I AM NEW HERE AND STRUGGLING BUT HAPPY THAT I HAVE DECIDED TO DO SOMETHING ABOUT MY DEBT
I HAVE A LETTER FROM SOLICITORS WHO SAY THEY ARE WORKING FOR RMA. THEY SAY THEY WILL START COURT PROCEEDINGS AGAINST ME. IF THAT HAPPENS AND I HAVE A CCJ WILL THE COURT TAKE IN TO ACCOUNT MY OTHER CREDITORS?
I AM TRYING TO MAKE A DECISION ON EITHER A IVA OR DMP BUT SO MUCH CONFUSION AND I AM WORRIED ABOUT HOW I CAN SURVIVE ON A BUDGET THAT IS GOING TO BE SO STRICT, I DO KNOW THAT I HAVE TO
ANY ADVICE ON THE IVA BUDGETS AND WHAT I CAN PUT IN AND WHAT I CAN/
The allowances are tighter than bankruptcy but you retain control of your assets and there is no publicity. Speak to an IP firm as they can advise what is allowed and what is not and you can then decide if an IVA, DMP or bankruptcy is the best option for you. I would not be too worried about the initial letter from a solicitor as it takes time for these things to be actioned and an IVA or a bankruptcy stops all legal action.
As far as allowances go, just put down what you spend, and make sure you mention everything - haircuts, dental etc. It is much easier for an IP to trim, or say no, to allowances than it is to remember something afterwards and try to get it put in.
Visit www.iva.com where you will find a list of companies and reviews. Give one or two a ring and you will receive free and impartial advice as to all the options open to you and the best way forward for your circumstances.
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 disagree, I don't think the allowances are enough and I am going to have to rely and overtime and my wife for any standard of living.
I guess it all depends on your lifestyle, but if you like to go out, have sporting interests, like holidays, socialise with friends it will be almost impossible. If you do not do much and prefer to be at home, then it will certainly be easier.
I find our allowances reasonable, and ok, I can't afford to do the things I used to, but I enjoy budgeting and seeing how far I can make the money stretch.
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
Hopefully Jan I will get a pay rise next year and I will submit a new I&E that is more accurate, hopefully this will go through as it can be agreed by my IP, rather than creditors.
Most people do tend to find the CCCS allowances - especially if used at the higher level - sufficient to budget with. My own clients report few problems and once you get through the first annual review there is more scope for increasing allowances based upon your actual expenditure over the last year.
If you would be unable to repay your debts in full within a five to seven year period, and IVA may well be the best route forward for you, but take advice from an insolvency practitioner to find out the advantages, disadvantages and implications of all options before you decide on the right route for the future.
I too find the allowances OK and yes it means that a holiday may not be an option and going out may need to be rationed or cheaper forms of entertainment found. But generally I manage ok and I am better off in the IVA than I was when I was trying to keep up all the payments.
We are going on holiday this year we have rented a cottage in Shropshire with my mum this is the first holiday we have had since being in an IVA and I am looking forward to it but feel better as it will be paid for by me and not Mr Credit Card.
Jan
Nothing you can buy feels as good as not being in debt.
We rarely go out - Sky is our entertainment (and the computer for me) so I don't miss a social life.
The Frugal Friends meetings are good and a cheap night out (unless you are stopping overnight - but you can always save up for that!).
A lot of people manage to go on holiday whilst in an IVA, even if it is in this country.
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
Must admit that I never pay for Box Office - I wait until the films come on the normal movie channels.
I post on several forums from which I have made some wonderful friends I am in touch with (and have met up with) off forums.
I love seeing what bargains I can get.
Our Asda does a promotion with their Indian Counter curry - a large portion (should be three portions, but we stretch it to more) for £3 and they change it every couple of weeks or so. Went in today and they had the last one which was reduced to £1.50 - bargain!
I've had some for my tea and the rest will be portioned up and frozen.
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
Ive always been a bargain hunter when it comes to food, so i find the allowance for a single person very reasonable and save this money for other things such as the odd night out.
It seems to me from the little reading that I have done that it is easier to be manage as a single person rather than a couple or family.
We are a couple with a daughter who alternates between staying with us and at her boyfriends house. We've not had a problem at all with budgeting so far. As we don't go out socialising, it's not a problem.
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
