Get expert opinion. This is the place for new questions to be posted.
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darth_ivader
- Posts: 51
- Joined: Tue Mar 11, 2014 9:59 am
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Well,
It is now more than six years since the start of my IVA, all of the defaults are starting to fall of my credit file and my credit score is once again very good! I often read the posts on this site and thought I would share a few thoughts that have helped me.
1.be very diligent and thorough when you compile your initial expenses report, its very easy to forget some payments. The IVA is supposed to allow you life to continue without excessive hardship. In my case with the input from this community we entered our IVA with realistic expectations of monthly expense and did not suffer unduly as a result.
2. If at all possible set up a new bank account before you commit to an IVA. In my case although I was struggling I did not miss many payments and still had a decent enough credit score to get a 'proper' bank account before going into an IVA. I should perhaps clarify that I had loans with my previous Bank, so this account had to be closed.
3. Recognize that if you have a salary and get the odd bonus or overtime, your IP will see this in the annual review. Its far better to recognize this and deal with it straight away than be left with a bill each year for money that you've already spent and have no way of finding without an extension to the term!
4. If you have an issue that is not being resolved, speak to your IP directly- this may not always be easy and some 'administrators' may put up barriers- they did in my case, but having spoken to my IP issues were always quickly resolved
5. Recognize your obligations, and if you do not understand any aspect or have questions ask ASAP, your IP or his delegate, they will be happy to help.
6. Remember once agreed, your IVA will only be reviewed annually, if your circumstances change throughout the year, let your IP know straight away! I have kind of said this already, but I cant stress the importance enough!
For me the IVA was the right way to go, but by getting everything right at the start, we have not found it particularly painful!
What is refreshing is that having completed, I am completely debt free in a way that most people wont ever be able to comprehend (unless they have been in an IVA), and I have learned a b***** good lesson on how to manage my finances in future!
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Shining
- Posts: 27019
- Joined: Thu Sep 20, 2007 8:57 am
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Excellent post.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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luluj
Forum Expert
- Posts: 11333
- Joined: Sun Dec 09, 2007 6:54 am
- Location: United Kingdom
Some really good suggestions that will help new forum members out from the outset - its key to have your I&E set correctly from the outset
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
Look at my blog "All I wanted was a baby"
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Struzzo39
- Posts: 1820
- Joined: Sun Jan 24, 2010 5:56 pm
- Location: United Kingdom
Fantastic post.
Steven & Debbie
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darth_ivader
- Posts: 51
- Joined: Tue Mar 11, 2014 9:59 am
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Some further thoughts...
7. PPI- we all hate the PPI vultures, but if you are in the middle of an IVA its worth investigating this early, outstanding PPI claims seem to be a regular cause of delayed IVA completion.
8. Just because you have reached month 60 or 72, don't expect to get your completion certificate immediately! Be prepared to wait a few months, and if you do stop your payments for whatever reason put the normal contribution aside each month until you have formal notice of completion. It took four months before I received mine, and by this time I had enough saved for my first holiday post IVA!
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Imhotep
- Posts: 382
- Joined: Sun Aug 01, 2010 11:36 pm
- Location: United Kingdom
Great posts. Well worth getting everything sorted out first, it is a long slog so think long and hard.
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footiemad
- Posts: 1889
- Joined: Mon Jun 13, 2011 9:33 am
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Excellent advice. I wish I'd been more thorough before entering into my IVA but mine is still manageable with odd bit of help here and there x
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baldy
- Posts: 582
- Joined: Fri Jul 23, 2010 7:25 am
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Yes! Well done, hope all goes well for you in the future.
Debt Free........cannot wait!!
Baldy.
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hubert
- Posts: 532
- Joined: Tue Jul 02, 2013 9:53 pm
- Location: United Kingdom
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by darth_ivader
Some further thoughts...
7. PPI- we all hate the PPI vultures, but if you are in the middle of an IVA its worth investigating this early, outstanding PPI claims seem to be a regular cause of delayed IVA completion.
I thought the IVA company did the PPI investigation?
If you do your investigation yourself, what stops the IVA company doing their own investigation at the end regardless?
One pay-cheque away from oblivion!
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leaKybrain
- Posts: 1102
- Joined: Tue Apr 01, 2008 10:12 pm
- Location: United Kingdom
I was wondering how we go about doing the PPI. I would like to get this ball rolling as soon as possible.
When we first entered the IVA, nothing was mentioned about PPI and I firmly believe we are not going to be owed anything, but in recent months have been told its done as a matter of course now, so best get it sorted.
Who do we go to
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Jeano99
- Posts: 144
- Joined: Tue Dec 11, 2012 8:03 am
- Location: United Kingdom
I'm almost in year 3 & my iva company have been claiming for ppi for over a year. I'm so pleased they started this earlier than later. I too thought I wouldn't get much, if any, but to date I've had over 12k paid in of ppi claims.
I've read some horror stories on here about ppi & how some companies have started near the end.
End is in sight #128512;
