How did this happen!!

[Beans on Toast]

Hi again, we have a 86,000 mortgage, only 1 year in after changing to repayment, property worth 103,000 and a secured loan standing at 29,000. Because of this we are expecting a modification on the length of the IVA (if accepted), due to the likely possibility of not enough equity to remortgage in year 4.
I have 3 cards, Egg, Bank of Scotland, and Abbey (MBNA), my wife has Bank of Scotland, Abbey (MBNA) and a loan with Abbey for 10,000 that is 4 yrs in. All our cards are around the 7,000 mark, they were more, but we cashed in our endowment for 13,000 and paid sums off my 3 cards.
It was after this, that we realised that even after paying these sums to the cards we were no where near in control of our debts. We have had cards for 14yrs now and never missed a payment, there just comes a time when pride has to be put on a back burner and common sense has to be applied. Over this period of time we have had several consolidation loans, only to have to rely on cards again when things break (as they always do) and borrowing from one to pay the other as usual. This was when the alarm bells should have rung, but we all think we know better.
We have a 13 yr old daughter who is very bright and university looks a definite possibility. We want to be able to help her as much as we can when this time comes, maybe not in the first years, but after she graduates. Then she can get great job and we will all live happily ever after at the end of the rainbow[:D][:D]
Hope this has enlightened you on our plight a little, our IP is proposing 29p/£ and because of our mortgage situation, it looks like 66 months. It's only when you write it all down it scares the pants off you[:(]

[Adam Davies]

Hi
Your story is so similar to many,always upto date with payments,tried consolodation loans etc etc
Good luck with your creditors meeting
Regards

[aguise]

Hi there.
I think the one thing most of us realise is we should have seen what was happening earlier. I certainly knew for quite a while that if anything went wrong we would be in trouble. Just scraping by and only by doing huge amounts of overtime to just make minimum payments. I think we all live under the illusion that we will suddenly be better off. I kept consoling myself with if we can just get through the next five years the loans will finish and we can pay the cards off then, but it never happens there is always something it just spirals out of control.
Depressing bit over.

I can only speak from my opinion but for us the iva has meant a stable living amount, better than we were surviving on before, great peace of mind and such a feeling of pride that we now manage without credit. I feel like I walked around for years with my eyes closed and suddenly I opened them. The end is at least in sight now, and 15 months has flown by.
I am sure you will be fine. The first stages are the worst bit to get through, its the waiting and not knowing, being unsure if it is the right thing to do. Do your homework understand everything, dont accept unrealistic expenditure and an iva can be such a good solution.

Ang

[Beans on Toast]

Thanks again everyone, we want our life back, and this just seems our best option to try to pay some debt back. Roll on the 31st March!

[marsha1]

I hope you get your life back. I buried my head in the sand thinking oh everything will be ok, I sold my house,paid off debts and then proceeded to run them up again due to companies upping my credit limit and my addictive personality and weakness. I entered into an IVA in October and I am actually learning the value of money all over again, I realise now how false the CC world is, I think IVA'S are a wonderful vehicle to help with not only debt problems in the first instance, but rehabilitation as well. I hope you get sorted and then join us in sharing money saving tips and a sense of humour. I have only told one person about my IVA so it is such a release to share feelings/ups and downs on this forum. Good luck.

[Shining]

You're on the right track now BOT, we've probably all been on the same journey up to a point. I used to say to my husband many a time 'that's survived another month' but that is what we were doing, surviving and although now in an IVA, we're living, not just surviving. I can see an end albeit 58 months away.

[Martin2011]

Hi BOT.... Your story describes our journey perfectly as well... awful though it was, looking back, we just never wanted to see the obvious, and just kept trying to stay 1 step ahead, never missing payments, consolidating, maxing cards etc etc...until you reach the point where you just can't anymore.... the realisation was horrible, thr process of establishing an IVA painful, but the result..... into third year now and realise it was the best decision we ever made.... feel properly in control, enough money to manage and every month repaying all that borrowing at an affordable rate without the fear of interest payments and having to rob peter to pay paul..... and best of all, in 28 months it'll all be over, no more debt, no more payments and definitely no more credit cards, loans or other credit....lesson learned and like you, young children who'll have solvent parents when they need them the most..... Very best of luick and best wishes for your journey,

Martin

[angela18]

sounds similar to us, after finally pulling our heads out of the sand, didn't like what we saw. After hubby was diagnosed with depression after telling doc he had thought about suicide, we decided enough was enough! just starting down the IVA road, waiting for proposal, fingers crossed everything will be ok

Good luck for 31st, fingers crossed..

[Beans on Toast]

Thanks for all your kind words, I fear my only problem now will be divorce 'cos I can't keep away from the computer and this site [:D]

[angela18]

same here, but any info hubby wants, he says ask your mates on the site..

[:I]