Completely done and Dusted.....inc Remorgage!

[SometimesTina]

I thought I would post to let all you IViers know that it is possible to 'come out the other end'.

Here is my story with approximate time line.

Aug 2005 Took out IVA with Payplan

Sep 2005 Saw my name on insolvency register [|)]

Aug 2010 Could not make final payment, extra year added to IVA

Aug 2011 IVA finished. (worked out I had paid back 47% of the original £89K I owed.)

Sept 2011 Completion Certificate received. [:)]

Aug 2011 joined Experian (£15 a month) to sort out my credit file.

Oct 2011 Only 1 creditor still showing on file (Lloyds TSB). Contacted them, sent them copy of my IVA completion certificate and file was removed the next day.

Nov 2011 My details were no longer showing on the Insolvency Register [:)]

Feb 2012 Attempted to re-mortgage using 'normal' bank (HSBC) Refused - told to try again in 6 months.

Feb 2012 was offered re-mortgage with sub prime lender. I decided to wait.

Sep 2012 Accepted for re-mortgage with HSBC. Bank said I had excelllent credit score.

Credit file is clear. Credit score of 999.

Oct 2012 Ended subscription to Experian.

Oct / Nov 2012 I'm looking to buy my dream car (Ariel Atom!)

People, keep at it. Its a slog, but well worth it in the end. [:D]

[TheArtist]

FAAAAAAAAAAAAANTTTTTTTASIC!!!!! Lovely old job. Well done

[TheArtist]

Sorry, heres the other 'T'

[SometimesTina]

Thanks Arist.

It's hard for folk to think when they start on this journey that there will be a time when they actual do get back to a 'normal', fresh start.

I just wanted to say that it isnt easy, but well worth it in the end.

[TheArtist]

I think, SometimesTina, the feelings people have after IVA, of relief, free of stress and looking at people square on, are incredible. For those embarking on IVA - carry on, you WILL get there. The effort is massive but so are the rewards.

[SometimesTina]

I agree totally.

I often think 'how the hell did I get in that state?' too!

Having said that.... remortgaging for a sports car is hardly responsible??!!...... hence probably why I havent bought one yet.

[Shining]

Well done on all counts. I agree it's not easy but I'm sure it will be worth it. x

[josu]

Thats fantastic and gives me hope!!! Hope this is not a silly question but you have put that you could not make final payment and had to extend for a year. Am i reading it wrong?

[sterling]

Heartwarming and thoroughly encouraging. I hope you enjoy your new financial freedoms. I'm sure you will be sensible when you think back over the past 7 years.

[12 months to go]

Great post and hopefully gives hope to anyone having a tough time currently

Enjoy you're freedom and well done from me

[MelanieGiles]

Hey Tina - I have often wondered what happened to you, so it is great to hear a summary of your journey back to creditworthyness.

On a forum which latterly seems to be all about gloom and doom, it is very refreshing to hear someone speak highly of the IVA process and how it has served to rehabilitate you back to normal sources of responsible lending and borrowing.

[Struzzo39]

Woohoo !!! well done you. What a lovely post. x

[footiemad]

Brilliant post as it gives us all hope for the future. Well done and thank you for sharing your story x

[SometimesTina]

Josu -
My initial IVA was over 60 months.

59 Normal pyments, then the last one was to involve me remrtgaging my house and freeing up the equity to pay off a big chunk o what I owed.

The house market having been poor meant I did not have enough equity to fulfill the IVA. A compromise was to extend the IVA by 12 months, keeping to the same payments.

Another 12 months seems a lot, but there was no option. AND it sved me about £18k in the long run!

[josu]

Thanks for that Tina, mine is different, i have to have a valuation done at month 54. Cant wait to finish x