life after IVA approval

[maxdebt]

Yep I have to say the last 8 months have been great, we eat better, we play better, stress levels are much reduced. We even have savings!! [:)]

[Locko]

Hi All

I am thinking about an IVA at the moment as my husband and i have about £65K of debts as well as a secure loan. I am finding the whole thing daunting and worried about it doesnt get accepted and also how can I stick to the small budget that we have left, I think it has been agreed that we can offer them about £500 a month according to Payplan but nothing is set in stone as yet - any advice to this nervous nelly would be greatly appreciated x

[aguise]

Hi Locko
I can only say as I have found and that is much easier than our life before the iva, juggling bills and worrying all the time how we would get through he next month. Do a smuch research as you can and understand everything, make sure you have a livable income and expenditure, if this is too tight then you will struggle from the offset. Have a read of my blog it wil say more.

All the best

Ang

[size5]

Locko,

If you have taken the plunge and got the advice you need then in reality you are already halfway there. I can only encourage you to speak to your IP or case advisor to alleviate your fears. I always find that the period of uncertainty you now face, whilst everything is being sorted out for you, is the worst part so don't hesitate to call, your advisor should be happy to speak to you at any time.

Good luck.

[Locko]

Thanks, I have just taken the plunge and made an appointment so my husband and I can open new bank accounts so we can get the ball rolling so to speak.

[Locko]

Hi Ang

Just read your blog with interest, and just to let you know I also work in the NHS, must be there fault where in this mess LOL. Thanks again for your advice

Locko

[facingittogether]

hi locko!

you have done the right thing! our iva was approved on monday and i feel on top of the world!

i know its the start of a long journey, but at least we are not having to rob peter to pay paul and what money we have is ours and not borrowed!

good luck with your journey

barb x

[MelanieGiles]

Locko

It is really important to get the figures right at this stage, as you have to live with the repayment programme for a long time into the future. Make sure that your IP has a detailed chat with you about the calculatation of your disposable income and that sufficient room is allowed for contingencies and unforseen expenditure - with some allowance to actually allow you to have a life as well.

[Phoenix51]

the best move i ever made getting an iva. Even though i was borrowing more before it wasn't as though as i was splashing out on luxury items.I had loans when i was married in my name then marriage broke down of course being alone i struggled.It was a constant struggle budgeting and paying bills.I had this desperate idea to borrow to get out my overdraft and it went disastrously wrong, i used payday loans to start paying bills and buying food as my wage had just gone swallowed up by bills and repayments.With the iva accepted yes i will still need to budget and be careful but i will be much better off in the iva.As for credit thats it for me never again.Its just too easy to land yourself in trouble financially.