New to all this and in a panic! Have just started looking in to an iva and its sending me in a mad panic, more then paying all my debts with now money to spare every month! What's on my mind to is should I of done a dmp instead !!!!! All I can think of is once I add up my outgoings iva will take whats left with nothing else to spare..........thinking what if a family member has a birthday and I have no money to buy a present! Silly things as well, what if I need a new towel and my budget won't even allow me to buy that till my 5 yrs are over........Hope I make sense, just feeling so lost!!!!!!
It's not easy the journey were all on here , I've not bought any new stuff in a long time , I'm desperate for some jeans and other stuff .
Its my fault I'm in this position and you do learn to adjust to the tight budget .
Keep looking on here for tips and help throughout your iva , we all support each other .
don't be thinking that you are alone. We have all felt like that. Its a big step but worth it in the end. I have treated ours like a 60 month loan. And regarding family members birthdays i haven't made anyone aware about our financial position other than my parents. I do try to save from ny allowances when i have a birthday coming up and i also shop during sales and offers.
Hello and welcome. Yes, life in an IVA can be tough, but, if handled correctly, you shouldn't be destitute. You have ( or should have) all sorts of allowances built into your budget -- it is down to you to handle these correctly and have a small nest egg building for little expenses such as towels. Larger catastrophes can usually be dealt with in conjunction with your IP --- Who are you with ?
Presents don't have to be expensive to be appreciated -- I save my Tesco clubcard points towards Christmas and also do surveys which yields gift tokens for pressies.
Should you have gone for a DMP ?? This is a difficult question to answer without knowing your full circumstances ---- Yes, you can be a bit more flexible on allowances (but the payments wouldn't be too far adrift from what you are paying now) but you could be in the DMP for twice as long as in an IVA.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Sent that before the other replies, but great to read what you've all sent! I roughly owe £18k and have just started with Pay Plan, recommened by a friend. Went for the IVA plan and now have made a few token payments to my creditors which I also felt worried about.....
Have you already started the process j1miffy, and if so has a budget been worked out for you based on your individual circumstances - allowing for contingencies? You ought to be able to comfortably afford all of the things you need to, and still be able to comfortably manage an IVA - and a DMP will be based on the same creditor guidelines in any case.
Melanie I am still lost with it all, they went over my outgoings twice so am now waiting for forms in post I think. I just feel as if they have said what's your rent, car running costs, hair cut costs, phone bill and food bill per month...........then we'll take the rest for creditors or maybe I got it wrong. Think I need to make a call in morning to put my mind at rest......
There are all sorts of allowances you are entitled to put in when calculating your disposable income, some firms have a tendency to leave out as much as they can to increase the payment to creditors, which is a recipe for disaster --- you must have wriggle room built in there !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
It may be sensible to seek a second opinion as well, just to be sure that you are making the right decision. Time needs to be properly spent when assessing a budget - after all you may have to live with it for the next five years.
Hi.
If you havent got as far as the meeting stage mayne it would be worth speak to another firm..I went to the first firm I was referred to but by reading the forum theres a huge difference in the level of contact you get with the firms and there seems to be firms who really care amd who arent just wanting another number on the caseload.
Melanies team seem to have great feedback so id recommend you speak to them even if to put your mind at rest about what youve done so far. (Im not with mel. But if id have known there was such choice 5 years ago id have definitely checked before I proceeded).
!!!!! All I can think of is once I add up my outgoings iva will take whats left with nothing else to spare..........thinking what if a family member has a birthday and I have no money to buy a present! Silly things as well, what if I need a new towel and my budget won't even allow me to buy that till my 5 yrs are over........Hope I make sense, just feeling so lost!!!!!!
