Life after an iva

[camiva]

Hi there

My second payment is due this month. I know, Still a long way to go. I still at times work myself up into an awful state of worry. Can anyone out there tell me what life is like after an IVA has finished. Also how often should i meet with my IP and what do I need to show him.

This forum is great.

[GlenPF]

Hi, im no expert, but after 5 years of paying £X a month (28k owed)its such a relief when that last payment is paid & a couple of months later you get you certificate.
I never actually met my IP, just telephone calls, faxes etc, but had a review annually.
Many a month I was worrying if I could continue but im happy to say im glad I did it![:)]
My IVA finished in Nov 2005 & I have not looked back,started to look for a mortgage this year once I have cleared all my credit reports(equifax/experian).
Stick with it, & good luck[:)]

[camiva]

Thanks Glen. I still feel the guit that I got myself into this. I think that's my problem. It's a strange time, especially as I have only told two people whats going on with me. At least I have done something about it. I just need to keep calm and move on with things.

[iva experts]

Hello,

Camiva there is no need to feel guilty anymore, you have realised that you have a debt problem and have now actioned that by seeking help. Also your IVA has been approved which is a big plus!

Usually the I.P will call an annual review, unless it is stipulated in your terms & conditions otherwise. The I.P may ask you to bring all different documents but usually it will be your P60 and possibly payslips or bank statements.

Hope this information is of use

Regards. IVA Experts

[iva_squirrel]

Hello,

I am sorry to hear that you still feel worried. Worry gives a small thing a big shadow. You have done the hardest thing by accepting that you had a problem with your finances, asked for help and managed to get your iva accepted.

The main benefit of the IVA is that it will allow clients with serious solvency problems breathing space to carry life with some semblance of normality and will bring tremendous relief from the stress of debt.

Annual review will be undertaken on your arrangement to ensure that everything is proceeding as it should and every year we will conduct Annual review. At this annual review, you will be asked to complete a new income and expenditure and any increase in salary you have had, you will have to contribute 50% off. However if your expenditure has also increased, then this may counteract it. You will also be obligated to pay 50% of any bonus' or commissions you receive into the IVA.


At the end of your IVA, a report will be sent to the creditors and to the Court and Insolvency Service to notify the that the arrangement has been successfully concluded. The Insolvency Service database will also be amended to note the successful conclusion of your IVA, and those details will be passed to credit reference agencies.
The reminder of your debt as proposed in your IVA will be permanently written off. As the IVA is a legally binding agreement, your creditors will not be able to request any further payment once the IVA has concluded.


Kind regards,

Julia


For more information about IVAs, please visit my website:
www.supersonicsquirrel.net

[camiva]

Thanks to you all. I think I just need to relax and let things move along. Just deal with things as they happen. Try not to waste energy worrying about things that may or may not happen.

Currently my payment comes out by standing order towards the end of the month. I would like to change this to around the start of the month just after I get paid do you think that this would be a problem? For example I would pay Januarys around the 23rd and then change the standing order for the next payments to start around the 5th of each month (Starting in Feb). I guess i should check this with my IP.

[admin]

hi camiva, perhaps you would like to keep a blog (online diary) of your IVA experiences? You might find this an ideal way of letting off steam whilst at the same time educating others on what happens during an IVA.

It only takes a second to set up an IVA blog - please go to: http://blogs.iva.co.uk/wp-signup.php

[iva experts]

Your right, Camiva try not to waste energy worrying but just take every day as it comes.

In regards to changing your payment date, I definitely think you should discuss this with your I.P as they know the terms and conditions of your IVA, which may state the date is unable to be changed.


Hope this information is of use

Regards. IVA Experts

[Skippy]

Hi Camiva, I just wanted to let you know that I understand exactly how you feel. I keep thinking can I really live like this for 5 years? For example yesterday I found that a pair of my boots had mould on them as they had been in a damp cupboard. I was crying my eyes out and all I could think of was that I can't afford to replace them. Looking back it sounds silly, but at the time it was a major problem.

We have done the right thing, and we will survive the next 5 years! I've made 3 payments, and as it says as the bottom - 3 down, 57 to go!

Good luck!

Three down, fifty seven to go until freedom!

[tammy]

I ws allowed to change the replayment date on my IVA. I moved jobs and my pay date moved from 1st of the month to 21st of the month and I was allowed to move the repayment dates to allow for this......speak to your IP trhough

[camiva]

Thanks again to all of you! I hope to put my thoughts into words and share them on this forum as I move along with my IVA. I feel that i could help people.

[jamesfalla]

Camiva & Skippy

Going through the IVA process is not easy but as has already been said above, you have taken the first steps to a debt free life. You should feel pleased and proud of yourselves.

Remember, being in an IVA not only resolves your debt problem. It will also help teach you how to keep to a strict expenditure budget and live within your means.

When the IVA is over, not only will you be used to controlling your finances, but you will also then be able to keep the disposable income you are now paying into your IVA. In the future, you will be able to save this money or use it to buy the things you want rather than turning to the credit card. This is going to be a great feeling and one you should never loose sight of.


All the Best
James Falla

Expert in IVA, Bankruptcy and informal Debt Management solutions, with extensive experience of solving personal debt problems over the past 10 years. I am regularly featured on BBC News, Finance Programs and Radio.

[neverending]

Camiva
The feelings that you are going through are normal and not unusual.At the start of the IVA you will feel guilty and unsure.As the months go on you will feel almost alone as you pay this money each month and see and hear nothing.Towards the middle of your IVa you will start to focus on the end and plan your new debt free life.
You should have no problem changing your payment date as you are actually proposing to pay earlier in the month than at present.Just contact your IP.I doubt if they will have a problem with this or indeed a clause against it.