How does IVA affect our daily life... like car & electric bills?

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by shirley535 » Tue Jan 09, 2018 10:55 am
what happens to things that I pay monthly like electric bills etc and how does an iva affect our car ownership
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by kallis3 » Tue Jan 09, 2018 11:02 am

You would be allowed to continue with your utilities and, unless you own a very expensive car, it should be no problem,

I would suggest phoning a couple of companies for some free advice.
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by Foggy » Tue Jan 09, 2018 11:40 am
As Kallis says most of us find no real impact on daily life, apart from learning to live to a strict budget. In my case utilities continued much as before, I upgraded my phone and even got a new contract (though some have been refused and Virgin looks like it might be getting angsty with it's TV and Broadband). Car insurance remained as usual and I paid monthly throughout.

Car ownership --- insurance was OK, as mentioned above. If you are on a PCP or lease agreement this can usually continue as long as, as Kallis mentioned, the car is modest. However, you will not usually be able to refinance, raise a balloon payment or renew at the end of the term, though a few have managed. Many of us nursed "ebay bangers" through the IVA and were granted payment breaks to help with repairs if needed.

In other things you learn to seek out bargains and to economise. It soon becomes a way of life. You also eke out the budget by collecting coupons, loyalty points and doing shopping surveys. And buy next years Christmas cards, wrapping and decorations now, while some stores are selling off stock.
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by jonathah » Tue Jan 09, 2018 9:47 pm
As someone who had been up an IVA for a little over a year (and who spent nearly that long researching:) ho ho) my experience too has been that day-to-day living has seen little impact. The allowances, which is effectively how I+E function, are quite workable, and having a manageable monthly payment has made life financially easier. Remember the idea of an IVA is that it is sustainable and manageable. It's in everyones interest for it to be that way. We're making a committment to pay off UNSECURED debts which are notoriously hard to chase especially in consumer finance.

Monthly payments on car and some public liability/negligence insurance I have? No prob.

You'll be fine - it's a way out of trouble not a way into penury.

All the best.
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