www.iva.co.uk

Hi again everyone.
Just about to start the very early stages of applying for IVA..I have already recieved some really positive and encouraging replies from the great people on here.Sorry for being a pain but i am looking for yet more advice as i keep having serious second thoughts and i'm sure all you lot did too.

Having looked at loads of previous posts i keep hearing of people worried at times such as christmas / birthdays etc..Is all of our money to be accounted for or is some allowed for such things? I hate the thought of my kids getting hardly anything at such times.

Also we have a static caravan.This is paid for and so is the ground rent until April next year but what happens then? I take it no money is allowed to be spent on such things.Is this the case???

I guess i'm just asking what sort of things is our money allowed on and are some things seen as luxuries that must go?

Once again sorry for all the questions but i am having serious second thoughts and i know you have all been through such doubts

Hi Steve, and welcome to the forum.

It's quite normal to have doubts about what you are doing, but you have obviously accepted that you have debt problems and need to address them.

Can't help with the caravan I'm afraid, but there are several experts who post on here and one should be along shortly.

Is the static caravan an asset then,as such I am afraid it may have to be sold,I may be wrong and would in this case love to be.

Most people manage to have an emergency kitty which enables them to save up some money to help out at xmas and birthdays,however a lot of people will also tell you that their emergency funds end up going on car exhausts and washing machine repairs!!!

It does all sound a bit gloom and doom but I assume that the fact you have started to look into an IVA,you probably couldnt carry on robbing peter to pay paul any longer.

Its hard to settle into budgeting using only money you really have(ie no credit cards/overdrafts etc),but once you get into the swing of it you will see that its the way forward for you I am sure.

Paul.(not the one that gets all of peters robbed money)(I flippin wish!!)

we to were worried about the same things as you. we have explained to the kids money is tight and they have been very good not to ask for much except for neccessaties.we have a static caravan, it was included in the proposal as an asset, but we explained that it would be difficult to sell in todays market and it wasnt valued at much. also we have explained our predicament to the in laws and between them and our older son they have agreed to take over the paymentd of the ground rent, insurance etc as they wanted the grankids to have holidays.now it has been approved it is such a relief to know we are doing something about our debt.

Hey Steve, I think if you were anything like me, buying presents and even food on credit cards, then as everyone else has said, it's just robbing Peter to pay Paul (not you Plasticdaft). An IVA is a great way to get yourself back on track and it'll help you budget. If you work any overtime then you get to keep a percentage of that which could be used for Christmas and birthdays. I'm sure it's not all doom and gloom and more a relief. Good luck and consider all your options carefully before deciding anything. Viki

I agree with what everyone else has said - yes it will be difficult but 5/6 years down the line it will be over.....DEBT FREE. Just think it is July next month - Where has this year gone......

Good luck.

Choose the right IP and you will be fine. X

I buy Christmas and Birthday presents all year round having 7 grand kids I have to. I always now include a book of 'Vouchers' in their presents the vouchers include things like spending a day at nans on your own to make cakes, going swimming, time at the park. None of activities cost me much but each of them get to spend time on their own with me. we have great time and as a working nan I enjoy the time with them as well.
Hope this helps

Jan

jan thats a lovely idea..

That is a good idea Jan.

As I have said in previous posts, I do loads of surveys on the internet for which I get varying rewards from money to vouchers. The vouchers which are for high street stores I give as presents for Christmas. I get Tesco vouchers from one, which I put away for food and booze spending at Christmas. I've got £30 of those together with my own Tesco points.

It makes for an economical Christmas and I don't worry where the money is coming from.

Steve

If you are having doubts about whether an IVA is the right way forward for you at present, then it probably is not. Your static caravan will have to be dealt with as a surplus asset - how much is it worth? - and a Debt Management Plan, although will probably take you a lot longer to repay, may provide more flexibility for you to do the things that you appear to be concerned about giving up.

Personally I have given up alot of things for the next five years, included in this is the sale of my house of 14 years ! But I have done this in order to achieve a second chance of paying my creditors back what I spent and to allow me to have a greater quality of life the second time around !

IVA's are not the easy option out, but an option whereby you can pay back and rebuild your life!

10 down 50 to go and proud of it!