £5 back to use off a £40 spend if you spend £40 or more. If you use Asda maybe this could be useful if you go into the shop a few times.

I was embarassed in our IVA because I took my sister to do a boot sale and she was shocked when I had nothing much to sell, little did she know we had already sold everything we could think of prior to the IVA to be able to make ends meet.

An IVA is supposed to be affordable maybe you could ask your IP again if there is any way they can put your allowances up even just a little on some items such as food, clothes etc? Also, don't forget the price of petrol is tremendous now so collect up your petrol receipts as you may be spending more on essential petrol costs and you may be able to negotiate on this even or even on bus fares.

I hope that the company you are with has a representative on this forum as the rep from the company we were with helped us out big time through this forum. I think I'd post a new thread something like help and the name of the firm that you are with and then if they have a rep on here you might get a better resolution.

Hang in there and keep posting Rod. You have come a long way with your IVA so far and I'd like to congratulate you on that.

When times are at their worst, hang on to your sense of humour and remember that things could always be worse it just might help you get through it. This forum is a great source of support but if it gets really bad even talking things through with someone you trust or even a visit to your GP might help you. Hugs.

If you get time read my blog go right to the bottom the very first one I did it might just be of some help.

You concentrate on your son I'm sure it doesn't matter to him at the moment if you move or not, he just loves you you're his dad and whatever he receives on Xmas morning when you see his face you're bound to light up
a little yourself.

Oscar
x

[kazzafunk]

Hi Rod,

It's not easy is it? Since June when ours was accepted, our oil has gone up by £25 per month, electric by £10 and food and fuel haven't gone down!

In the new year I will be speaking to our IP about reducing our payments to pay for all of this.

Go back over the last month and see if there's anything that you are spending more on. I write down things like food, fuel, etc on a spreadsheet to make sure everything is ok.

I also think this time of year is hard. We probably all used to spend much more than we should and it hits hard when you realise you can't anymore.

We were advised to go down the BR route, but our pride made us do the IVA to repay as much as possible. Added to that OH has a van worth a few grand as we live in a remote area and need a decent motor - under BR it would have been an old banger.

[Shining]

It's hard for us all and within an IVA with restricted funds it's very hard, I'm sure most IP's will realise that the increases in utilities are vital.

I agree you shouldn't be struggling to the degree you are. I'm dreading next year although my final year I lose child benefit and child tax credit and that equates to £120 @ month. Will speak to IP at annual review and see what can be done. x

[footiemad]

Next year I will lose child benefit £188 pm and our income will drop by an additional £120 pm due to underpayment of income tax (code is being adjusted accordingly) - happy days x

[luluj]

Your I&E really needs to reflect your actual costs - if you are struggling to maintain a level playing field each month, which it appears you are, then I would encourage you to request a review of your I&E - you do not have to wait for your annual review for this to happen - your IP has the discretion to reduce payments by up to 15% without having to seek creditor approval!

[MrsKnight]

Hi - your story sounds very similar to mine in the beginning, I really understand where you are coming from but please listen to what everyone has said above. If it had not been for me stumbling across the forum & getting the courage to post & ask for help, we would of certainly failed by now.
We too ate not home owners & wanted to pay back what we could, and your probably questioning whether it's all worth it. Well in a nut shell it's not if it's not affordable or realistic. And be very proud of yourself for getting this far even though you have struggled through it.
Well now it's time to stop struggling, get onto your IP and get a review done & a realistic one at that. Put down what you truly spend & need. And don't worry about requesting a review when it's not due, I've had loads of reviews done due to changes in my I&E. I'm about to have a baby in January so there is going to be a huge change in mine & I will be contacting my IP when it happens. Your IP are there to guide & support you through the IVA & they will understand if you explain.

Let us know how u get on x