Jan is right, my IVA was completely unsustainable and failed after 4 months. I was told what I could claim and half of it was a load of rubbish. When I questioned the figures I was told not to worry, it woild all balance in the end! Unfortunately it didn't and BR was the only way forward.
Interestingly Julie's husband and I were with the same firm who no longer deal with IVAs.
I do agree Skip that some companies are guilty of manipulating the figures to fit the IVA. Should not happen.
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
Those of us who have found the forum know what to look for - other people do grab at the first lifeline thrown to them.
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
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
I must admit I grabbed at the first lifeline, fortunately for me it was DFD. I honestly had no idea about them as I saw the T.V. advert and went for it. I wasn't aware of this forum and had absolutely no idea that a list of allowances existed let alone what was on it.
I was aware to an extent as we were on a DMP but the allowances changed when we moved companies. Prior to that then we just listened to what we were told.
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
Hi Foggy - just had a look at the beatmydebt website and wish I'd known about that one earlier - it's really quite helpful so hope anybody starting out on the IVA route manages to find it.
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
Even though this is is a good site, it is still down to the individual proposal as to what is allowed and what isn't.
It is useful though.
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
Thanks - yep fully appreciate it is only a guide but I think quite a few people see light at the end of the tunnel when completing the initial paperwork and forget some of the smaller things that can add up. Having looked at this list I didn't realise you could claim for haircuts and in a family of four, even if you stretch it out till the cut is desperately needed, four cuts can add up quite to quite a tidy little sum!!
F&F approved May 13 - just awaiting Completion Certificate - moving to a new Debt Free life !!
Wow - just caught up with this thread - what a great forum discussion - and debate! It just goes to re-emphasise the importance of checking out more than one company when looking at entering into an arrangement as approaches and practises vary greatly. I knows its hard when you feel desparate and you just want someone to get on and sort it for you but it is the level of detail given and the attention placed on your own circumstances in that first call that makes for a more sustainable and successful IVA in the end. The budgets are not generous by any stretch so for some people to only find out what they could have had, after the event, is not fair. Some clients I speak with are in absolute bits when they first call and once we've spent time on getting over the nerves and trying to get things in perspective they need a little guidance on their expenditure. Its amazing how many people forget they need their haircut or dentist checkups etc. Meals at work can be one of the largest unrecognise expenditures. Clients are amazed that their "couple of pound a day in the staff canteen" can add up to quite an amount over the month so a balance of packed lunches and canteen meals has to be introduced.
I agree, more should be shared on success rates of IVA completion and IVA acceptance but accept that not all failures are down to a weak IVA so more info would need to be given.
Regardless of whether someone ends up doing an IVA, a DMP, going bankrupt or just needs some guidance on money management it all comes down to the budgeting so time spent on this up front is key and clients should be allowed the allowances they need.
I could go on but I think I've put enough of my pennyworths in!
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.
If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at www.debtadvicetv.com
If you’re ready to ask us for specific advice or help, then get in touch at www.call-me.debtadvicetv.com so you can start to free yourself from the stress and anxiety of overwhelming debt.
tina you are so right, when i first called you, if you had asked me to give you a list of my monthly expenditure, i know i would have supplied you with everything i pay by direct debit added some for groceries and that would have been it! it would not have crossed my mind about haircuts, car repairs, school/work meals, dental and optical treatments, the list is endless, so much to consider.
and thanks to this initial advice and hoping there will be no changes to my employment or health, i feel very positive that with some sensible budgeting by myself over the next five years, i have an iva that will make it to completion.
its a shame it appears some company set such unrealistic budgets, they are only setting their clients up to fail.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
