It's interesting to think about -

[harrimav]

I am seriously considering entering into an IVa, just getting all the financial details together. I have found this forum an excellent source of advice and support after posting a couple of questions.

What interests me is that many people talk about how difficult it is to survive on what is left after their IVA payment per month. However, prior to this most of their income would have realistically been swallowed up through their debts leaving them with very little /no disposable income ......well, that is my situation anyway. So, I am guessing that surely trying to live more realistically and within my means might be a better option in the long run. I certainly dont want to be in this situation in my 50's and heading to retirment ...any thoughts [?]

[relieved33]

We lived as we were reliant on an ever increasing overdraft. It was a security blanket that I do sometimes miss. However, we'd not change a thing just over 2 years in. In 3 years time we shall be debt free. It is difficult in as much as we've not been on holiday - we've just stayed for few nights with friends. It's difficult to keep making excuses for not going out with people socially - we simply cannot afford £60 for a night out although we both have good jobs - our payment is £900 a month so that should be DI for us each month.

I'd enter an IVA again and again as we're both sleeping better now knowing we're on the way out of debt. Think carefully and speak to a couple of companies from iva.com. We're with cleardebt and we've been really happy with them. Good luck!

[harrimav]

many thanks for your candid reply
can i ask - your repayment seems high : is that joint- did u get a good dividhib the £?

[Shining]

Hi, I find life within my IVA better than when I was approaching entering into the IVA. I had lived on credit for many years and finally it was coming to the end.

My husband had a well paid job and he was made redundant. IF we had curbed our spending accordingly we'd be fine but NO we carried on our lifestyle with a reduced income thus increasing the amount owed every month and if the creditors raised the limit of the card/catalogue we took advantage of it!

I was up to date with all payments until the day I investigated an IVA and was advised to stop paying, that was the day I started living as I'd been paying my bills and scrimping on food. To me being in an IVA is a much better choice as we were spending less and less on shopping and more and more on payments to creditors. I knew we were reaching the end of the line so acted and found the forum and Melanie and the rest as they say is history.

I've never regretted it and always treat it as 60 payments and I'll have my disposable income.

Why not read the blogs, mine included I've not had an easy ride but again it's always been my choice and never regretted my choice.

[Foggy]

We find we are better off with our IVA! For a few years we lived "well" on credit, but the last years pre-IVA we were struggling as lines of credit were maxed and minimum repayments were going up. We would often run out of money before we ran out of month! Now, although not a king's ransom, we DO have money left in the bank each month and are certain in the knowledge that all bills etc are accounted for and paid. So that few quid at the end is OURS!! Happy Days

[relieved33]

That is for our interlocking IVAs so yes it's a joint payment. I think on the joint debt we're looking to pay about 75p/£ although the bulk was credit card debt for gambling in hubby's name that I knew nothing about until Jan 2009.

As Lesley says, have a read of the blogs to get an idea of the ups and downs. Hubby's car broke down about six months in but cleardebt allowed us a variation to lease a car. I do believe that careful selection of an IP is key and this forum is a great source of information - I've said many times I don't know where I'd be without it. We've taken the decision not to tell people about the IVA and so I use the blog and forum to vent and to celebrate good news that I wouldn't discuss with anyone else.

[relieved33]

That is for our interlocking IVAs so yes it's a joint payment. I think on the joint debt we're looking to pay about 75p/£ although the bulk was credit card debt for gambling in hubby's name that I knew nothing about until Jan 2009.

As Lesley says, have a read of the blogs to get an idea of the ups and downs. Hubby's car broke down about six months in but cleardebt allowed us a variation to lease a car. I do believe that careful selection of an IP is key and this forum is a great source of information - I've said many times I don't know where I'd be without it. We've taken the decision not to tell people about the IVA and so I use the blog and forum to vent and to celebrate good news that I wouldn't discuss with anyone else.

[harrimav]

thanks for responses. if my husband doesnt enter into the IVA with me what happens to his lines of credit such as overdraft?
think i'm going with MacCambridge duffy. I liked their candor and approach

[Foggy]

If your husband doesn't enter into the IVA his lines of credit will continue as is ... however, his credit rating might take a hit due to his association with you. He will also remain responsible for the full balance of any joint loans, even if they are included in your IVA ( which they will be, if there are any).

Good choice with MacCD[:)]

[Shining]

McD are a very well respected company. I hope the above helps in respect of the joint debts. McD will go through all this with you in detail too. x

[kazzafunk]

We are with MacCD and I can recommend them as someone to discuss your options with. Mike Peoples gave me so much excellent advice before we took the plunge and went into the IVA. It's a really big decision and one that shouldn't be entered into lightly.

You mentioned someones payments being high. It's all down to affordability so don't be put off by someone paying a high return. Due to my ill health our expected dividend is only 18p / £1