Is there any point in cutting down monthly expenditures

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Vince_100

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Post by Vince_100 » Tue Jul 24, 2018 5:16 pm
I'm currently in month 6 of my IVA journey.

At first I was looking at reducing mobile phone contract, sky once contracts are up etc. But then i see posts of other people reducing their bills only for the IVA repayments to go up anyway?
So what i'm saying is, is there any point of trying to now reduce my monthly outgoings further while in my IVA only to have my payments go up at review?

MerlinL14

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Post by MerlinL14 » Tue Jul 24, 2018 5:42 pm
I didn't reduce any utilities, TV or phone contracts while in the IVA. But I was also careful to not be tempted to 'up' any either, knowing that it could come and bite me back at some stage.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues

kallis3

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Post by kallis3 » Tue Jul 24, 2018 5:55 pm
I agree with Merlin - I kept mine as they were.
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.
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Foggy

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Post by Foggy » Tue Jul 24, 2018 5:57 pm
There is no real point in reducing previously agreed expenditures. As you say, any savings would be re-routed to the IVA payment.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
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Vince_100

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Post by Vince_100 » Tue Jul 24, 2018 5:58 pm
I'm not planning on increasing anything like that. Just seems a bit harsh that if you save yourself X amount a month for it just to be added on at review

abbiesmum2003

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Post by abbiesmum2003 » Mon Jul 30, 2018 12:51 pm
No. Those allowances are built into your I&E budget. If reduce them youre IVa payment may go up. You wont see a saving or extra in your pocket, and then the bill will go up and youll be worse off as unlikely will reduce the iva payment.
We didnt reduce anything-if anything everything went up during our iva but payment never went down! Try and make savings on non-essential stuff to put a bit aside if things do go up but pointless reducing mobile/tvonce I&E is set up.

Foggy

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Post by Foggy » Mon Jul 30, 2018 1:46 pm
Vince_100 wrote:
I'm not planning on increasing anything like that. Just seems a bit harsh that if you save yourself X amount a month for it just to be added on at review
Really no harsher than your creditors having to get back a fraction of what they lent you in good faith. The object of an IVA is to allow you to pay back as much as possible whilst still being able to survive, not to get away with paying as little as possible.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

kallis3

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Post by kallis3 » Mon Jul 30, 2018 2:34 pm
Agree. If you can save a few pennies from your allowances then do so and put that away for a rainy day. You can also do online surveys for vouchers for Christmas and Birthdays.
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
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