Hi and welcome. We are all at varying stages of our journey to debt freedom here and I'm living proof you can get through an IVA and come out the other side. Equity release is important to understand fully from the outset as it can cause misery at the end. Read that proposal when received thoroughly, put it down and read it another couple of times before signing and asking any questions you have before you sign to ensure full understanding.
All the best
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks for all your help. have spoken to Vincent Bond and Co again they have eased my concerns. will await my meeting on Friday and then take your advise on reading the proposal Lesley
Kinda nervous about the phone meeting with IP anybody know what to expect
I can remember my phone meeting well, I burst in to tears, not something I would recommend. I think it was the relief. It was all straightforward and just confirming amounts/figures etc. You'll get there and remember we're here for support if needed.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Had my meeting today. Went quite smoothly. Have been asked to sign rx1 as part of the proposal which I have no issue with. I'm just concerned if my ex refuses to sign. As she lives at property with our daughter
I have just come out the other side after a 6 years IVA and it is a wonderful feeling but I can relate to your post, my debts build up over a number of years I never missed any payments but you come to the point where you cannot carry on and that's where the IVA comes in.
The one thing I would say don't let the equity release be glossed over I was told the same thing don't worry your IVA will just be extended for another 12 months but it was not as simple as that. This is dealt with in different ways. If it was me I would obtain in writing exactly what will happen if you cannot re mortgage after the 5 years especially if you have a reasonable amount of equity. Although everything turned out alright for me in the end it was a very worrying time.
i just want to get this underway. getting nervous about discussing the rx1 with my ex. i suppose at the end of the day its my equity and should be able to use it to pay off my debts. if need be. just know she is going to be awkward
Good luck on your journey. I believe getting my IVA and all my stoppages taken out on the same day (Payday - monthly) helped me to get through it and budget if that is any small help. The 6 years will pass quickly.
I just want to be able to live my life without credit. Spent too long relying on it. I regret the day I first used a credit card. Now following marital split I need to get out of debt without borrowing more to do it.
I have been with Knightsbridge for just over a year now and they have been brilliant to be fair.
Before I signed everything and before creditors meeting I must have phoned them about a dozen times to ask random things and they were always happy to help and put my mind at ease.
Even since starting the IVA, when I have had questions about pay rises, moving house, Tax returns etc or even random things like a refund for a purchase, they have always been more then helpful.
Feeling content in my IVA as much as I can be and been really down to Knightsbridge and this fourm.
Also you are more than welcome to get in touch if you need to chat .
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
