I didn't want to consider bankruptcy as an option but we were insolvent and more was going out than coming in.
We tried to sort it out ourselves by downsizing our home. Which did sort most of it out but we soon spotted a familiar pattern starting up again. Paying for essentials like food, fuel etc. on credit cards.
We went to CAB and they recommended a DMP... over something like 20 years! We have two young children and I have a critical illness so we thought all was lost.
We went to CCCSVA and were accepted. What a relief! The hassle from creditors was a nightmare (but understandable, to a degree).
I agree wtih Imhotep that life within an IVA for me too is much easier than previously. I am looking forward to the last payment but also a little apprehensive about the future without the structure of the IVA x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Some lovely stories here and some incredibly sad ones as well. So good to see how all of you have come through your own journeys in such a variety of ways.
Just curious to pick up on Foggy's CCCS experience. Seems strange that a registered debt charity would be bombarding people with chaser texts. This seems to be one of the things the free sector spend most of their time criticising certain elements of the commercial sector for!
We have only just decided on an iva, we didnt want to do a dmp as with 50k debt it would take us years to pay it off and if our daughter wanted to go uni or anything we would not be able to support her cos of our debts so we dont wont her to suffer because if our mistakes, we didnt choose bankcruptcy as to be honest it scares the livin daylights out of us plus we dont want to loose our house an wdith an iva at least we are paying somwthing back. Our debts have been creeping up on us for years, through our own faults, but creditors are unbeleivable, our outgoings paying debt are well above our income although we still had around £10-15,000 of credit to use if we wanted but enough was enough, we were doing balance transfers between cards each month just so we didnt have to make a payment cos we didnt have it. Fingers crossed an iva will be the best solution for us.
I had no assets to protect and BK would have suited me, I pay a little more than I am comfatable with, I have 15 months left of £290 a month and its been hard, I cant get a mortgage yet because of my IVA have no real home and time is sunning out. If I had gone BR I would have paid up by 2011 and had all the funds last year for a new home. I made a mistake but, the one monthly payment is the part I really like, certainly better than 4 banks harrassing you, which I had.
For me I had a mortgaged property an IVA was the only realistic option for me.
So many calls, letters and threats of court action, I can remember one weekend where I tried to kill myself due to all the stresses of my situation.
I still take each day at a time, and really look no further forward than today.
I will always be indebted to MG company for helping me through those very very dark days, I can only hold on to the thought that each month the debt gets a little bit less...
running_woodchucks, you are in the safest of hands -- just think, in a couple of months you will be halfway there, crest the peak and then the downhill run
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
For most of the reasons already mentioned, bankruptcy was not an option, we looked into a dmp, which would have taken 16 years with no guarantee that the creditors would go easy on us.
Without a doubt, iva was the best thing we ever did.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
stick with it everyone thats posted that is mid journey, i found once i it year 3 time flew.
Echo what people have said about precieved bankruptcy stigma & as I no longer had any assets maybe that may have been a better route; easy for me to say now , but I know I was avoiding BR at all costs. At least I know i have paid back more to my creditors than if i had gone BR; that said creditors i feel dont view IVA any better than BR ( just my opinion ) so i know being honest with myself , i was petrified of being made BR so would have never chosen that route.
Last payment made April 2012
Certificate received 1st Nov 2012
As you say, 12 Months (If I may use your first name), creditors lump IVA and BR into the same basket, so it makes little difference from that point of view which way you go.
Morals about paying back as much as possible apart -- I think one advantage of an IVA is the prolonged period of behavioural therapy we get as a result. I was seriously adrift financially, and never thought of anything spent on the "magic plastic" as "real" money!
This enforced retraining has changed that ( for the better I might add) and given me back a true regard of the real worth of what I think I "need" when in fact it is only what I "want".
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
We were sorting out our attic the other day, in preparation of a free insulation visit, (its filthy and full of cobwebs, but the kids love her) we found an old lloyds credit card statement, i broke out into a cold sweat.
It was a sobering reminder of the trouble we were in.
Aucto Splendore Resurgo.
IVA accepted May 2007.
Extended by 12 months in lieu of equity March 2012.
F+F offer accepted May 2012.
C of C received August 2012.
IVA dropped off credit file 24th May 2013.
We chose IVA's when we got to the point that the amount we were spending on credit repayments each month far exceeded what we had available, and we were borrowing on other cards and increasing the overdraft every month to pay them. Economics of the madhouse (as my husband would say!) We looked into a DMP but with our level of debts (around £90k altogether), this would take us years and years to pay off - in our proposals this would take 11 years for hubby and 18 years for me to pay off (assuming interest is frozen) - and you would be having to negotiate with your creditors for years to come. Neither of us really knew what an IVA was but after some research and making the decision not to go BR due to wanting to keep the house - we have 3 children - we decided to proceed with an IVA. I first spoke to Tina at Melanie Giles on 29th October (the date is engraved in my brain) and we had our IVA's accepted on 4th January and I can honestly say it is the best thing we have ever done. We are managing to budget really well and in fact I HATE spending money now - a far cry from how I used to be! I know it's only been 10 days and we have a long way to go but 4th Jan was a real turning point for us and we are both committed to making the IVA's work and getting out the other side in 5 (but probably 6) years time debt free and able to get on with the rest of our lives. Yes, it means a few years of being really strict and probably no (or very cheap) holidays and I'm not looking forward to having to tell my children that we can't afford the school trips when they start secondary school (my son goes next year and my daughter follows 2 years afterwards), but they will have to deal with it and will have to save themselves if that's what they really want! We are determined to make the IVA's work and are looking forward to coming out the other side with a much more responsible attitude towards money - I don't want to EVER see another credit card in my house again.
