IVA and Stopping Direct Debits

FoggyBrain_2

If nothing else Judo, just think how "financially savvy" you have become over the last few weeks .... totally different to your initial posts. At least you are now in control, so, whatever the outcome, things have already improved :0)

judojub

FoggyBrain wrote: »

If nothing else Judo, just think how "financially savvy" you have become over the last few weeks .... totally different to your initial posts. At least you are now in control, so, whatever the outcome, things have already improved :0)

Thank you Foggy. Yourself and these forums have played a big part in that. I have much room for improvement but improve I will!:j x

TeetersOnHeels

Good luck from me too Judo..I'm roughly the same debt and dividend as you, so hopefully we'll both be OK!

judojub

Thanks Teeters. Yup I will keep all my digits crossed for all of us that are just starting out! x

yorkieone

Hi marklinard

I think 60p/£1 is a very healthy return, our debt is more and we're only offering 18p/£1.

I wanted to mention once you've chosen an IVA company we used a template letter to send to all of our creditors advising that we had approached an IVA company, along with a token payment of £1 to each. Although we didn't need to send any further money as we're in a DMP currently making payments, now awaiting our creditors meeting on the 11th April.

Our IVA has taken 8 weeks 'ish' although we're in a bespoke IVA; as we're both self employed so not sure if that makes any difference to a normal IVA.

Good luck!

debtfree2016

Hello Yorkieone
Thanks for this, i'm going to call PayPlan tonight and see what they say in respect of Income and Expenditure.. did you give an allowance for you yourself ? ie social life,
Thaks again

FoggyBrain_2

Mark, you will find a useful guide to expenses here:

http://www.beatmydebt.com/_contribute/Documents/b269d64ceb20466db96c129bee84453d.pdf

yorkieone

Hi Mark

We have been quite mindful with our income and expenditure, obviously with the help of the IVA company, a tweak here and there, they know what creditors will and won't accept. i.e £30 a month for a gym membership is probably a big no, no!

You are allowed a contigency fund, plus clothing and haircut expenses so it's completely up to you how you choose to spend this.

debtfree2016

Hello all...

Finally on the road to freedom, spoke to PayPlan we went through all income and expenditure. I have pushed for everypenny i can think of although i'm sure i may have missed something.... my offer at the moment it 59p/£1 which i believe is a fairly healthy return leaving me and the family enough to live on and put aside for a rainy day (if we can make the odd saving in the month). I noticed on the income / expenditure sheet for beat my bebt there was an allowance for tobacco??? surely this can't be? if so i might take up smoking if you know what i mean..

FavDaughter1

Hi, been reading through the thread. well done for facing the problem,we felt so much better once we'd decided what to do. 59p in £ is v good,so that should give you hope.

in some ways i feel we're better off, we've got cash every week for food,petrol etc, we never had any £ for a emergency fund before the IVA . it is difficult,a different mind set but we are living within our means now.

save every spare penny for a emergency fund,guard it for emergencies - hubby had a dental emergency, last month with more work needed this month.

lovely to see you posting so much support Judo, Foggy's right you've grown so much&sound much more positive,hug. things do get better x