Posted: Sun Feb 01, 2015 1:04 pm
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!
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!