www.iva.co.uk

Good morning everyone - I have not posted for a very long time mainly because I have been very busy and my laptop died on me!

Well, I am now around 6 months in to my IVA or 1/10 through and it has been pretty smooth so far. I have struggled a little over Xmas and New year but because I was prudent and budgeted well I managed in the end - with no credit card bills or overdrafts to worry about - its so nice being solvent and not worrying how I am going to have to pay back debt built up over Xmas.

My first struggle came this month - already short my MOT repairs were £185 plsu my car tax was due so a hit of £280 in one go was not what the doc ordered and for the first time in about 10 years I had to borrow £100 from my Dad and I felt guilty about doing that as I felt a failure to be honest but at least these things only come once a year.

I wont deny I miss being out and spending big but then I sit back and think "it wasnt my money anyway" and now, not sure if anyone else finds this, when I do buy something with hard cash, my own money, I appreciate it more because I have paid for it and worked hard for it.

Better shoot off, work to do, hope you are all well.

Mat

Hi Mat, lovely to hear from you and that the IVA is going well.

I for one do feel more appreciative of the stuff I buy and always on the look out for a bargain to save a couple of quid so do share that feeling with you. No more impulse buying for me.

Sorry to hear your car had a few problems but looks like they're all sorted now and don't feel a failure as like you say it's once a year and I'm sure you'll repay your Dad and hopefully next year you'll have the money there ready. I always think when the IVA first starts if you've not got contingency which I didn't have due to boiler problems then you're playing catch up until such a time the money accumulates.

Sounds like you're doing all the right things though and here's to the next 6 months being problem free.

Nice to hear from you Mat and great that you're adjusting to life without credit card/overdraft.

I think you'll find it easier when you have had a chance to build a contingency for things like car repairs etc...hopefully you won't face many of those during your IVA.

Good luck for the remainder of the IVA and do keep us updated xx

Hi Mat,
Welcome back and glad to hear the budgeting is going well. As others have said the contingency for the big hits can build up over time but sounds like you're doing well with the normal day to day expenditure ok. Thats the key to any successful arrangement, that and commitment! I look forward to your next update, hope things continue well.

Nice to hear from you Mat and glad things are going ok.

It can be a bit of a struggle at times, but you will get used to the budgeting, and I love the joy of knowing that come each January I'm not going to get any nasty surprises through the post.