Let's be honest - life in an IVA can be tough. For some its a very abrupt change of lifestyle and for most there is that worry that the car or the boiler may pack in at any moment. An IVA is not an easy ride and certainly not a soft way out of a debt probblem.

For those in an IVA sometimes we have short memories. The trials and tribulations of life in an IVA need to be set against a context of life before the IVA began. Many people in an IVA confess that it can be tough and living within a tight budget can be challenging.  But they also compare it with life before with that mix of helplessness, desperation and fear. The sleeplessness and dread of the postman calling or the doorbell ringing.  It’s a massive relief that that side of it is all over.

There is no substitute for peace of mind.

Which means that we need to retain that sense of perspective. Life may be tough especially as we see others jetting off for holidays or treating their children in a way we can only dream of at present. But life is very probably better than it was – and we are on a pathway to a debt free future at a fixed point in the future. Holding that thought may help us cope with the current hardships.

Some speak of a sense of embarrassment or even shame at finding themselves in this position. But a better perspective is to appreciate that we are doing the best we can. An IVA is a thoroughly responsible step to take to resolve a debt problem. We are no longer drawing credit that we don’t know how we are going to repay. We are no longer running away from the issue and not responding to creditor’s demands. And we are saying we will do the best we can to repay what we can during the IVA. And no-one can do more than their best. Yes we need a definite end point and we know that we have to make priority and reasonable payments first – so the creditors can only have what we can genuinely afford. But we need to remind ourselves that what we are doing by undertaking an IVA is a thoroughly responsible thing to do.

 

Keith White