completed 5 1/2 years all done !!

[wookielover185]

Thought I would share my story.
Usual stuff really got a credit card at 18 by the time I was 21 I had huge debts and was paying out more than I earned. By 23 I didn’t know what to do , I foolishly moved out from my parents and started renting a place with my friends I lived a party lifestyle and basically couldn’t sustain my life style. I would get loans to pay debts, borrow off one card to pay the other - but the moral is it catches up with you big time. I was at a loss of what to do. Eventually I signed up to an IVA after discounting bankruptcy. I was in 25k worth of debt, which doesn’t sound a lot now or maybe to many other people. But back in the day it was massive and when you’re young it’s a lot of cash. I started paying back my money and did that for 5 years on the trot. I never missed a payment but strangely was never contacted by the IVA Company for a yearly review. My payments always remained the same. Exactly 5 years after I started I received some paper work to say all my payments had been received and that the IVA would pay my creditors. Yesterday I received my certificate of completion - albeit 10months after my final payment. It is amazing being debt free and I can honestly say I didn’t think it would happen. I can’t say I will never get credit again - because I probably will. But iam 5 years older now - nearly 30 with children and a very good job. I now know what amess credit can cause and the credit I get will be in the form of a mortgage or car loan, never credit cards or stores cards I know what I can afford now. I don’t really know what to do with my letter of completion and how to repair my credit score. I also struggle to know what to do with the spare cash each month, but it gets spent anyway on the kids and its not until you finish paying it you realise how much spare cash you actually have. I don’t know why the IVA Company never contacted me but I am glad it’s over. If I could turn back the clock I would have opted for bankruptcy, but that’s hindsight. It does feel nice to stick and complete something so important. For any one who reads this - before you enter in to an IVA look at ALL the options. And for those already in one, there is light at the end of the tunnel just keep going.

[Michael Peoples]

Very good post and thanks for sharing it. You should get a copy of your credit file and see what exactly is still held on it as the six years may well be up for any adverse information. You could be in the top percentage of credit ratings because you have no debt and have maintained payments to mobile phone contracts and the like. Well done.

[kallis3]

Hello wookielover and welcome to the forum.

An excellent post and it gives inspiration to those of us in IVA's, and those people just starting out.

Good luck for having got to the other side.

As to your credit record, request a copy from all three agencies, Experian, Equifax and Call Credit. If any of your creditors have defaulted you after the date the IVA was completed they have to remove that. Write to any such creditors and enclose a copy of your completion letter and tell them to remove the defaults.

Please keep posting and let us know how things are going.

[MRBLUESKY]

well done mate ive got the tee shirt for what youve been through never again though.merry xmas to you and your family.

[Shining]

Fab post well done on completing your journey.

[danieln]

Great post thanks for sharing, I have just started but its nice to see people coming out the other end all ok!

[MelanieGiles]

Interesting to see that your IP managed to supervise a case for five whole years without doing one review, but that is a matter for creditors to be concerned about I guess and not you.

Well done for finishing it and coming out the other side.