With regard to an IVA, I understand that your creditors pretty much want as much money as they can from you - and that after you have paid your essential bills (rent etc) every month, you can pretty much only keep what the Bank of England states you require to live on each week.
Does this mean you have only this ammount of cash to live off each month for the duration of your IVA? As from the I&E form things such as social life, smoking etc dont count as essential expenditure - meaning even if I started to make a lot more money, I would still just be living off the same ammount each month with the extra cash going to creditors?
I'm just thinking no holidays or weekend for the next 5 years or so.
Hope this makes sense.