Credit Crunch and IVA Wise Decision

[andrewgoodman121]

Hi Everyone,

In an IVA what with the credit crunch and everything at the moment
there is a lot of talk about people who are Mortgaged up to the Hilt!!
Going through Repossesion or are Literally with a family struggling everyday to make ends meet.
We here about all this Credit Crunch in the Media on the News near enough everyday.

I have no major assets and live quite modestly in very nice rented accomadation and have an average car with wife and 2 daughters.

Don't get me wrong we are not poor as i have a good job and we have all the material things you would ever need.
eg HD Televisions,Renault Clio 1.4 Car,Satellite TV Basic Package for £21 with only Sky Sports and Movies Cancelled etc...

The question i would like to ask for any of the experts is,
I have owned up and entered an IVA this February so it has kicked in for 6 months , i owed £24000
I have owned up to my debt an decided to go along this route to solve and repay the debt.

Under the current climate of the CREDIT-CRUNCH and things getting really TOUGH for people , have i Really made a GOOD!! move by opting for an IVA as in 60 months my debts will be cleared and i decided to do the right thing and maybe it is THE BEST DECISION i have ever made.

Everybody is going to have to tighten there belts and doing an IVA NOW!! is the best thing to do in the fore run.

[andrewgoodman121]

By the look of the way life is going today
Everyone is going to have to do there own Personal IVA's or DMP's when they get paid now during the credit crunch anyway.
Then if things are tough going enter them for REAL!!!

[size5]

Only you can answer the question as to whether you have made a good decision. As long as all the options were fully explained to you and you are happy with the solution you chose then I would say that in balance you probably have made a good decision. It certainly beats carrying on borrowing that's for sure.

Regards.

[angela18]

i feel we have made the right decision

[Endsmeet]

I too feel as if I made the correct decision to opt for an IVA 11 months back, don't want to feel 'big headed' as I made a good few mistakes which got me into this mess but I can't help feeling 'satisfied' when I see what affect the credit crunch is having on the banks/companies etc.

Please don't anyone take this the wrong way, maybe its just my way of dealing with the situation that I am in but it does make me feel a whole lot better knowing that I have to make the one payment each month rather than robbing Peter to pay Paul which I had been doing for a long time pre IVA.

I shudder to think back when I used to receive my monthly statements, making just the min payments leaving me with nothing to live on, I mean nothing as well as my monthly payments used to gobble up everything I earned and just lived on C.C.s

Heads up everyone, you HAVE made the right choice and as I always say 'you only remeber the good times, not the bad ones' and just think back how sick you felt when the bills dropped thru the door once a month.

[Julie]

I'm in the "I have made the right decision" camp. Even though our debts were 95% my hubby's - he had ran up huge debts before we got married and amalgamated our accounts, I have learnt so much by going through the IVA process with him.

I treat it as WE are in an IVA and credit is no longer an option for either of us. Yes, it can be hard when I can't just buy like I used to, but at least now we're only buying what we really need.

We are lucky that we both have very good careers at the moment. Who knows how the credit crunch will affect industry. For instance,certain supermarkets are having restructures and making staff redundant shortly.So at the moment we manage to live ok. It does hit when something goes wrong with the car etc. but you work through it.

All in all we will be glad in 2012 when we will officially be debt free.

[cat 1]

Hi.We made the right decision too.Just about to make the 8th payment in July.I can't believe how fast it's gone.The initail months were traumatic.The last couple, even though money has been tight at times, have been very managable(sp)I have even saved a small amout for a 4 day lake district break in August (combine with tesco club card deals)I had 2 week in spain last year.Two weeks in Turkey the year before.They were traumatic.I was still pretending it would be ok.I was making minimum payments on the credit card and not having enough to live on.However, for along time it didn't really matter as I always had the plastic to fall back on.It was an awful way to live.Now all the anxiety has gone (well nearly)I currently have £5.03 in my purse.I get paid on Friday and that will have to do.I hear people taking at work.I never disclose my true finances to anyone.It's my business.A girl I have worked with for years is now going full time.She's worked reduced hours forever.She can no longer pay her mortgage.We're all the same.People moaning daily about food and petrol,etc.I know some of them will be putting thier food shop on the visa as well as thier 2 weeks in the sun.
Yes...I'm very please to have applied for an IVA when I did.I should have done it 3 years ago instead of re mortgaging and taking out consolidation loans and only making things worse!!!Cat

[kallis3]

I'm so glad that I did mine, and hubbie is as well. We are just about to make our 3rd payment. It's a long way to go, but it would have been even longer in DMP and as we are home owners and I work for the police, BR was not an option.

We're pulling our belts in (not literally in my case unfortunately!), know it will be tough but we are prepared to tough it out.

Not been on holiday since December '05, not planning anything till we are finished when we intend to go on a good holiday (not on credit though!).

I think before the end of the year the number of people going insolvent is going to soar through the roof. Let's hope they all find their way on here