www.iva.co.uk

Hi
I am in the process of setting up an iVa Still waiting for my draft proposal. I thought this was supposed to relive stress. I’ve never felt worse already worried about being in breech if I spend money on presents or things tor my own Entertainment

It is a stressful time, for many reasons, but it will calm down as you get used to things. You will need to get used to being 'watched' financially -- but, as long as you stick within the terms of the agreement, you will be OK.

The ethos behind an IVA is that you pay back as much as you can afford, while still being able to live .... some would use the word 'survive' .... over 5 or 6 years. So, there should be not a lot of money for other than modest presents or entertainment, although there are ways and SKY or similar is often agreed as an allowable expense.

Many of us, myself included, at least partly, solved the present situation by using shopping vouchers earned online doing surveys and the like (not grand sums, but a couple of hundred at Christmas / Birthday time comes in useful) as well as saving those loyalty points and searching out the 3 for 2 offers in Boots at Christmas.

The trick is to read what you are agreeing to and understand it. You drive the IVA not them.

I survived on surveys and still do - Christmas and birthdays do not cost me a lot at all. In the meantime you don't have to make regular payments to your creditors and you can squirrel this money away for emergencies. If you have online banking at all I suggest you go in and remove contact phone numbers so they cannot pester you while you are going through the process.

I can remember the lead up to our iva creditors meeting was the worst time ever- but I can assure you once it is approved, the sense of relief is almost instant, a spring in your step returns, and you will feel a new lease of life.

Use this time to get to grips with your proposed budget. We stopped paying creditors and gathered this money as a small emergency pot which we then used during the iva for things like car tyres, heating repairs etc - all things that you know about but won't have money or credit card to turn to once iva starts

Stay focusing on the positives and see it as a 5 / 6 year loan ... each payment made is another month closer to debt freedom.

Honestly don’t feel worried. Once it all goes through you’ll feel better. You can still “live” on a iva because your income and expenditure list will budget for things like hobbies etc, so you won’t be stuck without any money