I'm in the last year of my IVA, but even though I am supposed to be finished with the payments by October 2012. I am sick of paying, I feel I'm sick of the struggle, I've learnt my lesson, I'm sick of having no fun, I don't have a pension, no savings, no assets, I don't much money, I may lose my job any minute, and with a collective debt from Government spending at £16,400 per person, I'm wondering if I can just get away with arguing my way out the responsibility of paying the remaining monthly fee?
I was young when I got into credit card debt, had bad fortune at work, got made redundant and never recovered.
How do you think I'd get on if I told them I just didn't want to pay anymore - afterall, what I owed to banks was an absolute pitance compared to the greed and mismanagement of the very people who called me on my 18th birthday, offering me credit cards with limits of £0000's?
I would imagine you'll think I'm being idiotic, but I'm just wondering if anyone has done anything similar?
You signed up to the IVA, and presumably also signed up to the terms of your lenders when the monies were borrowed in the first place. My advice is to honour your commitment, rather than potentially face a further three years of payments in the event that you decide to go bankrupt.
They may have called you on your 18th birthday, but you didn't really have to sign up did you?
Hi and welcome to the board. I really think you need to see this through. Although January always appears to go on forever and is a very difficutl month for everyone, October isn't really that far away. I know you will be thinking "it's alright for her, she's done and dusted", but by seeing your way to the end, you will be able to hold your head high and know in your heart that you did everything possible to pay back the money you borrowed willingly. I am a very proud person, and although I see, everyday in my life, people cutting corners and banks behaving very badly, it doesn't mean I or you have to do the same. Be proud at what you are shortly to achieve. If you just walked away now you would create further suffering for yourself in the long run. You have come so far, please don't throw it all away.
As KAYKAY says, you are not far off finishing now and I can't see your creditors agreeing to you stopping paying now just because you have had enough. You certainly don't want the IVA to fail now otherwise you would be back to square one.
We all feel fed up at times as we head through the IVA, especially if an emergency arises and also when we can't do the things we want because we have no money. At the end of the term you will be debt free and your money your own again.
I agree with Mel that you signed up to the IVA as you needed help - don't let it go to ruin now.
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
Hi I can understand the frustration that you feel. My iVA was extended by 6 months and I felt like I could not go on. I currently have 2 payments left to make. Dont give up not when you have come this far, its a struggle but be so worth it! When I learnt that I needed to make the extra payments, I had August last year as my end goal, instead after a conversation with my IP I understood that it would be alot worse to chuck the towel in. I know 10 months seems ages away but you will get through.
You're on the home straight don't give up now! it would be such a shame to let the last few years all go to waste and end up back at square one. I can understand you being fed up, but in all honesty you knew the term length when you started, and you are almost there now, this year will fly by for you, just keep plodding away
In a years time you wil be out of debt and solvent again. If not for the iVA you might well have been deeper in the mire than you were at the start ( I know I would have been!). You can see that light now ... keep heading towards it.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Wow thanks for all your wise words and support...I begrudgingly agree, that I did sign up to this and need to honour this debt.
I don't have that long to go- only another 8 months of no fun, basics toothpaste, cheap food, making do and despair. Phew. And when it's done, I look forward to being a smug bore who can stuff all her cash under a mattress and leave it to a cat home when she departs.
I do still feel bitterness, resentment and anger towards the banks who still generally screw people over. And I don't believe they should have lent so willingly to a naive, idiotic 18 yr old with no job. They did lend irresponsibly - I bet that's why the majority of the people here got into trouble?
I think I felt throughly fed up with the widespread financial injustice of big businesses and individuals who owe millions to banks and goverments but, unlike me, don't have to take responsibility and account for their greed. I made mistakes, I am sorry for spending too much money in my youth, but by god, I've paid for it with the misrable existance, I've spend since I agreed to my IVA.
Thanks for the support and thanks for letting me moan on.
I hope the remainder of your time goes smoothly and quickly and please do have a moan at anytime if you need to.
Let us know when you have finished
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
Can I have your mattress when you have done with stuffing it ?? :0)
8 months -- you are so nearly there :0)
I know in my case the banks did lend irresponsibly, however, I, in my turn, borrowed irresponsibly too !
I also understand your feelings towards the big financial institutions, who have got themselves in much the same mess as we have ( albeit on a grander scale), but have been bailed out by us ( the taxpayer) and got off scot free with billions in debts, while we struggle with our tens of thousands.
However, in 8 months for you, and up to 5 years for the rest of us, we will be debt free, whilst the banks will still be in the mire !!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I take full responsibility for my debts - I wanted the money and I borrowed it - I even lied at times to get the extra money.
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 remember lying in bed on a Sunday morning and filling in an online application for a loan from HSBC say at 10am and by 10:15 I had £10K in my bank account! Irresponsible of them or me? both I fear as obviously I was going to pay this or that off and do this and that and in reality what did I do?? I honestly can't remember but still ended up here. I learnt a valuable lesson.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I remember phoning up Direct Line for a top up loan and being told I couldn't have one - I actually pleaded with the poor man to give it to me and he did!!! I take full responsibility for that one, I should never have done it!!
HSBC were the ones who refused to help, told us to take out a remortgage, which we did, still ended up in deep trouble and now, instead of two years to go on the mortage - we have nine!!!
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 will agree its tough, but once you get past the half way mark, its all downhill till the end. If you give in, then bankrupt is the only way out and thats another 3 years, so whats a few months compared to 3 years and basically starting again.
If its the last year your in, then you should be patting yourself on the back, its the home straight just aim for the end!
My biggest mistake was the 13k given to me by Barclays...
For ages they wouldnt even give me 500£ overdraft which ironically might have saved the day at the time.. Then one day "You are pre-approved for 13k$
Accepted it, and like Lesley had the cash in my current account minutes later. It was "supposed" to pay off all my other debts.. I think i "accidentally" spent about 7k of it on other stuff .. .Ooops.
