Hello ALL
I knwo this will be long, but below I am going to exp;lain why I got in to an IVA, what happenend through my journey and what as helped me.
The reason for doing this I was not fully
aware even after my IVA was accepted what the full involvment was until using this ineternt site, for the record Melaine and Andy offer brilliant advice, hope you get something out of it, if any one as questions after reading it please ask, I have found by asking people in the situation it helps.
I suppose my situation really started of about 8 years ago, moved in with girlfriend, bought a hosue for £50,000, at the time I had a loan for 3K and several visa cards but owed nothing on them, after a bit of time made a second card holder and we both ended up using it, to pay for household items, to make it the house we wanted.
18 months later got married cost £15k but her dad paid for most of it.
6 months later sold house for 85k and bought another for 112k, this was jsut months before the housing market went completely mad.
Then in August 2004 i came home to find another bloke in my house, i should od stayed at friends house that night, but came home, knocked on house door and my wife looked through window ans said "shxx my husband" he ran out of the back door never actually saw him. As I worked away from home alot i kept ringing her up and checking up on her I suspected an affair.
She left me in the october and divorced me on unreasonable behaviour, in the first 3 months tried to kill myself 3 times -glad i didnt though.
While going through the divorce we tried to sort money out, the house was worth about £170,000 and had a mortgage for £100,000 I said lets sell the house and pay the debts off and then split the money 50/50, she would not agree to this as the debts were in my name, I explained this to my soloictor and he told me to copy of statments and highlight what she spent, but did warn me that this could take years and cost alot. I warned her of this and in the end she offered after the house sale i get 57.5% and she gets 42.5% but i settle all the debts, i agreed to this because i was an emotionial wreck and just wanted it all to be over and done with.
I was left with about 35k after costs etc, debts were 27k, so in between this been sorted out i purchased another house were i wanted it and thought i only had to pay £5000 deposit ended up been £15000, but i really wanted the house and wnet through it, and in the meantime bought a motorbike - my divorce prsenet.
Basically paid some of the debts of but then ended up doing the house up and borrowing more, before i knew took a second loan on the house so i had borrowed 96% value on the house and still used credit cards.
the worse thing for me was my house was a house not a home, i hated been in on my own, not good with my own company, so ended up in the pub every night just for comapny not for drink but you end up spending money.
Then it started to get out of control in about april 2006, dreading red letters, throwing them away with out even opening them. Put house up for sales
Several months went by and eventaully looked on internet for advice, and rang Thomas Charles, spoke to some one called Paul who was helpfull did not judge me and sent information out to me. A week later he rand for an interview that lasted 2 hours, told me he was 99.9% confident i would get an IVA.Asked me to send of documentation, and told me to stop paying creditors so i disdnt favour any one, if you pay one person and not another it can go against you. I made 2 monthly payments to Thomas charles, to show that i could make payments and pay to Thomas Charles.
They put in touch with Accuma, who finished of the paperwork and got my IVA approved on January 17th 2007.
In total I owed £28572, I owed money to the following
Halifax
Lloyds TSB
Black Horse Finance
Capitial One
Egg
My own Mum
Solicitor after house sale
The biggest was capitial one i owed monet to and the smallest was my mum for £500.00
Only two companies voted, capitial which said yes and egg with modifications. My IP rung back straight after the meeting, the modificlations were that i did not pay my mum back till after the IVA and she had to agree and put this in writing which she did. the other one was to stop paying my pension which was £77 a month and that goes in to the IVA. I spoke to my company about freezing the pension, which they could not and wrote to my ip, which was kaccepted by egg and I could still carry on with my pension.
I pay £349 a month
My expenditure list is below
Net pay - £1559
Rent - £600.00
Building/contents Insurance - £20.00
Council Tax -£87
Gas - £30.00
Electric - £30.00
Water - £42.00
Home telephone - £30.00
Mobile - £40.00
food etc - £200.00
clothing - £50.00
smoking -£20.00 - i was suprised at this as well
tv licence -£11
Vehicle petrol -£50.00
Total £1210.00
Alot of the above was estimated because i still had my own house, and my IP did not want me to try for an IVA till i had sold my house. When I did sell it i was in rented accomadtion and iva within 2 weeks it happened that fast.
Becasue it was estiamted I had under estiamted 2and found it hard for first 2 months they i got a cost of living payrise which as just covered me.
The good news is if you have read any of my other posts my partner is having a baby and i have had concerns over this but melaine and andy have helped me out with my questions.
To be honest i think i may of been better going bankcrupt, i woudld of only had to pay money back for 36 months and probably not as much.
But at the end of the day i know in 5 years time i will be able to hold my head high.
My girlfried would like to buy a house with me when out of the IVA and luckily she as £100,000 deposit to put down so hoping not only will we get a joint morgatge but also a good interest rate.
When you read through this you might think, its all my own fault, or why didnt i do this or that - i totally agree, but after spliting with my ex it completeley knocked me side ways, in fact 18 months on my doctor told me i probably had a nervous breakdown at the time without knowing it.
I saw a councillor, but the best bit advice I got from my boss, was dont regret anything, at the time your descion felt right.
I can say life is bridlliant, met some one new who is pregnant, were engagaged and sare palnning a wedding.
Yes 5 years is along time, i look at it this way i have made 8 payments, thats 52 weeks left, that meanas in 2 months time i am 1/6th of the way through it - dosent seam that along if you look at it this way.
Hope this helps some people, if not it should be good bed reading material
James
