Hi,
It would be interesting to here or get answers from anyone on the Forum who are into the 3rd Year of there IVA's.
I found the 3rd year to be the Hardest Year of all as you are over the Honeymoon of being Accepted and you are now feeling like your Life is on Hold and the IVA seems like an eternity as you are now used to living Frugally and Budgeting to Extreme and feel Rehabilitated but the Finishing Line seems so far away and it goes on forever.
I am into the 4.5 year mark now and do not feel as fed up as i did last year.
I call the 3 year Mark the IVA Wilderness Years and it makes you feel like your Life is Bogged Down during that period of time.
I'm not sure if I'm honest, the start of my 4th with uncertainties about equity and getting valuations seemed to be my worst time. I've now had a variation and on the home straight, the rest of the time I've just literally paid month on month and watched those months coming down to single figures!
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I got my IVA the same time as yourself Leslie but due to Job Loss 2 years ago had a 6 Month Extension.
I would rather have had a 6 Month Extension Lead Instead.
You have to admit though that this IVA thing although a long slog does Drag on a Bit and Pee you Off.
I just can't wait to get the Blooming Thing Out of my Life for Good and Move On.
I am 3.5 years in and constantly worried, if we have no equity we finish at 60 months but i heard that even if you have £100 over 5k equity they can make you extend for 12 months which is a nightmare as if we did have equity that is literally what it would be, £100. I also worry that we will get to the end and they will find something we forgot to declare or some small print we forgot to read and we will end up failing at the final hurdle. We cant just ring our IP for re-assurance as we only deal with whoever has been given our case and they sound like they dont care less. Untill i found this forum it was just me worrying alone as not one single family member or friend know about our IVA and my husband doesnt like talking about it. I just cant wait to finish so i can breathe and then a part of me still worries that it has all been a big scam and as soon as we finish the letters will start again! Anyway, to answer your question, yes i think the third year is the hardest so far, in fact i think im going mad!!!
yes i agree it is nomansland.
im used to bugeting and skrimping by but i can also see i got only one more christmas in iva and one more mot to get through but i know exactley what your talking about.i think an automatic break of a couple of months at month 30 would give everybody a chance to breath and splash out on repairs and catch up on bills etc but that aint never going to happen.at least i can see the end now so thats good and its nearly summer[8D]
cc received 6th January 2014 now upwards and onwards
I'm actually finding it harder now that I've completed my fourth year - I know I'll have the extra 12 months and our income has changed this year (and not for the better) so it's a bit of a struggle.
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
I just prefer this life in the IVA to that pre-IVA. I paid all my bills on time and suffered greatly with poor food and cutting back on utilities. It was wrong and when I look back now I should have sought help earlier but the IVA for me meant we could eat and put the heating on. I had my prioritis wrong that was a fact but couldn't see it at the time.
When it's finished, I know I'll have done my best and will continue to budget well (I hope).
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I'm at month 37, and waiting to see if my F&F is accepted. The past 12 months have been horrible on many levels, but can never be as bad as 2008 ...
My IVA has been a lifeline throughout. X
IVA journey started: 30th March 2009. Settled: 17th July 2012. Completion Certificate received: 13th March 2013. Breathe. x
I always compare the IVA now to THE LONDON MARATHON and this is how i see it, tell me if you think i am mad!!!
Year 1 - The Gun has gone Off and You are on your way to Debt Freedom and keep an even pace for the first Quarter
Year 2 - Yo are now starting to fatigue slightly getting towards the halfway mark
Year 3 - You are now at Tower Bridge and have the long haul back to the Isle of Dogs and the Fatigue has now set in and the Finishing Line seems like an Eternity Away
Year 4 - You are now on the The Mall at Buckingham Palace and can see the Finish Line and hope that your legs do not give way such as Car Breakdown or Boiler Breaking or worse still Job Loss.
Year 5 - You have Crossed the Line and you get the Silver Foil Coat eg Completion Certificate and it is all Over.
I am just into our 3rd year literly our anniversary was 21 April. so 5 days in. I agree about it seeming endless but I have created for myself little milestones along the way, get to October and I will be 30 months through the 60 months then Christmas then the next review, I try not to look too far ahead just to the next milestone. At least I know ours will finish at 60 months barring any payment breaks, (luckily haven't needed any so far)as we rent so don't have to worry about equity.
Last edited by Pandy on Thu Apr 26, 2012 6:08 pm, edited 1 time in total.
If life is what you make it, I must have been in a strange mood when I made mine
I am a smidge short of half way through my IVA, I really like the way it is going. Not just having to be thrifty and creative with days out etc. But the feeling at the end of each month when I see the bank statement and it shows ~£2.00 in credit, beats pre IVA life when the bank statements sometimes never even got opened as the shock of the overdraft was so stressful. I am looking forward to the end, that is just natural, I am certainly more calm and tolerant than I was up to my eyes in it.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
3 years will be half way for me as NRAM insisted on 6 years from the start. So if I have equity extension it will be 7 years. Hope the housing market doesn't boom before I get there! Anyway first month in so at least another 71 to go.
Just about to start 4th year. Every year has got harder.
Basic Income is £100 a month less than my original proposal 3 years ago. And you all know how much expenditure has increased in 3 years. Surviving on Overtime and the novelty of working 6 days a week every week has well and truly worn off.
A lot of people on here saying they prefer live in IVA better than pre-IVA. Hard to say for me.
I had the best 10 years of my life living the highlife. Business Class Flights, 5* hotels, eating out, etc. Followed by the darkest 6 months of my life when reality finally struck.
So I had never budgeted or gone without ever before. As andrew said the first 6-12 months was a relief of the dark days. But now it is just a long stretch on dreariness.
If someone said you can wake up tomorrow and it will be in 3 years time and the IVA is over but in exchange you would lose those 3 years of your life. I think I would take that.
