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Posted: Mon Dec 13, 2010 1:35 pm
by Birdman1973
My partner and I start our IVA on the 01st January 2011. We both work full time and we are relieved to be accepted for an IVA. We hope that the 5 years passes quickly although I don't want to wish our lives away! For many reasons we ended up in debt.
I just hope that this passes easily, we seem to be paying back a lot? the debt is 92k in total and we are paying back 830 a month for 16 months then 1120 for the remainder.The total we pay back is 76000, this will save us 16000. Does this sound correct?
I welcome any feed back. Thank you and best wishes.
Posted: Mon Dec 13, 2010 2:08 pm
by St75
Hi Birdman1973
and welcome to the forum, where you will find a lot of helpful friendly members.
A new year and a new start. Good for you.
The amount you are paying back is a lot. it must be quit a good dividend, which the creditors must be please about. After all the idea of the IVA is to pay back as much as is affordable over the term of the IVA.
So yes, you are paying back a lot, but no more than you would have had to pay back under the creditors original credit agreements with you, and you have the added protection of creditors not being able to pursue you or hassle you.
Regards
socleirigh
Posted: Mon Dec 13, 2010 2:52 pm
by animaleyes76
Good luck.. It's a long journey but it will defintely be worth it.
Posted: Mon Dec 13, 2010 2:53 pm
by andrea1968
was it 92k without interest and charges-we owed 43.000 on paper but with interest this would have been 65.0000+and over 20 years. Makes me feel a lot more comfortable with the iva when i look at it from that point of view!!
Posted: Mon Dec 13, 2010 4:21 pm
by flow13
Hiya and welcome to the forum.
Good luck with your iva, The time will fly by. x
Posted: Tue Dec 14, 2010 9:41 am
by ToddMarks
Hello and welcome!!! Good luck guys!
Posted: Tue Dec 14, 2010 9:58 am
by kallis3
You're paying back an excellent dividend, I hope your IVA journey is a smooth one.
Posted: Tue Dec 14, 2010 6:15 pm
by Birdman1973
Thank you everyone, well it was 17 years of debt or 5 years with an IVA so I hear you loud and clear.
Posted: Tue Dec 14, 2010 8:03 pm
by Shining
Welcome from myself birdman and I hope you continue to use the forum. x
Posted: Wed Dec 15, 2010 12:23 am
by leaKybrain
welcome birdman, we thought the same. have had 20 odd years in debt, and got pushed over the edge with one credit card. Rather than panic, worry and stress about it we opted for IVA too. Accepted today and so pleased we on the right path.
Hope your journey is smooth too.
Posted: Wed Dec 15, 2010 10:39 am
by St75
Congratulations leaKybrain