Cautiously Optimistic

[joh71262]

So Credit Crunch is the buzz word right now (OK - I know it's actually two words !) and I'm wondering whether that puts those of us in IVA's in a good position for the future ?

I have just completed year two and am looking forward now. With the house prices falling, I am wondering whether the equity release will be a viable option in a couple of years time. Personally I would rather not extend my mortgage if at all possible as I will be knocking 48 by then and with a single income and currently no chance of overtime, I wouldn't relish the prospect.

But I've been thinking these past few weeks whether our credit will actually be in a better position than a lot of others and also that those of us "lucky" enough to have IVA's that have been running for over a year, may end up being looked on favourably by the time that we've finished paying, however we do that.

Perhaps it's all a dream, but it keeps me thinking positively at the moment, when I am in desperate need of a holiday - or even a night out !

[:D]

[rollercoaster]

This is exactly what me and OH have been discussing on our 'down days' we are not only in a much better position than those still in denial, but also in 5 years time we will be debt free, completely re programmed in regards to money, living within our means, and i cannot see a hope in hell in having to re mortgage to 85% LTV in year 4 as we are currently very little equity with an interest only mortgage, and hey, if they do re mortgage, were still debt free, creditors have had everything we could give them and we are in a much more secure future than many others

[joh71262]

It's the re programming bit that's been the most "fun" ! Scouting for bargains in lots of different areas !

Being mean with food (as long as I don't have guests that is !) can be a real challenge. I treat myself to a sandwich every now and again, but they aren't as nice as home made.

I got a loaf in Aldi for 95p and it was still fresh (ish) a week later so with some ham and lettuce and a bit of mayo and mustard, it was probably about the cost of one shop bought one and it lasted me the week and not 5 minutes !

I also found some chutney in the cupboard that I hadn't even opened the other day - it's been there so long I don't remember buying it - but it was scrummy in a wrap with ham, lettuce, tomato and a bit of mayo !

I wonder, also, whether they will be tightening up on approving IVA's as well though.

[rollercoaster]

very good point on IVA tightening as i feel there are going to be many more people in a sinking boat. I try to squeeze every last penny out of my food shop. managed to get it too £39 this week (for a family of 4) husband is on lates this week though, so he will be coming in and eating packets of value noodles (8p) and value savory rice (22p. whilst me and the kids have good old fashioned home cooked grub, cauliflower cheese tonight. 1 cauli (huge) 59p, 1 cheese sauce mix 34p, and homemade 'sin free chips' (for all u slimming worlders out there) 50p ish. kids love it, check. veg included, check. less than £1.50, check. [:D]

[rollercoaster]

just gonna go and take my tea bage off the line. lol

[coupleplus1]

any ideas what I can do with mince other than shepherds pie, bolognaise and meatballs - I seem to have an abundance of the mince in the freezer - not a lot else though, except some ready made chilli and more shepherds pie!

[angela18]

how about home made burgers made the same way as meatballs.. you can put chilli in or other herbs. lovely in a bun with salad

[rollercoaster]

my kids are a bit awkward coz one is a strict vege (14 year old BOY for the last 6 years) but they like it when i make spicy lasagna. basically i make up the boly part add some chilli powder, then make it into a lasagna, add some crunched up value nachos (18p tesco) and bake in the oven. sounds gross but taste GREAT!!

[rollercoaster]

nachos on top of cheese/white sauce topping, not IN the lasagna (that would be gross) lol [:D]

[joh71262]

any ideas what I can do with mince other than shepherds pie, bolognaise and meatballs - I seem to have an abundance of the mince in the freezer - not a lot else though, except some ready made chilli and more shepherds pie!

Any ideas would be welcome too !!

You could get minced lamb and make Moussaka with an aubergine. Meatballs, burgers - how about cottage pie with swede and carrot topping instead of potato ?

I made a huge pot of jambalaya and whilst the prawns and chorizo were the pricey ingredients, adding a lot of rice and onion and a pepper meant that I got about 6 portions out of it. The prawns were those huuuuge ones on special and the chorizo was a chunk from the deli.

I suppose it's a bit easier for me as there's only me - and the cats !

[acsn]

HI

I now think of my IVA as long term future planning. Long before I reach 60 the IVA will have concluded and all the defaults ect will have dropped off my credit file. (I plan on it taking 12 months to clear after the conclusion of the IVA because of late defaults.)

I was fortunate in being able to buy out my equity with 6 more payments, might have been the wrong thing to do but who knows with the property market.I made my IP offer it in the original proposal. But it does mean that when my IVA ends it's over. And if propery values do bounce back it's all mine.

And what I thought was a rubbish long term mortgage deal set up just before I started the downward debt spiral,turns out, as it tracks the bank base rate, to be actually quite good. Funny how things work out. I always planned to sell up when I retired and move somewhere cheaper.

I've still got quite a few years after completing the IVA to save the money I was paying into it each month and as I've got really good at not spending money I should have built up a good nest egg over the remaining years.

So when I feel a bit down I remind myself that not many people I know will go into retirement debt free, with a reasonable nest egg, the equity from their property untouched and a great works pension.

Seems my IVA actually became a major part of my long term retirement strategy.

Gets me through those rough days.

[joh71262]

I've got some great recipes from Tesco/Sainsbury/Waitrose web sites as well.

I also made truffles one Christmas from a fantastic book on Amazon. It was timr consuming but great fun and they were VERY well received ! You can also freeze them at various stages of the process so they can be started in October as long as you have freezer room.

[kallis3]

My equity release is the same, 85%LTV, but if there is less than 10,000 it will be written off. If we can't get a remortgage ( I would think unlikly as I am now 54 and hubbie is 61, we will carry on with the IVA for another 12 months.

[joh71262]

My equity release is the same, 85%LTV, but if there is less than 10,000 it will be written off. If we can't get a remortgage ( I would think unlikly as I am now 54 and hubbie is 61, we will carry on with the IVA for another 12 months.

My old plan with Debtmatters didn't seem to state a % - it just said that at the beginning of the 4th year they can release equity. When I asked them for details, they still didn't explain it properly. I am now with Grant Thornton - hopefully they will actually be competent !!!! [:o)]

[rollercoaster]

hey, this cauli cheese good stuff. lol yum