I am still in the process of starting the IVA. I have provided bank statements and payslips via the whatsapp chat they have and they still require a few more things.
I am currently in just over £11000 debt due to me being silly with an ex and taking out more credit cards just to get by. I am only 25 and i'm in all this debt,really embarassing.
Noone knows about this apart from my sister but i don't think she understands fully what an IVA is. I currently live with my partner half the week and he also does not know about this and so i still pay a lot on food and bills so i can stay at his half the week. I also pay him £300 a month which is shown on my bank statement which also looks bad.
I guess i am just writing to you all so i can talk about it to someone as i am really stressed and can't concentrate at all, i am also being moody with everyone which they don't deserve.
I am currently applying for a lot of jobs and getting interviews but I don't think the extra money will help too much. Please can someone advise on what the budgets normally look like from an IVA? I earn about £1,300 a month and I have been quoted to pay them £91 a month (which seems really good considering I paid almost £500 on my debt). Is it as glowing as it seems?
Sorry for the long message!!! I'm stressing a little. Also I have read a lot of the forums and well done to those who have tackled debt for such a long time! Strong, brave people
As long as you are with the right company -- they do all operate differently -- yes, it is as good as it appears ----- Don't get me wrong, though, it is not a bed of roses and is a hard slog ... but worth it in the end.
Do make sure that an IVA is the best option though -- have they explored and advised on other options, like Debt management plans or even a DRO (if you can get your disposable income --- that £91 --- below £50 and have no assets) ?
I haven't told many people about mine, but it's definitely far less stressful being in one to battling all those debts - I didn't tell anyone about them either! Not even I realised the exact figures until I wrote it all down and realised the horrible truth.
Bed of roses....yes and no.
Much easier than juggling money and panicking each time post drops on the doorstep and wonderig which card to use to pay for this weeks shopping.
We had £47k in debt and paying over £1000 a month just in credit cards/loans. Very stressful.
I would suggest telling partner. If youre in a relationship then need to be open and honest. This is a long journey and if pressured to buy things, that will
impact on your success and stress.
If he knows you have certain budgets to live within it will make things easier to talk about.
Sending financial info via whatsapp is strange! Not something I would feel comfortable doing but just my opinion.
Recommend talkig to a few companies. We had some variable monthly repayment plans from a range of companies. Some didnt include all the allowances which we since found out we were entitled too.
Its a long journey but it is doable with care and understamding of your T&C's. There are many legally binding terms in an IVA relating to income, Overtime, financial gifts, PPi, inheritance, windfalls etc. Be sure you fully understamd what you are signing up to for the next 5-6 years.
We have managed while raising 3 young children. It has made us closer. We understand budgetting and know what bills go out how much for and when. It has taught us to communicate and save. But its teamwork. We are much happier than the stress and worry we had before an IVA. We didnt tell many people but i would suggest being open with your partner.
Have they explored alternatives with you such as a Debt Relief Order, Bankruptcy or Debt Management Plan?
My video here outlines some of the options you should eliminate first:
Also don't bother using a intermediary - go straight to the IP firm and cut out the middle man.
I am part of the team here at Freeman Jones. Please do feel free to ask our team as many questions as you want. An IVA is a big commitment and its really important that you are comfortable with the step you are taking before you start it. As you say, the team will have run through the other option with you, but we are happy to talk them through again anytime.
As to telling your partner, it is a very personal choice. Generally, what we say to our customers is that your IVA will help reduce the financial stress you are feeling, but keeping secrets is also stressful - and this is something that you will have to keep secret for a number of years. If you can bring yourself to speak to him, then that could alleviate that stress. Mostly our loved ones are understanding and supportive - that's why we love them! Of course, the only person who can decide what's right for you is you though.
I hope that helps,
PS - we use WhatsApp as its a fast and convenient way for customers to take pictures of documents and send them in. Its "end to end encrypted" which means its more secure than email (and most other forms of communication).
It is free to use which reduces the cost for FJ.
The trouble with any free to use app of this nature is that there is no guarantee around service levels, where data is actually being stored and how WhatsApp (Facebook in reality) may use some of the information.
Post 250518 and coming up to BREXIT, unless an organisation has done the appropriate documented risk assessments, if something goes wrong the fine levels could be harsh.
Bubbly wrote:Tha WhatsApp is a really good idea and works well so thank you
Another question! Are you allowed to save during an IVA?
You can save a modest amount during the IVA . Of course, there are some elements of expenditure which you HAVE to set aside monthly (emergencies / repairs). Savings can be made from those (rare) weeks when the shopping comes in under budget, or from your shares of overtime and pay rises, etcetera.
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