Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Money matters

Find financial and money-saving discussions including debt and pension chat on our Money forum. If you're looking for ways to make your money to go further, sign up to our Moneysaver emails here.

Flip

1 2

Original poster

anyone had an IVA?

42 replies

rightmess · 09/09/2005 13:48

just wondering, cos we've got into a right mess with our money (DH and I) we're always in a non exsistant o/d, have £10 bank charges this month, we earn not bad wages and are going thru an IVA, however they're wanting £450 per month and we just can't manage it, we can only manage £300, they're wanting us to re look at our expenses but everyhting's on there....

what more can we do? help!!!!!

OP posts:

spacedonkey · 09/09/2005 14:45

haha! I didn't write a letter! They just offered me a settlement amount. I think they do that as a last resort before they take legal action

Original poster

rightmess · 09/09/2005 14:46

then u work on a repayment scheme based on that?

OP posts:

spacedonkey · 09/09/2005 14:48

erm no - don't want to bore you with details of my mess, but I can't afford to pay them a bean, so there's no point in a repayment scheme

Original poster

rightmess · 09/09/2005 14:59

oh ok honney (((hugs)))

so paln for tonight is.

talk to DH about exps
sort out the budget thingy and stick to it
do online banking everyday so we know where we're at - (then I won't dread the statement comin tru)

anything else for the minute? IVA lady's callin me again tomorrow.

OP posts:

sweetheart · 09/09/2005 15:00

yep - online banking is a great idea - I check our accounts every single day to make sure nothing unexpected has happened

I'm trying to find you a letter you can send out!!!!

spacedonkey · 09/09/2005 15:00

I would say keep a complete record of every penny that you spend (pain in the arse i know, but will be useful), and please do get some independent advice before committing to that IVA

Hugs to you too. Debt is a nightmare

Original poster

rightmess · 09/09/2005 15:04

I think we'll talk about our other options tonight, althou will we loose the £900 we've paid to teh IVA company?) - we can't afford to loose it and get another bill.

what do u think to keeping a cash book as well? a pain but if it gets us sorted - just so we have money a tthe end of the month - even if it's only £20. (and we're not in an o'd situation)

OP posts:

sweetheart · 09/09/2005 15:12

here is loads of good advice and at the bottom of the page are loads of letters to help you out.

I would try and get all your utilities set up as d/d. That way you know exactly what your paying each month rather than getting a big bill each quater.

Also if you have credit card debts can you take out a 0% card and transfer the balance. Make sure you distroy the cards as soon as they arrive though. That way you can't spend even more.

If you think a cashbook will help then try it - you never know.

Try and get rid of any unneccesary debts or d/d's. Things you can live without for a while. Mine was contact lenses!!

Prioritise your debts - get the biggest and most important sorted first. But make sure you write to all companies and explain the situation.

You really need to make a list of everything you owe and every penny you spend. It can be very depressing but until you face up to the reality things will continue to get worse.

Trying to think what else helped us get out of your situation. Don't worry though - there is light at the end of the tunnell!!!!

sweetheart · 09/09/2005 15:19

There is a good section about IVA's on this website too - explains about them asking for an asset to secure against the debt and stuff.

It does point out that IVA's are normally only a good idea if you have spare money each month to repay debts with!!!

munz · 09/09/2005 15:26

thanks SH - I'm thinkin of no debit cards - we did stop using them for a while and things were OK, but also went back to them and working with just cash all the time - and takin DH/s & my cards away and putting them up and only one of us taking out say £20 per week for us to spend - which for us would be like £100 each iycwim. everything's already DD'ed, no contacts, or anything like that only BB and sky - althou BB and phone are interconnected the two are £30 p/m which for us is v v cheap (was £35 for internet alone b4) sky i'm cutting down to £the basic package to save some there and also switching gas/elec ppl.) food - well we shop monthly only Bout £150 p/m - althou I must admit to being guilty of going in mid month and getin more than the bread and milk I intend to.

CC's we do have them and use what ever we pay off - which defeats the object so once we get thru to this payday coming (I only say that as it's 2 weeks till then) they can be cut up as well, and then the amounts paid off for b4 baby comes along. (only £150 on each of them so not a great deal, but still too much)

was thinking of asking mum and dad for help - but a) we don't want them to know and b) it's our mess to sort out not theirs. c) for the sort of debt we have they'd need to remorgage their house which I don't think's fair as they've only jsut finished paying it off.

munz · 09/09/2005 15:26

(bollox guess it's out there now)

spacedonkey · 09/09/2005 15:28

hey don't worry about it munz!

sweetheart · 09/09/2005 15:40

it's a brilliant idea to pay for everything in cash - that way you know exactly what your spending.

We used to do a monthly shop and I found I was always nipping out for bits and pieces. Now we do a weekly shop. We buy 7 set meals so we know exactly what we are eating that week and don't have to pop out for any extras. We spend about £40 a week but I have lunch boxes to do so ours is probably more than yours would be.

Sounds like you don't have too many debts to worry about - just c/c's. Do you have any loans as they would be a priority over c/c especially if they are with you bank and secured against your mortgage.

c/c companies are very very used to people getting into debt and they will nearly always agree to freeze interest and accept an agreed settlement.

Shame you already paid the money to the IVA - my sister did the same before I stepped in. I think they are disgusting - just another way to get money out of people in debt!!!! It's absolutly shameless!!!! (On their part - not yours)

sweetheart · 09/09/2005 15:41

I promise you it's easier than youthink to get through this. And when you have you will look back and smile about it. You'll be really proud of yourself and dh too for managing to get on top of things!!!

munz · 09/09/2005 15:44

we don't have a morgage, do have some loans individual and combined.

we buy stuff for lunch boxes as well - as it's cheaper than the £5 DH was spending on food for lunch, and I go home for mine.

I think working in cash is goin to be the only way forward here. our creditors have been told about the IVA thou will this make any difference?

sweetheart · 09/09/2005 15:48

I would ask for copies of the correspondance from the IVA company to see what they have already done.

You could always write to them and say that the IVA is not suitable and you are now seaking advice about banckrupcy.

It depends how far the IVA people have gone really - they may have already aranged agreements but you have every right to know what they have agreed with whom. And there is no harm in trying to get a better deal.

sweetheart · 09/09/2005 15:49

Right, I'm off home for the weekend. Good luck and if you need any other help feel free to CAT me

Flip

1 2

Swipe left for the next trending thread