ANY Regrets ??

[TheMatrix]

Well it was a way out of a £72k hole for me, and I have no chance of paying all that back in 5 years, so yes it is worth it for me.

[mole]

Hi Trottstar
You are totally right in needing to understand all the commitments under an IVA. Your IP should be happy to spend as much time as you need on this (if they won't then you are with the wrong company). Also, this forum is great to get a second opinion on anything related. An IVA is a great option and as long as you understand it you do not need to be scared.

As other have posted, it may nopt be easy at times, but I think the same applies to the other options avasilable as well.

Good luck and let us know how you get on.

[Jan01]

I have regretted my IVA in fact it has taught me so much about money and I am not so lazy where money is concerned, this week I reduced my car insurance by £100 a year in the past i would have just allowed mt insurance to run over from year to year.

It is important that you get professional advice as others have said because it is a long term commitment.

For me the good nights sleep I have now are priceless.

Good luck with your decision

Jan

[gavin]

Regrets, Ive had a few



And now, the end is near;
And so I face the final curtain.
My friend, Ill say it clear,
Ill state my case, of which Im certain.

Ive lived a life thats full.
Ive traveled each and evry highway;
And more, much more than this,
I did it my way.

Regrets, Ive had a few;
But then again, too few to mention.
I did what I had to do
And saw it through without exemption.

I planned each charted course;
Each careful step along the byway,
But more, much more than this,
I did it my way.

Yes, there were times, Im sure you knew
When I bit off more than I could chew.
But through it all, when there was doubt,
I ate it up and spit it out.
I faced it all and I stood tall;
And did it my way.

Ive loved, Ive laughed and cried.
Ive had my fill; my share of losing.
And now, as tears subside,
I find it all so amusing.

To think I did all that;
And may I say - not in a shy way,
No, oh no not me,
I did it my way.

For what is a man, what has he got?
If not himself, then he has naught.
To say the things he truly feels;
And not the words of one who kneels.
The record shows I took the blows -
And did it my way

[bankbonus]

5 years is not easy in an IVA ,living on a no frills budget and a rather lacklustre lifestyle.

[Spending money is happy times]No IVA will change that value and attitude.

For me it is a sort of a 'sentence' for not knowing the obvious that others knew - 'don't spend what you don't have'

But when its over, it clean start and of course we'll all in debt again but this time only for House,Car and not to supplement daily espenditure and holiday etc

[Martin2011]

Speak to a good IP - Lots of advice where to look, but you could save yourself a huge amount of time an analysis by choosing Melanie Giles. You'll get real and sensible advice about whether an IVA is right or wrong for you, and the alternatives.

In answer to your question, yes, there are times I regret being in an IVA, but only because I cannot believe I made so many mistakes that meant it became innevitable. In itself, the IVA is a wonderful tool, bringing structure and order to what was a complete mess, and most importantly a real target, an end date, when if you stick with it you will be completely free of debt, and even more importantly, a great deal wiser about how to manage your finances in a sustainable way. As others have said, I share the feeling that going into an IVA was the first sensible financial decision I'd made in years. It isn't easy, and there will be some months when things are very dificult, but compared with a lifetime of debt, worry, sleepless nights, dread of the phone ringing or the postman ariving, it's definitely worth it.

Good luck in finding the right solution for you and in getting your situation to a place that is manageable for you. Let us know how it goes,

Martin

[Trottstar]

So who's the best - seems to be a bit of a mine field when it comes to selecting an IP - this Melanie Giles sounds good but does anyone have any other suggestions? How are they paid? Does a set amount come out of the credit pot each month or is it a one off?

[MelanieGiles]

Insolvency practitioners are paid from the monies you pay into the voluntary arrangement, and our fees are only paid with the express agreement of firstly yourself and secondly the creditors. We are generally now paid at the same time as creditors.

[Endsmeet]

I think my only regret about my IVA situation is that I didn't apply for it much earlier than I did, the yrs I spent robbing Peter to pay Paul and the sitting down in front of my pc on pay day working out the best way of paying the min amount to keep my creditors happy...for that month at least.

Take a look around at the various I.P.s, and the recommendations that people make, some I.P.s keep in touch every couple of months, some I.P.s 'get' in touch when they have to.
I like my I.P. as they get in touch when its required, such as annual review time etc, this suits me as I haven't told anyone about my IVA, but when I need to ask them a question, I can phone or email them and get an instant responce.

It does sometimes feel like its never ending, like I am just paying out again but at the end of the 5yrs, I will be debt free and can't wait to get my wage sheet knowing that it will be all mine for the 1st time for a very long time.

I still worry about 'the letter' or 'phone call' that I may receive but nothing has ever happened and being 2yrs into my IVA it never will but that is just me.

An IVA isn't easy, there are times when you wish you had that extra to spend but its a great tool for sorting out your debt problems, don't forget that an I.P. is there to assist not aggravate your situation so please ring around a couple of them and ask as many questions as you want and if you can't get an answer, try another until YOU are happy.

When I rung my I.P. I was close to breaking down and I was told 'Please don't worry, your debts are now our problem' which was the best thing I could hear.

[Trottstar]

Hi - Whats Melanies company called? Id liketo check it out. How soon can everything be drawn up - im scared to death of creditors getting heavy.

[Max]

IVA Advice Bureau - reviews on www.iva.com - Melanie Giles is the best IP in the profession!! J

[Adam16]

I am with Melanie and can highly recommend her team.

My regret also is that I didnt do it earlier. I had struggled away for over 2years before I allowed myself to acknowledge the issue.

I had been struggling so much in the last 6months that now my IVA offers me a better quality of living with the goal that all my debts will be gone.

[Max]

Two bits I'll add to my post - first, several companies, some leading names names, told my husband he would never get and IVA for several reasons - Melanie got a difficult and one off IVA through for him on first attempt - everything he wanted Melanie obtained; second, I had a joint debt with my husband and the creditor chased me. On speaking to them they described Melanie as an honourable IP and thus they accepted what was in the IVA as genuine - as a result they reduced the debt by a large amount which my mother is paying. That should tell you a great deal about Melanie. J

[kallis3]

Melanie has an excellent reputation on here.

Proposals and creditor meetings are very much dependent upon how quickly you can get the paperwork together and a meeting arranged.

You will have to deal with creditors unfortunately.

[floss2prev]

Welcome to the Forum Trotstar

I myself am very new to this very informative forum.
After very much research on this forum , knowing somebody will be able to answer the most simplist/hardest of questions is very reassuring, and i did it , i contacted Melanie Giles and her team .
My head is out of the sand , and the ball is starting to roll.I can not tell you how much of a releif it was to talk to the team, with very quick reponses.

Many thanks.