It's a pretty incredible story on the face of it, but then again all our stories are aren't they?
None of us could or would ever have imagined having the credit we do (did).
Just looking ahead - and grossly over-simplifying the situation I know, assuming everyone who owes these relative forunes were on a simultaneous IVA and consequently all out of debt at the same time, and assuming again that we have some kind of income by then, we're gonna feel rich aren't we?
What if we've been through this recession by then and credit is once again easy(ish) to come by, I wonder if we will really have learned our lesson...?
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
It wont be the same for everyone though I'm sure of that, particularly as anyone who makes it thru the IVA (or whatever arrangement) and gets themselves debt free is going to have 'suffered' in terms of no new clothes/car/holiday/furniture or whatever, and the first thing they're gonna want to do is treat themselves.
Understandable perhaps, but this has to be a life-long discipline IMO..
we have learnt our lesson too . sad thing is we were stuipid enough to get to over 100k of debt and hadnt realised at 50k what a mess we were in !!!!but the lovely cc kept upping the limits, with babies and mat leave we just kept on . i will never go back down this road , if we aint got the cash we cant have it . !!! my teenage son has just joined the army , ( hes just 17) for xmas we gave him a bit of money toward an i phone , then he bought himself a laptop, my husband commented why do you need both and he replied "because i can " . fortunately he has paid cash for everything, but this seems to be the way society is , got to have this and that . i just dont want him to end up like me and im encouraging him to put a little bit away for a rainy day . for us our iva will be complete next year, we are in our 30s so we can put it all behind us and move on, with no more debt . i am ashamed we are in an iva, not for the fact we are paying back as much as we can but for being so b***** stupid and getting into so much debt . my dad was a bankmanager ( when they were proper bank managers ) he would turn in his grave if he knew !!!!
Hi
An IVA is actually a very good rehabilitation process.
Be happy with what you have and save for what you haven't
However, after saying that, being in unaffordable debt can be caused by illness, redundancy, relationship breakdowns and business failure, it is not always just caused by overspending
Regards
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Speaking for myself I would never, ever want to go through all that again. Even if I do save for something I still think, hmmm, I think I will just wait a bit longer. I got £60 back the other day something to do with carers allowance, I wasnt expecting it but when I saw it there I thought, hmmm. I could use that for A and before long I had mentally used it for B, C D E and F. If it has been £500 I would have run out of alphebet twice. The said letters were not for luxuries either, I need a new dyson pipe, Order a CD for Mum in law day, shoes for my son, and extra money for my daughters trip to London. I just think its so important to have a budget. Mental money seems to go further than debit card money and cash just says goodbye as soon as it comes out of the hole in the wall.
Well we did a case for husband and wife in 1989 who ultimately went bankrupt but their respective IVA's were originally for debts of around £3m - all lost through overspending on Nursing homes and investment properties. They ultimately went bankrupt, butnot before suing me for negligence. Happily I can report that I won the case and I was not negligent.
Talking about cars - my first one was a turquoise mini that cost £547 and its registration was 6297 VM. 45 years ago!!!!!
Last edited by David Mond on Wed Mar 18, 2009 9:32 pm, edited 1 time in total.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I always wanted a yellow Mini for some reason! I never got one though and ended up with a white Fiesta called Freddie for my first car. I drove it until it fell apart and actually cried when it went!
My first car was a Ford Anglia, 12 years old and cost me £35.
The only time I got upset over losing a car was when I had to get rid of my Isuzu Trooper - I loved that car!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I can remember being too broke to get my car serviced and complaining to a mechanic friend that the brakes felt funny - it turned out I had no brake fluid!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
