IVAs mean Individual Voluntary Arrangements, which creates a workable repayment plan with single fixed monthly repayment as an end to unmanageable debt problems. They last five or more years and on successful completion write off all the debts they covered. Of course there will always be occasions when we traditionally like to spend more, like birthdays, Christmas and holidays. It is important to make sure the IVA repayments are still met though, in order to gain a new debt-free life at the end of it. This article gives you some tips for staying within your monthly budget and still enjoying these important, special times of the year:

1.   Start shopping early
   

Habitually keep an eye out for bargains, especially for Christmas, since goods out of season can often be considerably cheaper. You might also want to start saving points on supermarket loyalty cards or savings stamps schemes.

2.  Never be tempted by a Loan Shark
   

A ‘loan’ without any credit checks or paperwork could be from an illegal money lender - a loan shark. They employ aggressive tactics to reclaim ‘loans’ which they claim carry extortionate ‘interest charges’. Anyone concerned should call the national Stop Loan Sharks Team on 0300 555 2222. By contrast, remember IVAs are one of a number of legal debt solutions - without any such terrible risks.

3.  Use a pre-paid card
   

You won’t be able to use credit or store cards during your IVA, but pre-paid cards still allow you the convenience and consumer protection of shopping by card.

4.  Shop around on the internet
   

Most search engines have price comparison features allowing you to find the best deal on any given product. You’ll also avoid having to walk around many stores during the colder winter months.

5.  EBay and similar sites can offer great value
   

You’ll often find gift items for less than high street prices; when shopping for designer items, you may find reading EBay’s own consumer safety guides helpful for spotting genuine products.

6.  Do your homework for holidays
   

IVAs last for five or more years and you will need to repay as much as you can within your budget. So for holidays, planning ahead is the key. Some online group-buying clubs are now beginning to offer larger discounts to destinations served by low cost airlines. Sharing accommodation with friends and family could help you enjoy a great holiday and keep to the terms and conditions for your IVA.

Individual Voluntary Arrangements were never intended in law to be a drastic solution - they are simply one solution for problem debts. Providing they are properly arranged, indeed Individual Voluntary Arrangements should always leave you with enough money to cover your reasonable living expenses without habitually struggling. This is important since IVAs last at least 5 years and you do need to keep to the terms and conditions to gain a debt free future at the end. Your IP should have drawn up a reasonable repayment plan and you should not be expected to find extra fees for their services - it should be part of your normal IVA instalments. If this is not the case, you are strongly advised to contact a debt management specialist for proper advice.