Calling all with positive IVA stories

[Skippy]

Sadly I found the forum too late for my IVA to work, but I know from reading other peoples' stories how well they can work. Like Mish I'm BR, but the principle of having no credit card bills to worry about is the same as being in an IVA and it feels good!

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[johnt]

Dee,

my wife and I have been in an IVA since September 2007.

We owed a total of £75,000 between us. Much of this could have been avoided, but I was also out of work for nearly a year.

I sold my car, contacted a well recognised IVA charity, after reading the forum and we now pay about £830 pcm between us. We were paying £1200 a month on credit card interest and minimum payments alone and things were getting very out of control.

We wern't even covering the minimum payments some months.

Sick with worry, our relationship was getting a real hammering.

Since September, there are no more credit card bills, no more nasty debt recovery letters and for the first time in years Christmas has been bought and payed for! Our six year old son found plenty of presents under the tree!

Now we couldn't be happier. Were saving a hundred pounds a month between us for a camping holiday in Italy, August time.

Five payments made already and only fifty five left.

If any of this strikes a chord with you or your husband then don't hesitate to consider this seriously. Modern life has many pressures, and for myself and my wife debt is finally one less thing to worry about. Believe me not owning a credit card is a very very good thing, and the satisfaction of saving for the things you want has become a lost art. I'm so glad I've discovered how to do it again.

[Dee]

Thanks to everyone who had shared their experiences. My husband read through them this morning and definately feels more positive about an IVA. Unfortunately he is now fretting as to whether we would have one accepted.

We owe £47k and ubfortunately approx £27k is with NR and we only have approx £390 to offer to an IVA. If its not acceptable then BR is the only other option for us.

I may be on here at a later date asking for more experiences of BR for him read!

Thanks again

[Skippy]

Dee, fretting about whether an IVA will be accepted is normal! I would suggest that you speak to an IP (I would recommend Melanie) to get some advice and to see whether to take it further. Good luck to you and hubby x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[Adam Davies]

Dee
Just something to consider
The Simple IVA[siva]will be with us soon and should apply to debts below 75k but more importantly for you the voting criterea will be 50% and not 75%.
I know that at present NR have more than 50% but it may be in a month or two,and when the figures are confirmed,that they could hold under the 50%
Food for thought
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Beechy]

That will hurt NR

Dave Beech

[Dee]

Thanks Andy. Although this is great news looks like it wont make my situation any better because I cant favour them in the run up to the IVA so looking at it they will always hold over 50% (I pay a similar monthly amount to Abbey who hold the second largest share of my debt but for a much smaller balance so that it reduces at the same rate)

The only thing I have in my favour (if you can call it that)is that I don't have very much equity so forcing me into BR will give them a much lower dividend.

Dee

[mike.s]

Hi Dee,
Sorry I haven't spoken sooner, been a little pre-occupied this weekend (Flippin car failed it's MOT then decided to break down on the way back home, really could do without repair bills at the moment) so only just read your thread (cheeks went a little rosy in parts though, thanks guys). I have to say I've not gone down the IVA path, thankfully with fantastic help and support from Melanie, Hywel and the team, this was avoided for me, just got one more creditor to face and I could hopefully look forward to a new start for 2008. But it does show that everyone's problem is different, but I can assure you and your husband that there will be a solution for you and you will get through this, it will get sorted. You will be in excellent hands with Melanie and her team, they will give you sound, honest advice, and will do everything possible to find a solution for you, you will get there! The biggest and hardest step, facing your debt, is always the most difficult and you have taken that. It is a horrible, dark feeling of complete desperation when reality finally sinks in and knocks you for six. The sleepless nights, the panic, the horrible feeling of lying awake at three in the morning thinking 'how did I get into this mess, and how the hell am I going to get out of it' is terrible. I will never forget the first night that I sat down at my computer and poured my heart out on this forum (my first post was 'this is the hardest thing I have ever done') Not sure how you can view that first post, but I will never forget how I felt that night. That was the first time I had ever admitted to anyone that I had a serious debt problem, and I had no way out. Without this forum and everyone on it, I honestly don't know what I would have done, it has been a lifeline for me.
Dee I really hope you find peace of mind soon, there is light at the end of the tunnel and you will get there. It can be one hell of an emotional rollercoaster journey at times, but you will get there.
Keep posting and let us know how you get on, everyone is here for you with help, advice, support or just a shoulder to cry on when you need it.
Best wishes
Mike

[Skippy]

Here's a link to Mike's first post - hope it works!

http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=6125

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

[mike.s]

Thanks skippy,
I've just read it back myself, boy I will never forget that feeling! Still got a little way to go yet, but the sleepless nights have thankfully gone (well mostly) Can't believe how much things have changed, and how different I now feel. So nice to be playing with the kids again and feeling like a dad and husband again, with a little more respect for myself. Big thank you to everyone on the forum! Dee I so hope it helps, I so hope things are sorted for you soon, it will get better, just hang on in there!
Very best wishes
Mike

[lily]

I was like Mike too, I just couldnt believe it was happening and yet I had known for more than six months I wasnt coping and robbing peter and all the disciples to pay paul.

There is an answer to every problem.

lily

[johnt]

Dee

From the figures you've posted, an IVA may be an option, but it will I guess depend on how the company with the largest amount of debt owed will vote.

You have nothing to loose either way.

As has already been stated facing up to the situation and deciding to do something about it is the largest step.

When I look back at my circumstances this is definately true, making a decision and going with it, will really help you out emotionaly, and give you a sense that your now back in control.

You should cetainly consider either accepting help from one of the experts on the forum, or approach the CAB for free advice. Try and avoid the hard sell IVA firms. The CAB may propose you approach the CCCS or Payplan.

Work out your incomming and outgoing, excluding unsecured debt (store card, credit card, loans etc) include not just essentials, but a reasonable excess for living, mine was about £200.00 monthly. Any thing less, is what you can afford to pay to all those you owe money too. This will form a rough guide to what the best next step should be. I may be wrong, but 70p in the pound is a typical return for an average IVA, but this could be more.

You should do this as a first step. It will really help you and whoever offers you proffesional advice.

[Adam Davies]

Hi
For info the average dividend in an IVA is around 38p
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[louisa.s]

Hi Dee

Just wanted to share another positive story. We are now 20 months into our IVA. We owed approx £50,000 to about 3 creditors and we currently pay back £357 pounds a month. It was difficult in the months leading up to the acceptance with Braclaycard constantly harassing us but once it was accepted there wasn't a peep out of them. Then came to fun of sticking to a budget which was difficult in the first couple of months but gets easier with each month. I think we are probably quite unique as we have never hidden the fact we are in the iVA to family, friends or even work colleagues although most of them forget that we are in it! A year and a half into our IVA we even got married - bout time really as we had been together for 10 years.
And now I pretty much deal with the IVA and he murmurs agreement - the joys of being married!