Your finances are not watched all the time. Once your living expenses budget is agreed, you can spend the allocated funds how you like. As such, if you are able to make savings on your food budget, the money you save you can do what you like with. Generally it is advisable to save these funds so you have something to fall back on in case of a rainy day.
It is possible to enjoy yourself I'm an iva, you just can't spend as much as you used to. You will put in your income and expenditure and your payments will be worked out. If you can save any money from your allowances you can spend it on what you like.
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
Having recently lived through an IVA I can honestly say it was a rewarding experience which has really helped me focus on "saving" rather than "spending" ....your income and expenditure is agreed at the outset and reviewed annually - once set you are able to spend as to need however you cannot have any overdraft or commence any new credit applications whilst in an IVA ....I am not going to say it is easy it isn't but if you learn to budget your money it becomes second nature to live within your means.
There are always emergencies cropping up and times are hard some months but normally there is a way around these things.
For me it was a life changing experience !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
well i aint that old but i am old enough to know you dont always have to spend money to enjoy things, nor do u need to to have a good time .. money does help sometimes massivly lol.
talking,walking enjoying a sunny or even rainy day outside dont cost owt.. maybe try enjoy the simple things in life now and then .
as luluj says in her sig remain focused and positive and all will be ok. lol
We have rediscovered the art of spending time instead of money..... you can still enjoy life without spending what you don't have - that's easy for me to say 59 months in, but I felt very different a few years ago!!
Of course you can live and enjoy yourself whilst in an IVA - may people do, it just cannot be funded by borrowed money any more. You will have a housekeeping allowance based on the size of your family and their specific needs, and a budget for Sports, Hobbies and Entertainment - together with several contingency allowances which should be saved up to pay for when things go wrong - such as house and car maintenances and sundries.
I consider that my life is ok within my IVA. I won't lie and say I live a luxurious life but I do ok. My treat albeit small is a two for a tenner meal in a pub every 4-6 weeks and a drink, only there couple of hours but I really enjoy it. Allowances can be saved as others say to enjoy some treats x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Life in an IVA isn't a frivolous round of partying, nor a bed of roses. However, I have more money in my pocket that I did whilst struggling with debt, and the knowledge that what I buy is paid for ( no credit card hangover to look forward to) and that my creditors are happy with the arrangement and will not be pressuring me any more.
And, like Lesley, you can still save up for those little treats, and enjoy them all the more. That two for a tenner meal tastes far better knowing you can actually afford it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Do you know what that reassured me totally. We are due for our annual review soon and I was constantly worried fi they would look at my bank statements and say "ooh what is that you're spending your money on?", or something like "you cannot be buying that!" but this has reassured me that they don't do that. Thank you
IP's don't have time and don't get paid for being too picky about their clients annual reviews. The onus is on you guys to produce for us your current figures, and so long as they look reasonable there should be no need to trawl through bank statements trying to find things that don't exist.
Hi Steve - we are 3 months in and this month has been hard but only because we had a BT bill and TV licence (1/4ly payments). We can still have fun. There's not much left at the end of the month, but the joy is - it's only our money we spent! We have cut down on some things when food shopping and haven't really been out, but I managed to fund my niece and nephew staying for 10 days and have saved 1/2 the money to go to Alton Towers in October. It might seem strange but it's actually fun making the money last now and feeling in control for the first time in many years!! I have not regretted it yet, the loss of all the stress is enough fun for me!!
Kazza - we changed our TV Licence to monthly from quarterly. OK, you have to pay the first licence upfront in six months but then the payments drop. I always used to forget that I had the payment coming out and sometimes struggled.
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
.. money does help sometimes massivly lol.
