I am about to commit to an IVA any comments

jellycat40

I have about £100,000 worth of unsecured debt. Madness but there it is, acquired over 10 years and for lots of reasons. I have now no credit left and although my credit rating is not yet bad it is about to be as I cannot maintain the payments any longer and I have been in touch with Payplan and they are going ahead with an IVA for me. Can anyone tell me if the feelings I have of complete and overwhelming failure are common and if I will feel better ever.

Also I realise that I will have to budget in the future. I have had a good income for the last 15 years or so but now I am no longer in the same relationship and he has gone off with a younger model and left me with the debt. He has gone abroad and is untouchable. I do not know where to start with the budgeting. The things I see suggested look really good but seem such a drop in the ocean. I have 2 dependent children, 2 children who live with me and contribute to the family budget and a new caring and loving partner.

I honestly feel quite sucidal at times, I have got anti depressants from the doctor and I am going to have some group work shops to work through all the c**p in my life but none of that is going to help on a daily basis with the finances.

Any ideas, suggestions, comments will be very welcome. I am off to post this agreement to the |IVA now so wish me luck.

Louise

Justicia

Louise,

That is a horrendous situation to be in... BUT it can get better

To start, please post a list of your monthly income and outgoings, as the good folks here are very good at pointing out where savings can be made in a relatively painless way and have some great tips. If you read some of the other threads in this very forum, then you can see what I mean...

All is not lost, far from it

P.S. I have very limited knowledge of IVAs so cannot contribute to your poll. Sorry.

jellycat40

thanks for that I will do the post as the nice people from Payplan have actually supplied me with one to send to creditors!

Justicia

jellycat40 wrote:

thanks for that I will do the post as the nice people from Payplan have actually supplied me with one to send to creditors!

Not a problem at all, Louise

Please do add the details as I (also a relative Newbie!) have seen here that what appear to be the smallest savings can have the greatest effect on your overall expenses and assist you with working around debt repayments, etc., etc...

Also, any questions you have, please do post them here, however silly they may appear to you ~ there are plenty of members here who have been in a similar situation and are more than willing to share information and advice with you

Once you start getting the help, it does start feeling like less of a mountain

EDIT: Removal of OP's e-mail address

Justicia

jellycat40 wrote:

Can anyone tell me if the feelings I have of complete and overwhelming failure are common and if I will feel better ever.

That's a natural response and I think that it is due to a feeling of lack of control over a large aspect of one's life, especially if it's sudden as your situation appears to be.

Channel your energies into getting things organised and sorted, with repayment agreements in place and once the control comes back, you will be feeling MUCH better!

I wish you well.

jellycat40

My expenses and income for your comments and suggestions. Thank you all.

Income £2,403.64 per month

Expenditure

Rent £600
Insurance home 9.17
Council Tax 121
Water Rates 43
Electricity 40
Gas 40
Mobile Phone 40
Road tax/mot 31.92
Car insurance 41.67
Car Maintenance 15.00
Petrol 100
Child Maintenance 300
Housekeeping 520
Medical/Dentist 20
Haircuts 32
clothing 80
TV licence 11
Pets 20

Balance for IVA £338

Haircuts may seem heavy but 3 men means haircuts every 3-4 weeks each at. Medical etc includes daily disposable contact lenses for my daughter.

If anyone can see how we can cut down on housekeeping for 5 adults and one child then please advise!

Justicia

"Housekeeping 520"

What does that consist of Louise; Is this food shopping bill?

jellycat40

Mainly food, cleaning stuff, toiletries, birthday presents/cards and dinner money for the girls (x2). Also probably entertainment would have to come out of this as well as it is not listed any where else. We are also tackling a weight and fitness plan so slimming classes and gym/swimming is included. It is more expensive on a diet I think. I spend about £3 a day on bananas alone!!!! :rudolf:

jellycat40

Oooh I added a smilie I must be feeling a little more happy. Thanks Justica

taplady

Hi, we are 6 months into an IVA which is going fine so far! I must admit there seems to be lots of negativity on this site for IVA's - why I'm not sure. I can only speak for myself in saying that I found it a great relief to have sorted my finances out without having to go bankrupt. I realise my credit rating is now cr*p but as I dont intend to uise credit again for a long long time it doesnt bother me. There is great satisfaction to be had in using cash and knowing you are living within your means.
I wish you well with your IVA.

Bestthingsinlifearefree

Hi Jellycat40,

Just a quick note to wish you well.

Focus 10% of your time on sorting the money issues out / taking control,cutting back or the IVA ,budgettingetc etc

The other 90% of your time concentrate on the great things in your life like your partner, your children, doing things you enjoy. Take heart in the simple pleasures of life.

what I am saying is don't let the finances grind you down, sound like you have lots of positives in your life. Keep it all in perspective.

Yep you are going through some stormy weather at the moment but believe me the blue sky will return.

Good Luck !!