www.iva.co.uk

i had my IVA accepted 2 months ago and i am about to make my third payment.
What i would like to know is that although i am approved and accepted some people on the forum are ecstatic to find that there IVA's have been Accepted some even going as far as to say it is like a Lottery win.
When mine was Accepted i felt Glad and a bit relieved but i felt that
it's going to be a long 5 years and my credit rating is completely destroyed but it was the only way out of this debt mess.
Are people going a bit too far!! to say that they are glad to be in an IVA as although i am in one i will be totally glad when the whole thing is over as you still have to go through yearly reviews and live a bit frugally.

Is it me or have i got the wrong end of the stick!!

What i mean to say is that when my IVA was accepted i was mildly pleased and relieved.
i wasn't doing cart wheels and being ecstatic
and comparing it too winning the lottery which is what some people have said on the forum.
Should i be well pleased and thinking of an IVA like this or have i got it wrong as i still have to make the payments and 57 months is still a long time.

Hi,
I suppose the emotions felt after approval are individual just like the persons financial situation. I suppose that it depends on the amounts involved, whether there are any other viable options if an IVA is rejected.
I had my IVA accepted today and no I do not feel like I have won the lottery, I am very pleased and extremely relieved. I know there is a long hard road ahead but today is a better place than the place I was in yesterday.
Everyone has their own set of unique circumstances.

I often find that clients find the actual acceptance of an IVA a bit of an anti-climax, as the period running up to the creditors meeting is so stressful, and as Andrew says the road ahead is relatively long. But at least you have the benefit now of knowing that there will be no more nasty phone calls and letters, and you can start to get on with your lives.

I haven't had anything proposed yet, so can't comment on being ecstatic etc. I suppos its just a great relief to many that there is now a light at the end of the tunnel, and every step forward will be in a positive direction as opposed to the worry and stress of previous months even years.

I had my IVA accepted today and yes I was relieved, but as I said elsewhere, it definately was an anti-climax. I know there'll be no more phone calls etc, but like you andrewgoodman, i realise this is going to be a hard slog for 5 years. I certainly don't feel like I've won the lottery, in fact part of me feels like I've stolen from companies as I won't be paying them back the amount that I borrowed. It could be that I'm just tired and emotionally drained at the moment, but I imagined me to be celebrating with a bottle of wine tonight, and all I really want to do is have a nice hot bath and go to bed!!
God I sound really negative don't I, and I certainly don't mean to.

Probably is the emotion of the worry on the run up to meeting rollercoasterride, you'll probably feel loads beter tomorrow with a good nights sleep behind you!!

I would imagine that it varies with the circumstances, for instance, if you face BR and the loss of your home, plus you have young children to think about. It would be an unknown, desperate and potentially embarrasing situation and to have the IVA accepted would avoid that. I can see that as a wonderful sense of relief, even though the road ahead is going to be tough.

Ours was approved back in September 2007 - we were relieved on the day, and days after were alot more calming than they had been - having the ability to answer the phone and saying "sorry we are in an IVA here is the court details" gave us a sense of achievement - it is hard - six months in and it is hitting home that one of our wages is basically paying for our stupidity each month - we're proving we can live of one of our wages, and yes it is tight with only £140 a week for food, social and petrol but hey a sense of proudness that we did not go bankrupt and that our creditors will receive at least 81% back if not more in 5 years......positive thinking helps to get you through it!

We were certainly euphoric when ours went through.
It surely has to be better to face up to your situation and deal with it, rather than struggling with debt you can never repay in the 'normal' way.
5 years is a long time, but it is 5 years with a positive outcome, not just 5 more years of debt.
If living frugaly means living within your means, surely we should have been doing that in the first place, then none of us would be here?

well said OT... you've hit the nail on the head.

5 Years is along time and there will be ups and downs however the difference before the iva was there was no end in sight just debts,letters building up and stress levels building up.The difference now of course is there is light at the end of the tunnel.Yes I still get stressed that there is enough in the bank to cover my iva payment and other bills however i am now in control of my own destiny as before it was spirralling out of control.
P

When my IVA was accepted I was ecstatic on the day, and 9 months in every month has been better than pre IVA. We don't have a lot of money but at least now when I say I'll be debt free in less than five years I really will be. Not like pre IVA when I would be telling my self than once this loan is paid we should be better off, knowing deep down there were other loans and credit cards, never really knowing when the end would be in sight. It's not like winning the lottery, but at least I know that I can get through the next 5 years without NEEDING to win the lottery. Pre IVA I did think that was my only debt free chance.

Tis a long road, but for me at least, a lot shorter than the endless one I was on... The ups and downs can be tiresome, and I have to say, when things get tough, this site is the best thing I've found to get some context, advice and support, from people who know exactly how it feels.

Understand Andrews point though - never felt extacy at acceptance of the IVA proposal, more relief and a genuine sense of hope (tinged with a dose of regret, humility and a feeling of 'how on earth did I let myself get into this mess'). Into third year now and being passed the halfway mark helps - it's all downhill from here, I hope....

Best wishes all.....

Martin

Hi there

Yes an IVA is like a learning programme to get used to living within our means, it's difficult at times especially if you were like me spending with credit cards. Obviously I dont have those anymore and have no regrets! I just have to budget carefully which I find difficult at times and I see something out shopping knowning yes i would like that but I cant afford it. I don't have the luxury of credit to fall back on. As OT said it makes us live within our means assuming your payments are realistic and can cope with that. The pros are no more horrible CC statements arriving which is a relief but the cons are yes you have to live more frugally and it's not easy at times. Unfortunately we live in an era which bombards us with advertizements for this and that and also credit is easy. I will be so glad when this IVA is complete and it's only then will I find absolute relief from all this debt mess. I think there is light at the end of the tunnel just keep persevering, yes i say that but there are days when I feel like hell but they are short lived!

Maz