www.iva.co.uk

How tough going is an IVA for some of the posters on the Forum.
I have been in mine for 6 months and have made every payment so far.
So i am 6 down with 54 to go but i know it is a long haul and this month has been a right struggle.
How do people fail in there IVA's if they are making there payments or am i being a bit over the top!!
Even though i am making the agreed payments is this all that can be asked of me as even though i am paying there is a little man in the back of my head saying that you are not keeping to the guidelines or something.
July should be a better month for me as i have gotten rid of all the things i had to pay for in June.
I have kept my Co Op Cashminder account in credit since the IVA and on tyhe last weeks i am usually only left with about £12 left to spend.
Is this normal as well.
Could it be a case of the IVA being strict because you don't have credit to fall back on.

Hi
An IVA is tough and it is also a rehabilitation process.
You have adjusted well and are doing all that you can
Regards

Hi Andrew,

I think it is a case of not having credit to fall back on - we've always had it in the past haven't we, and the rug has now been pulled away from under our feet.

I am just coming up to three months in and it is hard, but I am determined that I will come out the other side.

My 6th payment will be due on the 28th of this month, it can be very tough, but at the same time i find it far better than having constant juggling pre-IVA, I'm one month behind already as I had a bad start but I'll be catching up soon (by first anniversary). This month is very tight for us as will be July and August as car is due for tax and mot. I'm also determined this is going to work for me.

Hi Andrew
We have had our IVA for just over 3 years and yes it is tough having to think about every penny you spend what worries me is the unexpected expenses that the credit card would have paid with out a second thought.
But the relief of not having creditors breathing down our neck is wonderful.As Andy said it is a rehabilitation process I have learnt so much about money and what is important I don't miss credit cards and I don't think I will have one again and I will certainly think long and hard before I apply for any type of credit.

Hang in there time does go by quickly honest
Jan

You seem to be doing what is required, however, you might want to check the proposal/modifications for:
1) Signing an RX1 if you have a property, make sure that you have signed and returned it.
2) Overtime clause/modification - do you need to pay 50% of the net of any overtime/commission etc to your Supervisor?
3) Did you need to provide your Supervisor with an details of your pension, if you have one.

Check the first letter that you received immediately following your IVA being approved, did it ask anything of you?

Don't forget to keep all your bank statements, P60 and payslips for your annual financial reviews.

Andrew -

I am in the second year of my IVA and still sometimes get (totally irrational) feelings that it is going to fail or that I am missing something that I should be doing!! Dont know why. And anyway - I am trying my best so if it does go wrong it wont be for want of trying on my behalf!!! Like you - the last week of the month is sometimes a struggle for me. This month I have 6 days to go till Payday and - after putting aside money for my train tickets - I now have about £25 left until then. But - despite feeling down about my prospects sometimes - most of the time I just remain 100% determined that I will see my IVA through come what may. If it means living on Value Noodles and Baked Beans until 2012 I dont care - I have come this far and I am going to work my backside off to see it through. Whatever happens - success or failure - I will emerge at the end knowing that I did my best.

Frame of mind is so important - you have to keep focused - keep telling yourself you ARE going to do it - and above all try not to feel sorry for yourself or what has happened.What is done is done. Admit your mistakes - put them behind you - and make the most of this great second chance. Dont try and blame other people. We got into this hole - we CAN and WILL get out of it.

Dont worry about the little man in your head - just do your best to stick with it. Keep making your payments, tick off the days, weeks, and months, and try and look forward to a successful completion at which you will come out with your head held high. Of course there will be tough times when you feel like giving up - just give yourself a kick up the bum and remind yourself that what you are doing is right - you are repaying what you can - and in return your Creditors are making a generous gesture by writing the rest off. Thats what I do anyway!!!

Good Luck!!

we're 3 payments in, we have struggled this month.. but have just got a new dog.. so had to get boosters again as prev owner had no certifcate so couldn't trust him... and we have been camping wich was booked pre IVA... so hopefully from this month on should be fine.. saying that we have my car tax this month and hubbys MOT next month...

had big plans for my 40th in august but they've been scrapped as just not right to spend money like that.. but hey ho.. we got ourselves into this situation and I will try my best to succeed.. I want my IVA to be a success story so fingers crossed!!

BEST decision of my life going into an IVA.

Debt free and cleared in six years would something I would never have been able to do otherwise.
And although its hard, it feels good at the end of every month knowing I have made it and CAN do it without credit.

Thats the big thing for me, I wont lie, I got into debt through youthfull stupidity and blew too much money from credit cards. Was ALWAYS out and was terribly irresponsible but because I was earning a decent amount and living at home it never bothered me until my minimum payments began to build up horribly.... I should have stopped and thought at that point, but like most people I was stupid and buried my head in the sand and kept using credit until there was none left. That was a horrible few months of my life.

So I am grateful for the chance to sort myself out and although its tough its definitely worth it.

And its teaching me lessons that will stand me in good stead for the rest of my life.

Hi Angela18, I too am 40 this Friday in fact and with some careful planning my hubby and I are managing to get away for a few days (you can get some good bargains on the internet!)As LadyH says you are only 40 once. Alternatively, you can look forward to a mega bash for your 50th debt free!!!

I hate to say this but I have 18 months left to go and feel so smug about it as at last I can see the struggle coming to an end. I must admit now that at this stage I would eat road kill if I have to just to get through the last few months.
Must admit it was not always so!!
After the first couple of months I thought my god how I'am I supposed to live on this small amount of money?
No more days out on the spur of the moment, no trips to the pub etc.
But you do adapt, we take picnics out in the country (fuel prices now permitting!) or just sitting on the beach. It's quite amazing the things that you can do if you put your mind to it (for not much money).
What troubles me is that when the IVA is finished what on earth I'am I going to do with all that extra money at the end of the month.....Oh bliss.[:D][:D]

That's whats keeping me going gettingthere! Shortly after my IVA finishes (providing we can get a remortgage - if not an extra 12 months) I will be able to retire, my IVA will have finished and my secured loan. All within twelve months.

I'll feel like a millionaire!