Can’t carry on

[Jessie91]

Hi everyone just a question really I’m 2 years into my Iva and I’m struggling with the adapting to it after all this time. I feel like I’m a prisoner in a Iva that I’m constantly watched and can’t do this and that yes was my fault I got myself in this mess but just found Creditfix just very promising this is the best way out of debt and my life would be easier, I knew was a mistake when it all started but I kept going on with it and from day one this all started I’ve regretted it massively. I told my husband I can’t take it anymore I don’t feel free it’s affecting my mental health and in total doing 6 years because they added another year on top because of the low payments (£75) now today been upped to (£125) reason behind this was can I go bankrupt instead and end the Iva this way? And how can I do this? I don’t wanna not pay the Iva and let it fail if makes sense I’d rather find another way out. I can’t offer a final and full offer as I couldn’t find the funds from anyone to offer. Just stuck in a hole I don’t know what else to do.

[kallis3]

So sorry you are really struggling. It is not meant to feel like you are a prisoner and you are not constantly watched - just a yearly review unless something else happens.

If you have no assets you can let your IVA fail and go bankrupt. You may have to pay an Income Payment Order for 3 years but you will be debt free. Your mental and physical health is paramount so you need to think seriously about what is right for you. We all want to pay off as much as we can on our debts but sometimes it's not possible and you need to think of yourself and your family. We are here to help with support and advice.

[Foggy]

As kallis says, an IVA shouldn't feel that constricting and it is a pity that you are with a firm that makes you feel that way. Bankruptcy is a possibility, but need to be looked at carefully. Have a read through these pages via this link https://www.citizensadvice.org.uk/debt- ... kruptcy-2/

As long as you have no assets to protect or a career that wouldn't support bankruptcy it could be a way out --- unlike an IVA, once you enter BR, it cannot fail and you aren't scrutinized for very long, although getting started is more intrusive than an IVA. Your credit record will be shot for 6 years from the issue of the bankruptcy.

It is possible that you might get an IPO, but, on your current level of disposable income, you may not.

[Colin351973]

Just remember it took years to get into this position probably longer than the iva .There is no overnight solution to rid this debt hang in there and think wisely before your next move im glad of my iva although embarrassed to having to be in one .Such is life there are a lot of worse things going on in the world thats how I view it x

[Jessie91]

Thank you all for the comments and advise given.
Totally agree took me a few years to rack up the silly amount of debt I was in and then a Iva felt like freedom to me which a one time payment monthly for the next 5/6 years.(which would be a normal loan from a bank for example) but I didn’t think of it that way.
I feel some days I dislike the Iva and it’s just never gonna end and does it really end and and all completed I become debt free when I come to year 6 in 4 years time? And never happens again?
Then some days I’m absolutely fine and have no issues being in one very embarrassed of myself and only my husband knows about this. I think I over think and worry too much about it all when In some ways maybe this was the only solution to help me and stop me getting even more outta control with debt.
I’ve been very lucky with each review so far and they have been supportive when I’ve had wage decrease and other things happening recently.
I will definitely not rush into any other solution to free myself from Iva and debt. Maybe having a bad day as of the rise in Iva payments and top it off rent increase and lack of sleep as night shift worker and a very active toddler
But I appreciate all your comments so thank you

[Foggy]

You ask, "Does it really end?" My IVA completed 8 years ago now. Although some posters here have had issues ( and remember, most only post when they have issues -- rarely do people post to say everything was plain sailing) I have not had any 'IVA problems' since completing. I still live to the budget I got used to and even manage to save every month -- OK, every now and then I blow it on a holiday, a sofa or some frippery, but I pay cash for these things and have learnt to live within my means. So, in my case at least, yes it did end and it hasn't come back to bite me on the derriere.

[kallis3]

I also finished just under 8 years ago and have never regretted it. I've kept out of trouble and hope to stay that way. You'll get there - just hang in there.

[luluj]

11 years on here and our lives have changed so much due to our iva experience. It is tough going but look at it as a bank loan with a repayment period of 72 months.

You are two years in now so only another 48 payments to go. That's a third of it done. In another few months you will be 50% of the way .... it soon goes.

Don't be ashamed of your iva ... be proud that you recognised you needed support, you reached out for it and you are receiving this via a new opportunity to start a fresh. We found by talking to our closest relatives including our parents really helped... took courage, but once we did, the weight lifted from our shoulders and the support we received was huge and made life easier all round.
Now I'm proud of the journey we were on and talk freely about it.

[Jessie91]

Thank you for all your experiences and how your life’s are now it’s nice to hear and read stories of how people feel at the end of the journey and made them feel. I didn’t really think of it that way next year I would of done 50% (3years) and only another half to go (3years)
Just a long journey but I’ve always been honest and open with Creditfix about any little change with my job and wages and my struggles which I’ve never had any real issues to be honest. But I think I just gotta sup it up and don’t overthink it all and maybe think of it as a bank loan instead of a Iva. As when I had bank loans it didn’t bother me to much. Except yearly of course we have a review. 4 years to go and I can finally be able to say I successfully finished a Iva become debt free and be proud and learn this lesson never do it again! I always use cash now as I won’t use my card as I don’t like it which has taught me budgeting which I’ve never had before.

[kallis3]

You're doing well Jessie - much more positive now and it's good to see. Just look towards the light at the end of the tunnel and it will get a lot brighter until it blinds you! You will feel a sense of achievement as to how you have managed to get through to the other side.

Sorry about all the cliches!!!

[Foggy]

You're doing well Jessie - much more positive now and it's good to see. Just look towards the light at the end of the tunnel and it will get a lot brighter until it blinds you! You will feel a sense of achievement as to how you have managed to get through to the other side.

Sorry about all the cliches!!!

"Get through to the other side" ??? .....Stay awaaaay from the light !!!

[kallis3]

You know what I mean Foggy!

[Jessie91]

I think my 5 minute panic is definitely over when I over think the Iva. And really helped speaking to you all and your experiences and advice has really gave me a positive outlook on things this isn’t forever just a few more years and then I can move on and start over but the right way. So can’t thank you all that commented for your words and practically put my mind in the right direction of looking at everything. Thank god for this forum your all amazing!

[kallis3]

Glad we were able to help and you know we will always be here for you.

[luluj]

Jessie's...we are about to offer you that support. There is lots of other sites too on the Internet that offer conversation and support for people with similar experiences. Explore these as well and it will help.