www.iva.co.uk

Hello All

A number of years I used to be on this forumn with user name - james.c, but since then i have changed email and had to register, so i thought it would be good to give an update on my story and hopefully it may help me people - to start with -

Got divorced in May 2005, left with nothing other than enough to pay for a deposit on house, when bought the new house had to start again, basically got in to debt and by November 2006 could not cope. I rand up a company who suggested an IVA, sold house no equity and by January 16th 2006 IVA started and I moved in with my Girlfriend who is now my wife.

June 2007 my girlfriend became pregnant with twins (now 5 years old), and with the allowance for children would make it very tight and why should my children suffer becuase of something i did in the past, spoke with a finicial adviser who advised my girlfriend to remortgage and increase it to pay of my IVA, so with the help of people on this forumn in January 2008 I paid £11k to finish the IVA. the finicial adviser didi some digging around and said in 2 years we can get you a mortgage no problem. Then the recession hit us we got married in 2008, came back from honeymoon and noticed a new house that was up for sale 12 months ago for £380k now at £219k, so we went and paid a deposit, and you guessed it we could not get a mortgage, with the equity in my wifes house she could get a mortgage for £40k which i pay for and luckily my dad remortgaged his house for £120k which i pay so we could get it. A couple of years later my FA looked in to a mortgage again and basically things were changing and i had no chance until the IVA was of my credit rating.

So this year January 17th my IVA came of my credit report, applied for a mortgage with nationwide, every thing was ok until the underwriters looked at it and rejected it, why? because i thought back in september i will take a payday loan out not becuase i needed it but i thought it would improve my credit rating, which it does, but as soon as lenders see it on your credit file they do not want to know you, so we left for a couple of months and we applied to sanatnder and they accpted it and by friday this week we should have the mortage offer, but their is some bits i have not mentioned.

1 - When we purchased the house even with my dad remortaging we was £10k short so my wife took out a loan with santander over 5 year which i pay.

2 - both of us have visa cards with a combined balance of about £7k

3 - 2 years ago we had to take out a car loan cause my wifes car was a shed and i wanted her and my kids to be safe, that is £5700

4 - My visa is with santander who gave me the card whilst iva still on credit file.

Now some people me gasp that i have been in an iva and now in debt and quiet rightly, but its debt we had to have and its managed and we can afford it, and the new mortgage will pay it all of then getting rid of the visas, the only thing we could not do is add my dads my mortgage on to which i now know we can do in 12 months, so even though its debt we managed it and knew we could afford it when we took on it and i still have no regrets.

So what else have i learnt -

1 - An iva was wrong for me, i had not equity in the house should have gone BR - was i correctly inadvised - no - it was my descion.

2 - If i could go back and knew what was going to happen would i enter an IVA, no i would of gone BR, but if we all could go back and change things then no one would be were we are and if we all knew what the future held, we would all win the lottery every day.

Its different for every one.

it will be of interest to me any comments you have or any questions

Well my comment is why are you posting? You had an opportunity of debt free and didnt take it. Yr choice. Are you looking for sympathy ? An Iva is individual your choice, your outcome x

I agree with Little miss trouble...and the point is ?

no no sorry maybe the way i wrote it, you miss understood it i was trying to show my life as moved on and since an iva i have no regrets even with debt but managable i did for my family and supported them, but this is debt that is managble and i am not in trouble i am not after sympthay and nor do i need it, i was hoping my experience might help people to ask questions and be realistic instead of me been attacked

Hi Jimmy, I find that all quite shocking ... You say been there done that, but you paid into an iva for only 2 years and it seems learnt nothing. To be fair 2 years is not long enough to learn...
Yes everyone's story is different, and your mortgage will pay off your debts - I remember that slippery slope only too well.
But hey ho... Easy come easy go and good luck x

I dont believe this, i wanted to revist this forumn and show my experienec to give something back because i got lots of help in iva from this forumn, and i was hoping to show that life carrys on, just got you have an iva does not mean you cant not have visa's or loans again, I dont know the answer to this but i bet andy as had them since his IVA, one of my daughters spent from the age 1 to 2 in hospital and nearlyy died on 7 occasions and my wife had cancer recently and beat it, so yes i am f$$cking thank full for what i have and i yes i have debt, but listen i have learnt my lesson and its debt that i can not afford and not like before.

I posted on here to give something back, please one person in enxt 24 hours tell me i have made some use

Nobody is attacking you Jimmy, you say you have been through an IVA but would have preferred to go BR ? Me personally, I preferred the IVA route and I am more than happy I did, but then everyone has their own opinion and reasons for going different ways. Your post makes out you are again in debt and managing ok. Hope it stays that way for you, as we all were managing ok prior to entering an IVA but you like everyone else doesn't know what's around the corner or what other surprises life may spring on you and could possibly end up in the same position again.

Jimmy I have no idea what questions I would like to ask. Maybe others would. Thank you for sharing your experiance. Even though you feel attacked. Everyone is entitled to freedom of speech x

thank you jeffw for not attacking, i agree with everything you say.

So to put this in to prespective, when we start payiny my new mortage which is £500 a month over 20 years and no debts, add on shopping. birthdays, car etc etc we have spare £1500 a month, and i have an healthy and happy wife my kids as well and a nice house, oh and buy the way we dont still dont have luxurys i purchased a caravan for £1k and thats our holidays, and also bare in my i have twins i have to date put £5k each i their trust funds

I too find this shocking. It truly amazes me that people get into an IVA (which I did too) and then, once it's cleared, start racking up the debts again. Did you learn nothing? Manageable debt is still debt and generally means that you are living beyond your means AGAIN.

Don't spend what you haven't got.

Sorry if this sounds unduly aggressive, but it frustrates me when people are given a second chance after making some major money mistakes (as I did) and then decide to go down the same path again.

hi dailewis

yes you are right and thats what i thought in when i started an iva, i did not go in to every detail, but do you know how much it cost for private hospitals for your children and the expense inculding hotels and an one occasion the expene of flying her to get the best care, in that situation i would gladly loose all my money and live in a tent she came first.

Also i think some people need to pen their b***** eyes, everyone is havinga go at my about debt but everyone says a mortage is fine after debt, its still debt, when i started work at 15 i did what most people did, went out drinking bought motorbikes etc and one guy never did that and saved all his money and at 24 he bought an house cash, now at 36 he ast top of the range car, big holidays and no debt - all i can say is good on him and if we all did that then no one would need an iva

Everyone is entitled to free speech but hang on the poor guy is on here to support and show experiences to help us , I think we're all too quick to jump on the guys back and start knocking him over , as he said he is very happy .
I sometimes wonder why people take the time to post when you get people that want to shoot him down because its not what they want to hear - this is life and a true reflection , thank you for sharing your post jimmy , all the very best to you and the family .

thank you mazbrown

i do want to show support i came back on here not cause i had to but to show my experince, i can not show every detail other wise i am sure i would bore you all to death.

i did not wany sympathy, i did not want to be attacked but just to say i have been through it and just cause i had an iva, theirs nothing wrong with debt again if you can manage it and i want to share my experinece and help people and their is a light at the end of the tunnel

once gain thank you mazbrown

Welcome back Jimmy. Your journey outside of the IVA seems to have been somewhat rocky but you appear to be in control and understand the direction you are travelling in now and with the help of your financial adviser i am sure you will get to your destination with our new mortgage in place.
Good luck and do continue to keep posting....

Last time you posted I remember you requesting to be an expert and the twins were going to be in shameless I believe? Lots of posters on here struggling including myself despite recently paying my last payment due to not only being insolvent but with the added pressure of the current climate. Hope your future works out well for you and your family x