Looking back on my situation I have just had a thought... Should I have ever been offered the IVA that I am currently in? At the time I call Debt Free Direct for advice on where I could go next. Flash Bang Wallop IVA approved!
Now looking back, I had not missed a single payment with any of my creditors and was mearly contemplating the worst. Should I have been offered different advice before going down this terminal route? Dont get me wrong, this whole IVA experience is not causing that much of a problem - does this not seem wrong?
I have other quesitions that I will post on different threads to avoid confusion.
If you had not missed any payments and were not being chased by creditors I am surprised they accepted the IVA proposal.
Once in an IVA they loose out on any interest they can charge and have to write off a chunk of the debt so letting you run with your normal monthly payments would have been a better option for them.
Given the write off of debt and stopping the interest charges you will be in a better position than had you just continued to make monthly repayments, the only drawback is that it is on your credit file for 6 years..
All depends upon individual circumstances to which we are not privvy.
In my case I had not missed a single repayment, nor was I being pusued by any creditor. However, each month I was living on credit, robbing Peter to Pay Paul and my repayments were only covering the interest, so my debt was never going to decrease.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Same for me, I spent one day a month moving money from one card to another. I only ever made min payments so the banks and cc companies must of loved me. I got so fed up with treading water that an iva was a no brainer. Whilst I'm sorry I got into such a mess with money I'm pleased I made some calls and made the decision to make the commitment. If your not facing the usual struggles some of us are then all you have done is saved yourself a fortune in intrest charges
What's more stressful, living on a budget with a big clock counting down to freedom or not knowing who's going to call you next asking where there money is??
It's not what we do, it's how we deal with it that counts
Me too, exactly the same as the above posters, came to my senses and realised I needed to sort it. An iva was hard but got me out of my awful situation, well worth it x
IVA is not an easy route but when you think of all the interest you have not had to pay it definitely is worth it. (Even for those of us stuck in the PPI time vortex.)
I once had clients who had almost 70 credit cards and debts of over £150k. Their minimum payments were £3500 per month yet their total income was half that. They had never missed a payment either but an IVA was the right advice!
I thought I could cope but knew that looming there in the background was the day when I couldn't. I had never missed a payment, no CCJ's, no bank charges nothing. With me there was always going to be something around the corner, this never materialised and I had to admit what I thought was defeat and find help. However, it's been the turning point in my life. I've finished my IVA successfully with 60 payments, found a new found happiness with my husband as the stresses of money was doing us no favours, now we're happier than we've been in many years. I appreciate what I have more and know I can afford what I need and go without what I want if it's wasteful.
IVA's aren't for everyone but they certainly are a good debt remedy for some.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Well in answer to your question, anyone can offer you anything but it was your right to either take that advice or not, which you obviously decided to take the iva route and I presume weren't coerced or forced into signing the proposal?
This is why I always advise anyone considering their options to take some time and look into options carefully so you can make an informed decision based on what is right for you, no one else can make that decision for you.
I think at the beginning stages it is so important to really look at how the IVA will affect you, and to look at other options - then only you can really decide whether this is the right solution for you.
Started IVA 27th Feb 2012 - Due to complete 27th Jan 2018 !!
Full & Final submitted and accepted 30th March 2015, paid 10th April 2015 - 3 yrs 1 month into IVA
Completion Certificate received- 30th April 2015!!
