Well, so far, and I know I am only 3 / 4 months in, I have managed to save all of my variable allowances ( hair, clothes, emergency funds, a bit of petrol) each month ( I know ---- something has just GOT to blow up or break down) .... that, on top of a 50% retention on an extra job payment, and I have managed to save nearly £1000 in my contingency fund!
OK, it won't last, and most of that was the 50% share I get to keep, of a "one off" .... but, I have never been able to save anything before !!!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
maximoose wrote:
there seems to be a spate of this type of "question" recently, are these posters really genuine?
Hi, I did wonder myself. There have been a couple of posts recently. However, they seem to generate a lot of interest and debate and I have happily joined in on at least one of the threads myself.
Back to the original question assuming it is a genuine situation. We have found it hard for most of the last 5 years but we have been able to enjoy our lives as well. We have even been on holiday (usually camping in the rain!) No one should pass judgement but people do, hence the reason why I only told 3 close family members, I could never have confided in any of my work colleagues that I was in an IVA.
Only one more payment to go so we may go for something a bit more comfortable than a tent this year! [8D]
The trouble is the Media through TV and newpaper Ads - and when writing articles about IVAs - seems to concentrate on the "75% debt wipe out" - so perhaps people see it as a "easy option". In relality most of us achieve a far bigger pay out to creditors.
Unfortunately - the forum also sees a few post from people that feel "hard done buy" because they have had to pay a percentage of extra incomes and windfalls, or when they reach the projected divident and wonder why the IVA continues.
I think, Ginger, those "hard done by" types are hung up on the projected dividend figure and that becomes the "total debt" in their eyes. If you take the actual debt, I think you can easily double or triple that to reach the actual amount payable (including interest), so, looking at it that way, the extra income and windfall payments are still a bargain !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
As we all know ! - there is so much information floating around at the start of your IVA, most of it we dont take on board. Also often we are so desperate at this state we sign anyway ! and "home in" on the payment level or divident.
As always its easier to stand on the outside looking in !!!
To be fair, the majority of them do say 'up to 75%'. I am sure some posters are so desperate they don't read things properly.
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
I know. There's so much to learn at just the point when you're struggling to keep mind and body together! I relied almost totally on my plain English crib sheets to understand the legalese of the official documents!! And I'm still finding out new things x
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
Broke of London wrote:
I know. There's so much to learn at just the point when you're struggling to keep mind and body together! I relied almost totally on my plain English crib sheets to understand the legalese of the official documents!! And I'm still finding out new things x
Hi Broke,
I've been trying to rewrite the first contact documents for a while now to put them in clear plain English - if you've got any pointers or suggestions please send me an email!
I had to read that twice Andy...but spot on. That's got instant appeal but is totally accurate...100% accurate in fact LOL!!
Liam: happy to help if you can email me the documents. Graeme will have my address. I can't remember what's in that first paperwork to comment without seeing it. Do you run your papers by the Plain English Campaign?
That's a good one Andy - problem is that people will just see 100% and not read any further!
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
