However much debt we all racked up, it was too much for our personal circumstances. Mine was relatively modest but it was still too much for me to cope with.
No offence taken by me,our earnings enabled us to build up that level of debt over many years and it was only when credit was squeezed that we started to struggle.
Three years ago my credit rating was 950.
The IVA route has been an absolute blessing to us as we have 100k equity protected at present and hopefully no-one will re-morgage us at the end.
Regards.
IVA completed with StepChange.
Last payment Sept 2016 CC Oct 2016
I think it's good to read these posts, gives a bit perspective into what our own debt problems are and that we are not the only ones who have made mistakes. I have a good job and think of myself as intelligent, even educated to a high level in economics. Yet I can end up in an IVA? ... made me doubt how clever/stupid I really am.
Good to know that many people have made the same mistake and some at a much larger debt level than myself.
BTW ... between the missus and myself we entered into the joint IVA with around £43,000 debt.
The hardest part is telling a stranger about your problems ...... it's also the most important!
Our debt built up over around 10 years and it all started because we relied on bonuses to live and when they stopped there was a large shortfall which was made up by using credit cards and loans for general living. The amount of debt just increased out of controlled and even when at one stage I took a large loan (further advance) to address the debt, it wasn't enough and again the amounts increased until the Squeeze on credit. Thank god I finally came clean and have started to sort out this horrendous mess because the alternative was messy and cowardly x
Ours was £130k between us......I think that is the first time I've actually written down how much it is....not something I'm proud of....but I'm proud that I did something about it, and got our F&F accepted last month.
It's hard to believe you can get into that much debt....it can so easily run away with you, and like most people on here, I was managing to pay all the minimum amounts until finally we could go on no more.
Whilst an IVA is not something to shout about, I'm so glad they have them to help people like us start again.
Mine was 36k due to one of the creditors who i had a loan with for over 7 yrs and i'd been paying £412 per month for over 2.5 years decided to put that i still owed them the loan amount, minus a £1000 so, that was the start of my IVA. good luck to each and everyone of you on your IVA journey, the end does come and that light at the end of the tunnel does appear brighter. xx
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
