Hello

11 posts Page 1 of 1
Post Reply
 
 

Birdman1973

User avatar
Posts: 2
Joined: Mon Dec 13, 2010 1:26 pm
Location: United Kingdom
Post by Birdman1973 » Mon Dec 13, 2010 1:35 pm
Quote
My partner and I start our IVA on the 01st January 2011. We both work full time and we are relieved to be accepted for an IVA. We hope that the 5 years passes quickly although I don't want to wish our lives away! For many reasons we ended up in debt.
I just hope that this passes easily, we seem to be paying back a lot? the debt is 92k in total and we are paying back 830 a month for 16 months then 1120 for the remainder.The total we pay back is 76000, this will save us 16000. Does this sound correct?

I welcome any feed back. Thank you and best wishes.
Birdman1973
Top
 
 

St75

User avatar
Posts: 156
Joined: Wed Jun 23, 2010 4:43 pm
Location:
Post by St75 » Mon Dec 13, 2010 2:08 pm
Quote
Hi Birdman1973

and welcome to the forum, where you will find a lot of helpful friendly members.

A new year and a new start. Good for you.

The amount you are paying back is a lot. it must be quit a good dividend, which the creditors must be please about. After all the idea of the IVA is to pay back as much as is affordable over the term of the IVA.

So yes, you are paying back a lot, but no more than you would have had to pay back under the creditors original credit agreements with you, and you have the added protection of creditors not being able to pursue you or hassle you.

Regards
socleirigh
regards
st75

Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
Top
 
 

animaleyes76

User avatar
Posts: 1207
Joined: Mon Apr 07, 2008 11:35 pm
Location: Czech Republic
Post by animaleyes76 » Mon Dec 13, 2010 2:52 pm
Quote
Good luck.. It's a long journey but it will defintely be worth it.
Top
 
 

andrea1968

User avatar
Posts: 960
Joined: Wed Oct 20, 2010 11:32 pm
Location: United Kingdom
Post by andrea1968 » Mon Dec 13, 2010 2:53 pm
Quote
was it 92k without interest and charges-we owed 43.000 on paper but with interest this would have been 65.0000+and over 20 years. Makes me feel a lot more comfortable with the iva when i look at it from that point of view!!
full and final accepted January 2015

iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Top
 
 

flow13

User avatar
Posts: 1132
Joined: Sat Jul 19, 2008 8:46 pm
Location: United Kingdom
Post by flow13 » Mon Dec 13, 2010 4:21 pm
Quote
Hiya and welcome to the forum.

Good luck with your iva, The time will fly by. x
Its now time to start living and to make some some wonderful memories!
Read my blog at http://flow13.blogs.iva.co.uk/ 'Aiming for the finish line'
Top
 
 

ToddMarks

User avatar
Posts: 6
Joined: Thu Dec 02, 2010 4:16 pm
Location:
Post by ToddMarks » Tue Dec 14, 2010 9:41 am
Quote
Hello and welcome!!! Good luck guys!
Top
 
 

kallis3

User avatar
Forum Expert
Posts: 77170
Joined: Mon Mar 17, 2008 4:02 pm
Location: United Kingdom
Post by kallis3 » Tue Dec 14, 2010 9:58 am
Quote
You're paying back an excellent dividend, I hope your IVA journey is a smooth one.
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
Top
 
 

Birdman1973

User avatar
Posts: 2
Joined: Mon Dec 13, 2010 1:26 pm
Location: United Kingdom
Post by Birdman1973 » Tue Dec 14, 2010 6:15 pm
Quote
Thank you everyone, well it was 17 years of debt or 5 years with an IVA so I hear you loud and clear.
Birdman1973
Top
 
 

Shining

User avatar
Posts: 27019
Joined: Thu Sep 20, 2007 8:57 am
Location:
Post by Shining » Tue Dec 14, 2010 8:03 pm
Quote
Welcome from myself birdman and I hope you continue to use the forum. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Top
 
 

leaKybrain

User avatar
Posts: 1102
Joined: Tue Apr 01, 2008 10:12 pm
Location: United Kingdom
Post by leaKybrain » Wed Dec 15, 2010 12:23 am
Quote
welcome birdman, we thought the same. have had 20 odd years in debt, and got pushed over the edge with one credit card. Rather than panic, worry and stress about it we opted for IVA too. Accepted today and so pleased we on the right path.

Hope your journey is smooth too.
Top
 
 

St75

User avatar
Posts: 156
Joined: Wed Jun 23, 2010 4:43 pm
Location:
Post by St75 » Wed Dec 15, 2010 10:39 am
Quote
Congratulations leaKybrain
regards
st75

Started lump sum IVA in Aug 2010 - received certificate of completion April 2011, thanks to Melanie & team
Top
Post Reply
11 posts Page 1 of 1
Return to “friends corner”