Hi – it’s 3 months now since I retired through ill health and made our full and final offer payment to end our IVA. It’s hard to believe that a year ago we owed over £80,000 and now are debt free.
So – how are we doing? Great. We are still frugal, in fact a little more so than when we were in the IVA – if that’s possible. We have £100 less disposable income than we had in the IVA due to my pension, but we are managing. All the lessons we have learnt are still in place. I keep posting on the forum as it keeps me focused. We are very lucky that I managed to save a few thousand from my lump sum. That to me is for retirement (in 13 years!) but I know it’s there if something goes wrong in the house. But it’s my aim not to touch it and every month I withdraw £200 and put it in our gun safe for a contingency fund. It’s out of the way and I have to ask hubby for the keys if I need any so it’s a great deterent to buying new shoes!!
I hope this post shows there is life after the IVA. Some would say I am lucky to have had the lump sum, however I’d rather have my health back. To anyone considering an IVA, I would say, do your homework to make sure it’s the right thing for you – if after speaking to 2 or 3 professionals you decide an IVA is right for you, make sure you check and double check your income and expenditure that you prepare. There’s no point in signing up to a plan that ‘looks ok’. I went back over 6 months bank statements to make sure I hadn’t left anything off the expenditure column. I also signed up to a few survey websites and have managed to get quite a bit of money back from them. I use 1 site to have money for paypal – and then I go to ebay where I buy all my shoes, handbags etc – I love a bargain! And I get Tesco giftcards with another site – have had £60 from them alone in less than a year. I used to pop the cards in the cupboard for when we had a tough month – then I could just go shopping with one of the giftcards. Now I save them for Xmas.
Good luck to all starting out!