Well Monday this week was a date not to be fogotten !  We paid our 30th IVA payment - 50% gone : 50% to go……I had a little smile and a few tear jerking moments as I updated our exel spreadsheet to annotate the payment having left our account - payments made totalled £42,000 - this includes some overtime and bonuses along the way……how much you say….well we are paying back the equivalent of nearly one of our wages - we will have paid back all of our debt by the time we finish - this is what is so upsetting - why oh why did we spend the money and do this to ourselves - what’s even more annoying is had we not have been in this position that £42,000 would have paid our mortgage off and we could have been mortgage free at the age of 37 and 45 ……now we are mortgage free but living in rented accomodation !  Still one day we will get back on track and we will own our own home once again and we will pay off our mortgage and live happily every after - until then we will continue live on our IVA budget and enjoy life knowing that the money we have in our account is ours - no one elses !!!!

Well my week off work seems to have gone so quick….we scattered my godmothers ashes on Tuesday, have been to the gym and swimming pool a few times and met up with a friend I haven’t seen for ages. 

I went clothes shopping today - had my overtime money to spend and my clothes allowance for last three months - typical when you have money you see nothing you like and when you don’t have the money you see loads !  I came back with one top for work and two casual tops for around the house…not what I wanted really !!!!  Still had a nice time “mooching” in the windows and dreaming !

Instead of going out this weekend we are having family round for dinner - I’m doing the starter, my brov in law and husband are doing the main course and my sister is doing the puddings —– my nieces are judging us all !  I think I might have to bribe them !

Anyway…back to work next week ……I have just checked the account and after Monday we will be over half way there - we pay our 30th payment on Monday ….yippee !!!!

Today is going to be a difficult day….in December my god mother passed away suddenly leaving behind a close friend who lived with her, myself and a few cousins.  She had no children of her own.

Today we (her friend, my mum and I) are going to scatter her ashes at the same spot that her parents were scattered. Having not done this before I am not at all sure what to expect.  I am scared, nervous and apprehensive all in one !

All similar feelings to how I was back in 2007 when I finally admitted to my husband the position we had found ourselves in with our debts.  Now almost three years into our IVA, we are facing the end of our IVA due to the generosity of my god mother !  When her estate has been resolved (probate etc) we will be in the position to end our IVA -paying back 100% of our debt.

How do I feel about that ? Well it goes without saying relieved, however I am beginning to get the feeling of nerves again - the thought of being debt free.  I have learnt so much over the last three years, and with the inability to have credit, I have managed our finances extremely well - we have not defaulted or paid late at any time, and with overtime I have managed to pay in nearly £7k extra - however although hubbie and I do not want to go back to the old ways, we are beginning to think about buying our own home again, buying a new car, going on a holiday somewhere warm - those dreams are great in one breathe, but in the next I then get panicked as I don’t want to return to debt in anyway !  I am a stronger willed person now when I go shopping - knowing I only have £180 per week for fuel, food and essential things helps me to stay focused……after the IVA we will have £1200 a month “spare” as such - can I stay as strong willed ?

The answer to this is YES - I have already set up a savings account in readiness for £1000 per month to be added to enable us to save for our deposit for a house. As our IVA won’t be cleared from record until late 2013, I can’t envisage us getting our own place again until 2014……by which time a nice some of money will have been saved.

 I have a coin tin that you can only open if you destroy the tin - anything less than a 50p coin goes in this at the end of each week, and any money left over from our £180 a week is added to the pot.  Any overtime we do we immediately hand over the 50% to the IVA company, and our 50% is then split into two again - one half we spend, the other goes in the savings pot !

I suppose what I am trying to say is those feelings of nerves, apprehension etc are normal - and don’t just exist in pre-IVA days.  They are present in all of our lives, BUT having been in an IVA for nearly three years they are alot easier to deal with, and what life throws at you is more manageable as you have already overcome a huge problem in your life, just by acknowledging the debts and asking for help !

Life does go on, in an IVA and after an IVA - but what changes is our habit to spend money !�

Well - January seems to be flying by. We had an awful Christmas with two deaths in the family within two hours of each other - one expected, but a complete shock !  I now have the joint responsibility to arrange the funeral etc for my god mother…..not what I wanted to do - she had so much to offer and to live for - it just is not fair !

