Its not a lot to live on, is it?

[gill.p]

I have now made my third payment and have 57 to go!!!! but i am finding it really hard to adjust to living on barely nothing. Since my IVA was agreed my wage is now slightly lower, and child care higher and although I am sure I will adjust it seems so hard at the moment!!!!! I love not having credit card statements to worry about, and don't get me wrong I can afford to feed the kids, but not a lot more!!! I don't mind staying in, and finding that we all go out alot more, taking the dogs for walks etc..It really has proved to me just how extravagent I had been previously and certainly foolish. I certainly am learning my lessson, i have made 3 excuses this month not to go out socially, (I don't want anyone knowing that its because i seriously could not afford it and don't mind missing out) but I am feeling really low about the whole situation at the moment, my husband says we will get used to living on a tight budget and we will get by, I am sure we will, but has anyone else found it a bit of a culture shock and a little hard?

[james.c]

it is hard and we have all been their and we all get low days, but trust me it will be worth it.

I find it hard, i feel stressed not been able to do things cause i have no money, but ifelt a lot more stressed when i was being chased for money.

Trust me u finds ways of making money last. You find you can do things and enjoy life without having to spend

[carlmcmullen]

Hi Gill,

An IVA is not just about repaying your debt, it is also a huge lifestyle change and teaches you to budget and have to rely on credit.

It is hard, you are right but you will adjust and it will become a way of life.

I saw a forum on here a few days which was 10 ways to survive an IVA and there were some really good suggestions on there, things i didnt even think of, just things as simple as putting £1 in a jar a day to help save up for month end treat. I will try and find the forum and post the link on here for you.

I know you are only in month 3 but a drop in wage and increase in childcare can really upset the budget have you discussed with your IP ?

[gill.p]

Thanks for your reply, no I haven't discussed it with my IP, in fact, since the IVA has been agreed, my IP has not contacted me, apart from setting up the monthly direct debit. I am sending my husbands and myselfs wage slips in for the first 3 months next week, I assume thats what is required and will send a covering letter, hopefully it might help, I thought I was too early into my IVA for changes. Unfortunately, my wage was worked out on overtime I had been doing, which is no longer available. I am hoping for a small bonus this month, and need to check with IP, if I am allowed to keep any at all or if I have to pass it on.

I understand our overspending got us in this situation, and its great not being chased for money, but it is really hard at the moment. I still put a £1 away each week for my lottery ticket though!!! you never know!!!!

[Adam Davies]

Hi
It's a shame that your overtime was factored into your income for determining your disposible income,always a dangerous thing to do.
If your income has reduced,compared to that stated on your initial proposal,I would ask your IP to allow you the shortfall be offset against any bonus that you may earn BEFORE any of it is paid over.
Also check your chairmans report as there may be a clause giving your IP permission to reduce payments by upto 15% without the need of a creditors meeting

Regards

[ianmillington]

If the VA was approved in Oct/Nov 2007 then I suspect the clause Andy refers to (introduced by TIX and GT) may well be there.

I can only repeat Andy's advice to look at your Chairmans Report

Ian

[suzz]

Hi not sure if this is what carlmcmullen was on about but found and copied from this new member.

suzz



Lord Soth
New Member

United Kingdom
3 Posts
Posted - 19 January 2008 : 18:51:27
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I don't suggest these are the best tips but some might be helpful! Sorry I got carried away a bit; stopped at 15. And in no particular order.

1. Take a list when shopping for food. (Try not to stray! And never shop when hungry!)
2. Some meals can easily do for another day, e.g. I love stir-fry curry quorn - eaily freezable.
3. Buy a large "sack" of breadcakes and make sandwiches for the week(s) ahead and freeze them.
4. Use ebay if you have surplus goods to sell.
5. Combine your gas and electricity with one provider and pay by direct debit.
6. Offer a lift to work colleagues or car share.
7. Cancel Sky and get a freeview hard drive recorder. You can still access lots of free channels (and even Sky if really needed).
8. Use your local library.
9. Combine broadband, home telephone, and mobile if possible (might be difficult, if not impossible if already in an IVA)
10. Try to put some money away every day. Even as little as 50p a day will produce £182.50 after a year.
11. I still manage to go to my local cinema through an unlimited card which costs £11.99 a month. I think that's good value and a relatively inexpensive perk. But remember to take a soft drink with you and don't purchase anything at the cinema!
12. Work overtime if circumstances allow.
13. Strive for promotion in your job - IVAs are not for ever and you will retain a good proportion of any addional pay.
14. Don't stop all treats for yourself! (e.g. see 11 above).
15. And keep reading this site too!

Many thanks suzz.. great detective work [:)]
admin

[cat 1]

Hi Gill. I have made 3 payments into my IVA and although it's wonderful not to have huge credit card bills and constant worry it really does seem to have been replaced by another kind of anxiety and worry. But, this is surely better than before? Once we have managed to save alittle, then we can lead a relatively normal life.Not extravagant, but 'normal'.Don't forget the people you are wanting to go out with will also have commitments, but thier credit cards are thier contingency plans.If they spend up now, they will get thier groceries,pay school dinners etc on thier credit cards. You have to budget. I keep getting down days and the IVA is constantly in my mind.I thought it would go away but it shows no sign of abating. I'm extremley conscious all the time about money and having to say no. My eldest asked for £650 for school hol last week.I couldn't even consider it.I felt awful but this would be the difference between a family holiday and not.He also wanted to go to 'another' midweek concert in Manchester.Sorry, but 'no' as with travel cost etc we simply can't afford.This does make me feel awfulbut in reality I would have said yes before but still couldn't have afforded it.My IVA is for 6 years which feels like a life sentence, but I would have lost house etc if I had not gone down this route.Cat

[james.c]

what is TIX and GT?

[iva experts]

GT = Grant Thornton
TIX = The Insolvency Exchange

I believe these are two firms that vote on behalf of certain creditors.