www.iva.co.uk

What does the term regimented regime look like practically?

The more I read the more I hear about budgets being monitored etc. What is the specific monitoring process?

Hi,

Can you elaborate a little please.

You will need to live within the framework of the terms agreed in your arrangement and be scrutinized to ensure compliance. It isn't as bad as it sounds and you soon settle into it. You have to learn to watch every penny (not a bad thing really) and to openly discuss finances (hard in this country, being conditioned that this is a subject we do not discuss).

I hadn't a clue on that - thanks Foggy!!

Who is using phrases like this to describe an IVA? Basically an IVA is a way of repaying something to creditors at an affordable rate over a fixed period of time. It is not 'Big Brother' and while some firms overstep the mark most do not. Get some advice from an insolvency firm and see if an IVA is the right route for you.

Speak to a firm ( or two) who do not use "barrack room lawyer speak" and are mindful that their clients are people.

An iva is a life changing experience - not only are you debt free at the end of it, but you also learn along the way to budget your money, change your lifestyle and makes you appreciate the finer things in life like spending time with family and enjoying the free things in life - open countryside; seaside days out.
You do have to compromise but its amazing how you soon adapt.