Self-discipline is usually the key to getting everything important in life. There are several rules and guidelines to achieve any ultimate goal. Many personal attributes are also important factors in maintaining a straight path to success. Discipline is one of the prime attributes in these endeavors. As real-life experiences may have taught you, balanced and perfect discipline makes many ambitions attainable. Financial goals are no different. All you need is motivation and discipline to ensure that you don’t stray from the predetermined path to success. However, we are aware that self-discipline is extremely hard to perfect. When bills and debts are concerned, many debtors cannot control their own spending impulses and act recklessly. The term “Retail Therapy” is also coined to categorize the stressful spending behavior. If you suffer from the same behavioral issues, then you need to implement some self-disciplinary measures to curb these impulses.
Luckily, debt relief measures like DMP and IVA are extremely strict representations of discipline necessary to create financial health and good credit score. There are special provisions in the DMP and IVA contracts that if a debtor does not pay the required monthly fee regularly, the whole contract can be canceled and the previously paid installments could be null and void as well. With this Damocles’ sword hanging over the head, there is very little chance that anyone would be willing to slack off. To the more free-spirited, these disciplinary measures may seem chafing and annoying. However, these are most effective for keeping everyone o the straight track. In this way, every penny of the disposable income is calculated and accounted for. There are no avenues for impulse buying. There are funds for emergencies, but anyone availing IVA and DMP learns the difference between want and need pretty quickly.
Don’t worry about IVA being suffocating and restrictive. If you follow the guidelines exactly, there’s plenty of room for leisure and personal spending. Don’t believe us? Just ask the experts.