How can I manage my money well with an IVA?
Here are some hints on managing your money in order to help you meet your monthly repayments for your IVA (Individual Voluntary Arrangement):
- Review your credit cards regularly and move as much debt as possible on to interest free cards (but do check the transfer fee before you do this).
- Check your monthly outgoings regularly to see if there are any ways you can save money. E.g. your mobile phone tariff, changing utility suppliers, cutting down on 'luxury' items or non essential items.
- Budget for big spends well in advance. For example when planning a wedding or expecting a baby. Write a list of what you need then do research to find out how much it's all going to cost. You can then start saving. Try to stick to your budget - shop around to get good deals and always try to come in under your budget if possible.
- Always shop around for things like car insurance, credit cards, mobile phones etc. Make sure you get the best deal to suit you.
- Look at the type of bank or building society accounts that you have your money in. You may be able to get a higher interest rate simply by changing accounts.
- Seek advice from an Independent financial advisor.
Remember that you may be at risk of becoming bankrupt if you do not keep up with your IVA repayments.