how old?

[Aaron_]

Hi, i'm 24 and took out an IVA in July 2006 (23 at the time). Whilst I'm gald i'm not accumlating debt, but paying this off now (well the IP fees at the moment I guess) I am worried to be in this position at my age. I would be grateful to learn how old other people are....thanks

[louiseh]

I'm 35 and have been accumulating debt since leaving university at 22. Although you are younger at least you had the sense to address the issue rather than let it go on for years and find yourself in even more debt.

[beresford]

Hi there AM1983 and welcome to the forum

I'm 24 too (well 25 next week). My IVA was approved in December 2006 to my utter relief. Just like u, I was worried about the situation i am in considering my age, but again, just like you, am glad that i have taken steps to resolve it. As louiseh said, at least u had the sense to address this matter wen u were just 23 and i think you should be praised for this.

Just think at least we'll be debt free when celebrating the Big 30th birthday.

[MelanieGiles]

The average age of my clients is 36, but I am seeing more and more younger people as the years pass. Put this debt problem behind you, become a wiser and more careful user of credit as a result of your experience.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Aaron_]

Thanks for getting back to me...so how are you both getting on with your IVA's? All good so far I hope? I think I am due a review in July...hopefully nothing to worry about? Have you been through the review louiseh and can you tell me what happens?

[Aaron_]

Thanks Melanie...do you think IVA's are being sold as the best solution for people in debt? I see lots of companies in the papers and banners on websites advertising a solution to debt by clearing 75% of it and being debt free in 5 years...surely this isn't good for the public or the banks?

[beresford]

Hi AM1983 - yeh all good so far. Sometimes i don't even think about it, which is good cos u get some sleep now lol. good luck with ur review - I'm sure you'll be just fine.

Melanie, thanks for your kind words. Yes, I'm already the bit wiser and will never rush into credit arrangements again. I've learned the hard way. By the way I am a secret fan of yours - ur guidance and advice on this website is excellent.

[MelanieGiles]

I think that there is a certain element of misselling of IVA's - or rather that certain firms are only offering one solution rather than explaining all options to their clients.

This is being closely monitored at the moment by regulators, the lenders and IP working parties, and I suspect we will see a much clearer debt advisory industry in the future - thankfully!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[Skippy]

I was 32 on Tuesday and I have been accumulating debt since I got my first loan at the age of 22.

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[beresford]

Happy Birthday Skippy.

My debt started with my first credit card when i was just 18, and got worse when i had to sell my house just to clear my secured debt when i was 21. Back on track now though.

[Skippy]

Thanks beresford, and the same to you for next week! I wish I was 25 again!!!

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[dcl]

Hi AM1983

You may not realise it but you are actually quite lucky, you've realised quite early on that you have financial problems and have addressed them. You can look forward to the fact that by the time you're 29 you will have a clear credit file and can get on with your life totally, unfortunately I realised too late and I have to wait until I'm 34. But 3 years and counting for me now. Good luck with everything and think about how much better your future is now.

[beresford]

Thanks Skippy, one of my cheeky friends keeps reminding me that I'll be a quarter of a century next week )

I just read through your other posts this evening Skippy and just thought I would let you know that my thoughts are with you through this difficult time that you are going through. As Melanie said, hopefully all will be over with soon. Stay strong in the meantime.

All the best

B

[Skippy]

Thanks beresford. After reading Melanie's advice last night I felt so much better and had a good night's sleep. As I've said before, I don't know what I would do without the forum!

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[jane.l]

I am 37 & my husband is 41 and we have 3 children, the oldest one is doing her A levels.

We feel such a failure to be in this trouble at this age and when everyone else has paid their mortgages off, here we are with loads of debt and no light at the end of the tunnel, and no house to show for it! The reason we got into debt was that we only had one wage coming in, just over the benefit level, for nearly 13 years whilst the children were young, I did not work, there was no-one to look after them. I went back to college and got a good job in the NHS, (I work part-time) but because we have consolidated our debts over the years, it has finally all come to a head! I think I must have known we could not carry on as we were, I had a time last year when I was soo stressed and am on anti-depressants, and now everythings finally having to be sorted, I guesss I might feel better once we know which way we have to go, (IVA or bankruptcy)!!