Completed my IVA on 27/03/14. Long road with my finances going up and down and having no disposable imcome a few occasions. I was unfortunate to have 2 jobs when I began the IVA, one was temporary but still it put my monthly payments up. Even then the creditors modified my payments from £251 a month to £290 - which as it turned out made the difference in how long it took me to complete. I am certain I would have completed it in 60 months rather then the 71 barring this rise at the start.I had to find another part time job the second one ended one year in, otherwise payments was to be "capped" on the end of the IVA if I get them put down.and its been a real struggle..I also chased all my PPI's up so 100% went into the pot with no deductions. I paid close to 90 - 100% plus fee's back in 71 months. Really had to use resoursfullness, blood sweat and tears to do this. Ironically my income dropped with 3 months left on my IVA and I asked if my last payment could be written off but was told a firm "no" so I simply borrowed it for a quiet life..Relieved, exhausted and happy all at the same time. Been a long journey and I could not do it again. Was an IVA the right choice? it forced me to make payments more than I could afford in a much shorter time and although I could have paid it back on my own as it happened, but I am sure I would have plumped for minimum payments at times and I am sure it would have taken mye twice as long to complete. Glad its over. Time to go forward
Well done Radish! You must be very relieved. I wonder if anyone can help me with a query...my IVA was due to finish next month, but despite my best efforts I cannot remortgage or raise the money needed for a full and final settlement. I have asked if I can pay for an extra year instead. If the creditors do not agree to this what will happen? Will I be made to sell my house? Or made to declare myself bankrupt? All help gladly received!!!! Thanks, x
Thank you. Always wanted to pay as close as possible to the original amount from day one as I borrowed it in the first place. Although it was hard glad I did it. I would have been in debt for a few more years yet if I was left to my own devices..Bit of tough love I suppose for want of a better phase..this site has been fantastic in getting me through it..Thank you so much everyone.
Radish, I am curious..... you say, "I would have been in debt for a few more years yet if I was left to my own devices".
Looking at the whole picture --- do you think, if not for the rigours and enforced discipline of an IVA, you would ever have got out of debt, in reality ?
As much as I don't like it, and being brutally honest, in my case, I think I would never have gotten out of debt (other than a forced bankruptcy) if left to my own devices. I became "conditioned" to use credit without giving it much thought. I had got to the stage where I was merely keeping up with the interest and the principal debt would never have been touched !
The loss of a chunk of salary tipped the balance and the IVA beckoned ... but otherwise I think I wold have been stuck in that rut until the Grim Reaper released me.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Truth is without the disipline I had to apply on the IVA I am sure I would have plodded along and possibly reduced my debt but as for clearing it, possibly not. I am sure I would have paid the very minimun some months and interest would have been piling up. I would not have paid anywhere near the same amount if I had not gone into an IVA. Last few months hard and I could have done a lot of things better while on the IVA, but now its over its saved me. I would not have been debt free now and I would have been lucky to have been debt free 10 years from now. The IVA got me to do it in a way I would never have done on my own. Going to respect money now and save up and by something if I want it or go without
I am in the same position at the moment waiting to see if creditors will agree to an extra 12 months which is taking ages. I have been asked to offer all surplus income so I have lost the benefit of pay rises over the last 5 years. I don't know what will happened if they don't agree so can't help you on that one.
I am feeling really worried and stressed out at the moment it is as bad as when I started the IVA.
