IVA 1 year on

doelani

Well it has now been just over a year since we started IVA. We owed approx £110,733 excluding IP fees and after a 13 months now owe £101,223 so by 5 August we will be below £100k.

How our life has changed.......
1...no credit cards for 18 months now and believe it or not we do not even miss them.

2...we now think before we spend and ask ourselves, do we need it? can we afford it? I went out twice today to buy new duvet set and curtains as I have just painted bedroom and I came home without them as decided old ones will do. lol

3...we no longer dread the postman or the phone ringing.

4...we save for anything we need.

Believe it or not we have acually not had to do without anything. We have had 2 holidays since starting IVA as our IP has been very good and let us keep some extra money we got by way of bonus hubby got from work. We also traded in our car for a new one by paying £1500 cash towards new car and acually not needing finance. You would not believe the trouble we had with car showroom who wnated us to take finance. Our old car cost us £800 in repairs withing 4 weeks so we decided to get shot and change it.

Deciding to go for IVA was the hardest thing we have ever had to do but it is working for us. Roll on April 2010 when it is finished.

skylight

Glad its working out for you.

Best of luck with the rest of it! It will come round sooner than you think!

southernscouser

Well done doelani. Really please for you. :beer:

Hopefully you'll post a bit more often and offer people advice from your own experiences!

doelani

I am so stupid, counted it wrong we have acually paid £13710 so we now owe £97023. So already below £100k.

Well now have another target to work to £90k

Our IVA was giing creditors 52p in the £ but on target to pay at least 66p in £ after fees.

Broken_hearted

Great work. I feel a bit sad as I can't wait to post my debts are now under £15,000. It's stuck in my head from that advert "Do you have debts over £15,000.........". I want to scream no NO NO I HAVN'T. Oh well hopefully by the end of the month.
You hav e claeared an amazing amount:D

doelani

Wish mine were £15k lol You will get there soon and lucky you have savings lol

I went into hospital in Jan and had £500 in emergency, £200 in car fund and £100 in home appliance fund. By time I came out NOTHING as car needed os many repairs. So I am on the lookout for things to sell on ebay or maybe car boot as I really feel insecure with no emergency fund. I have a spare £400 in bank that I liek to keep as floating money, you know the way when you budget and get paid weekly it never quite works out the same as if your paid monthly.

Good luck