www.iva.co.uk

Hi all,

Just wanted to say what a great forum this. Whilst I didnt post, I used it for a gain advice and used your experiences over the past 6 months, which has culminated in my IVA being accepted.

I contacted Melanie's team following the feedback on here and Susan was appointed as my IP and my proposal had added complications due to my student loans and my current car on HP.

Whilst initally I was a little disappointed with a 72month IVA rather than a 60month one, it still offers the best solution for me. My payments have reduce significantly, the stress of all the letters has now gone, as has the worry of how I am going to make ends meet. Who knows how I had managed to survive the last 6-12 months!!

I am really greatful to Susan and the team and look forward to the future with more certainty.

My advice to those who are contemplating an application for an IVA is that it really isnt as painful as it intially seems! I feel relieved that I have a plan to get rid of all my debts and want to pay as much into my IVA as possible whilst maintaining a decent standard of living.

I told my GF of the last 8 months a few weeks ago and she was really understanding also!

I look forward to helping others on here in the next 6 years!

Cheers,

Ad

Welcome to the forum. I am pleased you have taken some support from the forum although you havn't posted. Your post will no doubt inspire others that just come and look to get advice. You have also chosen a great IP with Melanie. Good luck with your IVA.

Congratulations, Adam and welcome to the forum. From your post I presume that, unlike me, you are still young in which case 72 months is nothing compared to the lifetime of debt-free existence you will enjoy thereafter! Keep us posted on how you get along and can you tell us why the IVA was 6 years and not 5? (could it be the Northern Rock factor?)

Welcome,

This is truly a great site.Like yourself, i have only just started to post on here. The information you can gain by just reading the board is immense.
There is always someone on here that can offer you advice or a word of encouragement if needed.
Sometimes when you tell someone else about your problems it can help reduce the stress and also you can be surprised how understanding they are.
good Luck for the future.

Very pleased that we have been able to get you to this stage - and even more so to learn that you have shared this with your girlfriend. She sounds like a great person, and will be very suppoortive to you throughout the IVA hopefully.

Well done!

johnh wrote:

Congratulations, Adam and welcome to the forum. From your post I presume that, unlike me, you are still young in which case 72 months is nothing compared to the lifetime of debt-free existence you will enjoy thereafter! Keep us posted on how you get along and can you tell us why the IVA was 6 years and not 5? (could it be the Northern Rock factor?)

Thanks John, I will be 33 when my IVA completes so plenty of time to reconstruct my finances and get back on the path of managing my money!

My IVA was intially proposed as 64 months due my student loans. The student loans company would have had enough voting power for the IVA to be rejected with circa 30% voting power of my total debt.

RBS (I had a Natwest overdraft, credit card, loan and MINT credit card were my main creditor (along with Blackhorse who didnt vote)) insisted on a extension of 12months or down grading of my current vehicle. I felt there was no value to my down grading of vehicle as a. this wouldnt offer very little if any additional value to the IVA and b. the chances of financing this option would be very tricky.

In the end I agreed to a 72month IVA as I didnt want the IVA to fail and end up in BR and didnt want to play hardball with them.

It is a longtime, but if I had refinanced my debts, some of which I was 2/3 of the payment term, I would have been looking at 60 month payment term and even then that would have been a major challenges in meeting the payment and would have no doubt ended up in another vicous circle!

MelanieGiles wrote:

Very pleased that we have been able to get you to this stage - and even more so to learn that you have shared this with your girlfriend. She sounds like a great person, and will be very suppoortive to you throughout the IVA hopefully.

Well done!

Thanks Melanie.

As I said the team were really great and from the intially conversation with Melanie N took the time to expain the process to me, they are a real credit to you.

I am not sure my girlfriend quite grasps the process as yet, but we have had several conversations and thankfully she has quite the opposite past to myself and has been very sensible when making financial decisions, so will no doubt keep me in check. Although I really believe I have made positive changes to my behaviour and ability to manage money.

Congratulations Adam and welcome to the forum.

I hope your IVA runs smoothly.

We are here for you for support and advice anytime. Keep posting and let us know how you are getting on.

Another good restult for Melanie and her team.

Congratulations fro me too Adam. Its great the forum is helping so many and steering people towards the right advice.

Please stick around and post, others will learn from your experience too.

Congratulations from me and glad Melanie and her team were able to help you Adam.