Our IVA is now progressing well and next month we will have paid 50% of our payments - an achievement which at the outset seemed so far in the future and now it seems it was only yesterday since the IVA was approved !  With 30 more payments left the end is now in sight - we can begin to plan what we will do with our extra income each month and how we are going to plan for the future - we are determined that apart from a very hot holiday somewhere, the rest of the money will be saved towards a deposit for our own home - renting has been great during the IVA as the worries of repairs have not been there, however I long for my own roof once again, my own back garden and the ability to paint the walls a different colour to magnolia !

We’ve been in touch re our credit ratings and already we have seen us move from the low 600’s to the middle 800’s - this can only keep on getting better as we get closer to our debt free day !

 Happy new year everyone and for those just setting out on the IVA route -it is worth it - it helps to teach you how to budget and how to balance your books each month !  It’s fun in a way and a challenge to show that you can still enjoy life whilst paying back your creditors ! Good luck !

Well . we have had our second review and despite small increases our payment is staying the same….thank you !  I have worked every month on overtime since xmas so have been paying in 50% of all overtime earnt - this has allowed us the opportunity to save a little and have a few weekends away along the way !

Over two years in now and I am enjoying my iVA …yes I said enjoying….it is very rewarding each month to see the credit balance - in recent months I have tried to ensure there is always £10 more in the bank than last month - this has now allowed me to buy my nieces and nephew xmas presents that had I not have done this would not have been possible.

I have several “friends” who without knowing my true circumstances have come clean on their own debt issues lately - I have found myself giving them all sorts of advice and encouragement to take those first steps in becoming debt free….the forum has been mentioned several times and for one I know it has been a great support !

So into the third year - challenges still remain the same with the cost of the living continually increasing - we are stil budgeting well and each week out comes our food and petrol money in cash and when it has gone it has gone ……most weeks we have enough for a couple pints and a bottle of wine !

I have the opportunity to move on in my job and do something different - a new set of challenges and a fresh start with no one that knows me - looking forward to the challenges !

For those embarking on the task of becoming debt free….good luck and I hope it works out for you !

Well can’t believe it really but we are now 40% of the way to completing our IVA - 24 payments down 36 to go —another six and we will be 50% and coming out the otherside !

On top of the monthly IVA payments we have managed to pay an extra £2500 in due to overtime since xmas …overtime has now finished so september’s pay packet will be the last with extra in….we have enjoyed it and touch wood we have managed to build up some reserves and also had a few treats along the way !

Time has gone quickly and we have not really noticed…although of course our habits have changed and we now stop and think and decide whether a trip to the pub is actually worth it….and have we the money for it !

Tonight I do a 10 mile midnight walk in aid of the local hospices - 1000 women in the centre of town, climbing up and down the streets all with one thing on their mind (apart from the fact they are blooming stupid)- that is doing something for some one else !  So far I have managed to raised £380 in sponsorship money - I am going to make it up to £400 if I can once I have collected it all in afterwards.  10 miles I reckon will take between 3 and 4 hrs to complete……it will be worth it i am sure and once started the adrenalin with kick in and it won’t seem that far…..I hope !Before the IVA I would not have thought twice about buying new trainers for such an event - but no - I have pulled out the old walking boots…given them a scrub and they will do !

I am beginning to look at holiday brochures and it is only now that I think in two years time I can realistically look to booking one for twelve months later and know that it is paid for - boy I can’t wait to be on a beach somewhere very hot -not that I have not been away…but a holiday is not a holiday when you still have to cook and wash up !

Ok ..going for a rest now before it’s time to go for this mad 10 mile walk…..if you want to sponsor me feel free www.justgiving.co.uk/LizJones72  - every penny raised goes towards the Keech and Pasque Hospices in Bedfordshire.

Can’t believe it has been months since my last blog - time has just gone by !  I have been working nearly every weekend, we have managed a a few days away in the tent in late June and off again for three nights in two weeks time - really relaxing and lovely weather !

IVA still going well - we have managed to save a little each month - as I have been working it appears we have not spent as much on food and going out - hence we have saved !  Great news …coupled with my half of my overtime we are getting a week away in Padstow at the end of October with friends ! Something good to look forward to !

We are almost 30% of the IVA gone - we are on track to pay back our 81p minimum however with the overtime the way it is we will be paying back all of it !  Annoying having to hand over half the overtime each month - however satisfying to know that the creditors will get it all back !

