www.iva.co.uk

Just reading another post.

One thing that scares me about an IVA is being trapped for 5 years.

If i needed extra income and say managed to get a second part time job what would happen to that money? Not proud i would do anything to support family if needed.

If you took a second job, then your wages would have to go towards the IVA (less any increase in expenditure).

Even though an IVA is restrictive, you are allowed to have a life. You just have to learn to budget carefully and pay for everything by cash.

I know the feeling!!

my iva has not begun yet, but feel trapped already in a cycle of debt. just keep in mind 5 years in nothing compared to a lifetime in debt.

Wish you all the best michael!!

same thoughts are going through my mind. But IVA will be completed five years after creditors accept our proposal.

Why would you feel trapped? An IVA is meant to alleviate your situation, not make it worse.

I have never felt trapped,I feel free now that I am in my IVA. I'm paying back what I can afford and I have learned to budget and live within my means without resorting to plastic.

I accept that I can't have what I used to have, but it's a small price to pay for debt freedom.

sorry, I was thinking more along the lines that 5 years is nothing compared to a lifetime of debt. Don't feel trapped just know it will be a tough 5 years. But one thing I do know is that it will be successfully completed.

I took on a second job to try and help to pay off debts, obviously it didn't work because I'm going for an IVA, however, I am keeping the second job (even though it has been taken into account) because I enjoy it as it is totally different from my regular job.

I think Melanie was referring to Michael's post.

I didnt realise how trapped I had become until I started my trust deed(scottish iva). Its payday and i still had money left in the bank from last month.
If I had sorted out my debts 5 years ago,they would have been a third of what they became.

Michael2074 wrote:

Just reading another post.

One thing that scares me about an IVA is being trapped for 5 years.

If i needed extra income and say managed to get a second part time job what would happen to that money? Not proud i would do anything to support family if needed.

You are not "trapped" for 5 years - that is the normal period (could be changed based on changed circumstances)in order that your financial problems are sorted out by way of an IVA.

If proposed correctly and appropriately you will sometimes find it difficult to manage if you don't watch and keep to the budgeted guidelines. If an emergency happens you can speak to your Supervisor and either he/she will allow a payment reduction (IVA Protocol compliant allows discretion for up to 15%) or a few months payment break. Or even a variation by agreeing with creditors.

Any second job income would have to be reported to your IP and any net benefit might have to be paid into your IVA pot.

I am just starting my IVA and feel like I am starting a college course where after 5 years I will have qualified in budget management and how to avoid being in the red.

Spot on janjan and well said - that is the positive spirit.

Thank you Sir. (See I already feel like I am sat in the classroom!!) [:D][:D]

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