IVA Despair or Relief

[andrewgoodman121]

i have my creditors meeting in 2 days time and what i would like to know is what is the feeling after it has been approved.
I say this as you still have to pay and keep up repayments for 60 months and your payments could go up.
I don't know whether i should celebrate or worry as when your IVA
payments come out you have to watch and be monitored on what you spend as you have regular reviews with bank statements and payslips
with your IP.
Could it be a case of im over worrying.

[cat 1]

I've got limited experience ie only made 3 payments for a 72 month iva.I worry all the time but it's much, much, much better.No credit is very strange.Your money HAS to last.There can be no 'sod it' days and there cannot be any impulsive buying days.I'm finding I definately have enough money now.Whereas before the IVA I would be living off credit for the last 2 weeks of the month.Half term this week- had to buy uniform items, new shoes, hair cuts and put some aside for treats.This is a lovely feeling because everything is paid for with my money.Had to say no to a weekend at centre parks with friends but can just about do a travel lodge and a day there as long as we take picnics and own food to cook in thier lodge!!! Using hubbies petrol allowance from last week to gauge the extra needed.Things like this make the effort more exciting somehow.I do find I worry though.EG had anxiety attack booking travel lodge at £60...I really do have to think two and three times before I spend.IVA not going to be easy, but hopefully it's totally manageable for next 69 months.CAT

[MelanieGiles]

Don't think of the IP as a potential enemy, but a potential support. We are here to help and not to squeeze every penny out of you at annual review time. And as we all have families of our own, we do really understand that the cost of living is rapidly increasing - as we are also paying higher food and fuel bills too!

[andrewgoodman121]

i know it's strange as people on the forum all sound mega elated when it has all been approved and accepted, but i will be elated when i have completed 60 months and got through it and i have become debt free and kept up the repayments
with no gliches.

[andrewgoodman121]

I think that a lot of people will be coming to the end of the EASY-CREDIT ROAD this year and have been victim to the live now pay later way of life which i can only admit too.

[aguise]

Hi Andrew all the best for your meeting. I found I actually felt a little numb for a while after the acceptance, hubby was ecstatic. It just took a little time to sink in that the bills were going to stop coming through the door and the worry of how to pay them had gone. Yes you have an iva to pay but you have your budget and if you keep within its ranges, you will feel so refreshed when you actually pay for things rather than with money you really dont have. Work out a budget stick to it save a little where possible, and that can be done. I am so much more happier and so is my husband. We have earned a lot extra and quite happily paid our 50%, knowing we can put the other 50% in our safety net fund and for the extra pleasures. We have been in fourteen months, just had review, no changes as we have kept up as we go along.Best thing i ever did and to be truthful I would be happy if life continued as it does for good, compared to the worry we had before. So for me, and others I am sure feel the same, an iva was life changing but for the better.
I dont know what is round the corner but |I will face it as and when it happens. I agree with Melanie your company is not your enemy, I actually have a nice little chat sometimes with my ac manager and any worries I just phone rather than worry I might have a problem later.
I hope yours goes the same as mine has so far.

Ang

[OPTIMIST12]

Hi andrew -

I will be a party pooper - but an honest one - and say that - NO - the great feeling of Creditors Meeting Day does not last forever!!!

Its a huge lift when your IVA is accepted - followed by a fairly quick "drop" when you sit down and work out that the 5 years ahead of you are going to be tough going.

BUT you then settle down somewhwere in the middle - accepting that life is going to be restricted by the new road ahead - and more importantly that - even so - things are MUCH MUCH better than they were pre-IVA. And once the IVA has been approved you have a date to fix in your head when you will make your final payment and will be really debt free once again.

And in the meantime you have the excitement of 4 Annual Reviews to look forward to!!! (Joking!!).

Seriously though - IVAs really do give people a second chance - I think they are a wonderful scheme - and we should not forget that it is our Creditors as much as anyone who gives us this second chance. Yes - I know they GAVE us the Credit but we signed the contract to take it too!!!!

And Ang makes a good point - at the end of the day none of us know what is around the corner. Nothing is over until it is over (that sounds a bit silly!!) but always remember that things MAY go wrong at anytime and keep your feet on the ground.

[andrewgoodman121]

i found the hardest part of applying for an IVA is the STOPPING!! of payments to my creditors as instructed as i thought that i would be inundated
with Demands for Repayment , Court Letters , County Court Judgements , Harassing Phonecalls Non Stop but it wasn't really that bad and had some letters of support from creditors after finding out that i was going for an IVA.
Im now just hoping it has all been worth all the effort and stress.

[aguise]

I found that hard too andrew, we had managed to keep up all the minimum payments though the odd ones were late. How quickly they all change when you dont pay. Still as I said above the calls and the letters stop and once approved they can do no more. Then its learn to live on what you have, and you will be fine. I have to say though its five years the first 14 months have flown, if it carrries on like this it will be over in no time. At least there is an end in sight.

Ang

[debbiw]

My IVA was approved in December, and i can honestly say that it is a relief. I am now budgeting better than ever, and i know that everything is getting paid on time, and what's left over is mine to spend or save. I don't have to worry anymore about money, its a fantastic feeling!! I know its only early days for me, but the feeling afterwards, you just can't explain!

[whem]

i have found my iva a relief at first and now just want it to end so i can have more money to spend !
the biggest relief for me is being able to open letters and not be worried it was A DEMAND FOR MONEY OR WORSE A CREDIT CARD STATMENT !!
i have learnt one thing from this and that is never again will i apply for credit again

[andrewgoodman121]

living on credit cards and loans and robbing peter to pay paul ,doing loads of overtime to pay off intolerable interest on your balances plus maybe bank charges and living on an overdraft or an IVA repayment programme which will freeze interest and debt free in 60 months a never ending DMP or Bankruptcy.

WHICH IS THE BEST SOLUTION!!!!!!!!!