Get expert opinion. This is the place for new questions to be posted.
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josu
- Posts: 343
- Joined: Fri Jan 13, 2012 4:53 pm
- Location:
Debtfreeplease, i am only just coming to terms with my IVA and accepting it and i am four years in. I think the thing that i found hardest to understand and accept, and still do infact, is that there is not a catch. I didnt know much about IVAs, had not yet found this forum and didnt know anyone in an IVA and for long enough i thought i was being tricked! I think i have finally settled into it and believe that its all going to be ok. Well fingers crossed it is! You will feel the same way, it just takes time.
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recovering
- Posts: 1623
- Joined: Mon Sep 26, 2011 8:27 pm
- Location: United Kingdom
I find it hard to accept how idiotic I have been to get in the mess I did [:I]and I worry about the implications even when I know it was the right decision
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kazzafunk
- Posts: 4749
- Joined: Sat Mar 19, 2011 6:47 pm
- Location: United Kingdom
I think we all have doubts before and after the IVA is accepted. I used to beat myself up daily about getting into this situation.
However, if you think about all the interest you used to pay and treat the IVA as a 5 year loan then you are debt free it may be easier to settle down into your IVA.
Terry is right, an IVA isn't for everyone, and Skippy is quite right in pointing out that a property isn't 'safe' in bankruptcy.
Coming through the IVA has made me realise that there is life after debt and I have learnt a few valuable lessons that I hope to pass on to my nieces and nephews to try and stop them making the same mistakes I did.
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baldy
- Posts: 582
- Joined: Fri Jul 23, 2010 7:25 am
- Location:
I have a look at all our credit card bills and all the intrest we were paying!
We had no chance of paying ours off especially with all the interest they kept adding on.
Probley the biggest attraction for a IVA was the house being protected, and we needed to get things under control.
Yeah i do have moments thinking about how crazy we were in spending money we didnt have and not living within our means.
But now we look at it as a wake up call and a real lesson in how to live within a budget.
Christmas and no credit card bills. No huge overdraft, no sitting at the table wondering how we are going to pay the next credit card bills.
Keep your chin up and soon you will be debt free.
Baldy
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Debtfreeplease
- Posts: 7
- Joined: Sat Sep 08, 2012 9:25 am
- Location:
Hello again.
I am with Freeman Jones, and I have to say they have been great with me from the beginning.
I do understand the I will have to release equity on my property if it is available, up to 85% of the available equity, and that they must be more then £5000 available before it is considered, I know that my chances of remortgaging are slim.
I do hope to pay of the majority of my debt in the five years, and I also understand that if I reach 100p in the pound, I will still be liable for the charges and possible statutory interest of 8%.
I think that I am getting to far ahead of myself.
I have spoken to F J about this, and they explained it again to me but also said not to get to worried about it, and that it would be reviewed in the 54th month.
I maybe asked to pay for a further year, but it all depends on how much I have paid into the IVA at month 54.
