Hi Jimmy. I think many are missing the point to your post ... that there is life after an IVA. OK, some won't agree with the route you are taking, but I can see that these purchases (car and a house) are well intentioned --- and not purchases many can make without borrowing.
How many posts on here concern getting a mortgage and / or a car loan after an IVA? Thank you for showing it can be done.
Keep it under control and I hope it all works out for you.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi Jimmy. Agree with Foggy It's good to know that there is a life after IVA and lending available etc. As long as you manage to repay the visa etc, as you plan to, I can see no reason why you should not be able to live a decent and comfortable life. I also agree that borrowing is essential when purchasing cars and obviously, you do need to have a mortgage if you want to own your home. As long as you stay disciplined, then you should be fine. Good luck x
yes my twins to go in to shameless and many other films and television programs and I have worked hard with money and I am not insolvent, if i sold everything of and paid everything off and put all the money in the bank I would have £85k in the bank, so their is life after an iva, from 2006 that i had nothing and in an iva to now
It's good to hear there is life after as during the 60 months plus of the IVA I often questioned this myself. I wasn't implying you we're insolvent sorry if it came across like that. X
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Hi Jimmy, I'm glad to hear that life is working out for you and your family are healthy.
One thing I don't understand is how anyone could 'wish' they had gone BR rather than completing an IVA. I would much rather have completed my IVA to repay as much to my creditors as possible but it wasn't to be. Personally I would worry if I had an outstanding balance on a credit card but if you're managing then good for you.
And Footiemad, you're not being think - I wouldn't know what Shameless was if a couple of the girls at work didn't talk about it when it used to be on! From what they said I won't be looking out for it on repeat!
Their is nothing wrong with an IVA, but for my situation at the time BR would of been better, i agree to pay creditiors back but what annoyed me was at the time just before going into a IVA i spoke with all my creditors and none was willing to help in anyway, if they have frozen interest for 2 years or halfed payments for 2 years i would of coped without an iva and in turn they would of got all their money back and not just 50% that they got through my IVA. Also i had no equity in the house so I had nothing so BR was good for this, and having been through it and learnt alot including knowing how credit agencys work etc with regards to credit score and IVA is not viewed up on anything different than IVA, just like BR and IVA does not go of your record until after 6 years and if anyone is really interested even though an IVA goes of your credit file after 6 years if an underwriter looks closley enough at your credit report their is still prrof you have an IVA for up to 8 years - and i bet not many know this, its very sneakly done
I'm glad that some people have thanked Jimmy for his posts because frankly some of the earlier posters were missing his point entirely.
We all travel down our own roads, if Jimmy feels that he has learnt from the past and now has his financial life back on an even keel, even allowing for the purchases he's made, what is there to criticise?
Similarly, many people have been on this board and been told that BR might be a better route for them than an IVA. Assuming that he knows the pro's and cons of BR, Jimmy is now better placed than any of us to know if it would have been for him.
Personally I'd like to have more posts from him, his posts are thought provoking.
yes i agree, i can not believe i am now looking at an ISA and who offers the best available rate, sad thing is when you have money you can save and get good deals on credit when you really need money the interest rates are higher and it can never make money
Thanks for sharing your experience Jimmy, it was certainly an interesting read for me.
I think some users were totally unfair to attack you at the beginning of your post, especially as alot of posters do ask questions and worry about being able to get credit again for mortgage, car loan, even talking about applying for a vanquis card during or after iva.
Me personally do not want credit cards etc again, but you never know whats round the corner, so to read that credit scoring can get better after iva is very satisfying to know.
Thank you again for sharing this with us and I wish you and you family all the best.
all of things that happened before my iva got me into a iva, i had alot of problems through it and still did recently.
How ever one thing that I have not ever seen on this forumn is that irrespective of the reason why we ended up in iva we have to take responsibilty and not blame 3rd partys or outside influences.
several things i still do after learning thorugh my iva is -
I shop at aldi
now again got to main supermarkets and collect rewards even if its £20 a year its £20 extra
i have a company car and drive lots of miles i fill up at morrisons and collect the £5 vouchers, by christmas i have £200 for christmas
i sign up to quidco, i search the internet for vouchers.
i put money in my childs bank account not taxed i do take it out to spend, but its spent only on my children, i also might add they have a child trust fund that i put money in that they can not get until they are 18
i want to show that their is life after an iva debt or no debt and 5 years goes quickly, one day hopefully when we are 90 odd we will all be laying on our death beds thinking why did i worry so much the iva was a small % of my life -
the old saying - if i knew then what i knew now life would be different, but we dont.
the best piece of advise i was given was - you might the right descion at the time, no point in regrtting it, it was right at the time and you can do nothing to change it