Good to see some new blogs and people joining the forum and having been missing for a whle it is nice to be back on board and answering some questions for the newbies on here !  Keep posting everyone !

Well had a few days off last week and hubbie and I were at home enjoying our time off and spending a little of my overtime money that we had been able to get since xmas……. in the midst of Tesco when my mobile went and it was our IP wanting to discuss my overtime since xmas……she would ring back when we were home…….I panicked….left the shopping in tesco and went home.

I rang the IP straight back and was informed by an admin person that the reason for the call was that I had not introduced sufficient extra funds into the IVA pot since my overtime started and I owed a further £400 !  Aghast, I remained polite but insistant that I did not - that I had paid in over £780 since xmas extra…….she put me through to someone else who was very nice and extremely helpful.

I had been working out our 10% then 50% rule based on the net take home pay of our agreed I&E in June 2008 and NOT the original net take home pay of 2007.  She stated that the net take home pay always remains at the 2007 rate……I questioned this then and I am still questioning this now….after a long discussion and looking to check they had received all of the payments sent extra she suggested she completed a full I&E review now so that we could ensure we paid any extra from now on in…..I explained that the £400 requested could not be simply found as we had used this for replacing some home items that had needed replacing - thinking that we had not done anything wrong.

Luckily everytime something changes in our I&E I record it on our computer spreadsheet, so within an hour I had emailed her the completed I&E, our payslips and his P60……..within two hours we had received a call back to say there would be no change to our payment amount and that we would not need to pay the £400 earlier mentioned………..she also then confirmed what we could earn before we had to hand over 50% to them…….still not sure that these figures are correct but significantly better than the outset of the days calls so am happy with it…….she emailed me the letter stating no change ….. confused as on paper after our expenditure there is £300 floating each month….however they have said NO change, so no change it is !

Just shows that almost 2 years into it, whereas I thought things were bobbing along nicely……you cannot get complacement - my stomach turned into a real mess for that afternoon and the memories of pre IVA all came flooding back……..

My personal life in 2009 so far has been filled with friends deaths and uphappy times………this weekend continues on that theme with a further relative diagnosed as being terminally ill !

Work continues to be ruling my life and once again I worked all day yesterday - don’t get me wrong the overtime money has certainly helped and allowed us to pay extra into our IVA for the last four months, but this is not normal and certainly is not regular - I am beginning to think that come the review time the IP will think it is regular and expect out payments to significantly increase……I just hope this is not the case.

 Budget continues to go well…..went to do the shop this week myself instead of having it delivered - I could not believe the price of some foods - I really noticed the price increases - what would have cost £50 in the past came to £64 this week - that was nothing extravagant just simple foods and budget labels….petrol also seems to be creeping back up!

Off for our first weekend away this next week…..the tent is prepped…the camping equipment at the ready….let’s just hope for good weather.

For all new / exisiting people in IVA’s who have not yet blogged themselves….give it a try…it is really theraputic and helps to relieve the stresses and strains of life in an IVA !

We have been in the IVA train now since July 2007 - IVA was approved in September 2007 and tomorrow we will have paid our 20th payment - 1/3rd of the way……33.3333% of the way their or 20/60 payments made………I am so proud of the way we have handled this and still managed to maintain a good standard of living !

Overtime since Christmas has given us a buffer to put behind us, having paid over each month what is due to the IVA ……looking at what we have paid is astounding £23k from our monthly payments AND an additional £5k for extra money paid in from sale of car, bonuses and overtime………we always knew we would be paying backnear to the 100p to the pound…but to see it racking up like this on a exel spreadsheet each month is very rewarding!

I have also maintained a outgoings spreadsheet from before the IVA was approved - we used to have to find nearly £2.5K per month just for our credit card payments let alone mortgage and secured loan - no wonder we robbed peter to pay paul all the time !

Now we have money for food, occasional drink in the pub and a few trips in the tent -we do not miss out…we plan ahead and budget properly to allow for us to be able to do these things - dinners are cooked from scratch everynight with fresh ingredients and we buy healthy food - before it would be takeway’s and pub three nights a week !

Anyone starting out on the road to IVA - please read my blog in full - it will inspire you and make it apparent that with support and encouragement from family and friends you can reach your destination at the end of the line .