Don't be mad but i need to say this

[coco]

I have read a number of topics where people are concerned about their credit rating and be able to obtain credit after the IVA is completed. I find it ironic that they want to go down that path that led most of them to the situation we find ourselves in. I started with a simple credit card with a £1000 limit which increase as i got nearer to the limit and so on until i owed a staggering £64000 (which i have nothing to show for it) i have learnt a very hard lesson and have no desire to enter that road of debt again because it would not take much to find myself again oweing thousands of pounds it is just to easy. It would never bother me if my credit rating stated the i was subject to an IVA in fact it would do me a favour to remind myself why it is there in the first place, i will save for it or go without.
[B)]

I am not digging at anyone please dont shout at me, i know some people are going through IVA BR etc. through not fault of theirs, unlike myself the majority of me debt was caused by carelessness and that created the snowball effect.

I just had to say it sorry


51 payments to go

[Skippy]

Well said Coco. I owe round about the same amount as you, and I have decided that the only credit I will have in the future is a car loan - I don't think that even after 5 years on a budget I could trust myself with a credit card. In an ideal world I wouldn't have a car loan either, but I will need a new car at the end of the IVA.

The other day I tried to work out what I have to show for my debts, and to be honest I have my car, some lights in the living room, a fridge freezer and one third of the sofa (that's the deposit, the rest is on finance in my partner's name) - not much for £65k is it?

But, I do have the one thing money can't buy - my health (well apart from my third cold in 2 months!), so things could be a lot worse.

Three down, fifty seven to go until freedom!

[scaredkez]

i agree with skippy coco,i will never touch a credit card again and definitely will learn to live by what i can afford, i too wish i could say that i had something to show for my debt but can't except being overweight on all that good food only joking, but joking apart tryng to obtain credit after your 5 yrs are up should be the last thing on your mind
kerri

[coco]

Hi Skippy,

If i could sit back and look at £64000 worth of stuff i could say it was well it but i cant because there is nothing, so because of that my family suffer for the next 5 years just because is was too easy for me to spend it and thought of ever getting into this situation again makes me cringe. I just wish i could say to all the people who are spending on credit to think about it first

51 payments to go

[freelili]

Hi

How on earth would I ever be able to forget this? I agree with skippy, anything I want I save for, I have nothing and I mean nothing to show for any of it except an extra room which I actually needed to improve my son's quality of life, which had an impact on the rest of us. The only thing I would consider is a car loan.

I am never going to go down this route again, I actually quite like the what you see in the bank is what you've got thing. Also if you can afford to save for something or treat your family occaisionally, it feels so much better. My future is black in balance terms.

You can look at the menu, but remember you are on a diet.

LILY

[coco]

I think your right Lily, when I now pay for things i know that is was my money i was spending and not someone elses. Xmas was the first time in years that i actually paid for everything by cash knowing it had been earned and had a sense of satisfation from that albiete there was a lot more space under the xmas tree.

51 payments to go

[spenmotherhen]

Hi everyone
It certainly makes you feel quite sick as to how much money we can waste. I too have very little to show for it also (57k). The sad thing was this year my children,(who all four of them still believe in Santa) thought that they must have been really naughty this year as Santa didn't leave the same amount of toys in their stockings as previous years. It was stomach twisting, explaining to them that he has so many children to make presents for that he does'nt have enough time to make alot for them all. All the time you are thinking its totally mine and my husbands fault for getting us into this mess (more mine I must admit). They soon forgot about that once they had received presents from our freinds and family. On the bonus side we got through christmas without the use of any credit and its a great feeling knowing that we don't owe anyone any money until next christmas as we would have done in the past. This year I am going to be more organised and collect presents throughout the year in the sales and off Ebay, carboots etc. Perhaps Santa could also put a bit of overtime in this year so all of our children think they have been really good!!!!
I am definately not interested in gaining any credit in the future, I have learnt a huge lesson and can't wait until I have made my 60th payment!!! Then lets face it we will be quids in so cash for us is the only option!!
Spenmotherhen

[Pbryan10]

Quite agree with all other posters. Been in an IVA for 7 months £ 160k of debt....yes that's right! I find myself now really questiong if I need things and how much they cost, rather than just buying them on credit. It was a real blow to realise the extent of my problems but now I have.....what's mine is mine and what I haven't got , I probably don't even need

[sps]

Hi
I know what you all mean -just what has the money been spent on, apart from interest on interest. I am just in the first stages of facing up to my debts and trying to sort something out. A lady on the phone I spoke to yesterday who I was trying to explain I could only pay a small payment went on and on about my previous good credit rating and what a shame it would be to lose it. To be honest that is absolutely the last thing on my mind can't see me ever wanting credit again! Finding this forum has been so helpful thoug

[coco]

Thanks everyone, i really thought i was going to get a good shouting.

51 payments to go
(I apologise for my keyboards poor spelling and grammar)

[neverending]

Hi COCO
Having an IVA certainly makes you look at prices etc,I have started to buy designer secondhand shirts for work on ebay for a fraction of the retail price.Would never have dreamed of doing this pre IVA.Food shopping with only £100 cash and no "credit card" to back you up ,if you go over, keeps you focused on prices and a few times we,ve had to put things back at the checkout or sub total towards the end.Would have died having to do this pre IVA but now I couldn,t give a monkeys.
I think an IVA can make you or break you....

[dso]

Well said everyone,
Before now l never thought l could survive without the plastic
but having coped so well without the slightest regret in the last 2 years, what on earth would l think of doing with a plastic post IVA?
If there is any eternal wisdom to be imparted on my children as they grow up then, this is it!
dso.

[lesley]

I am in the process of applying for IVA and haven't used credit for 2 months it was hard at first and things are tight but i hope it will be good for me at creditors meeting. I wouldn't touch credit again as long as i live and both my teenage sons have been kept in touch with the problems it has caused so hopefully they will learn from it as well

[freelili]

I have found that going to tesco everyday I can get cheap food which is very short dated, it gives a varied diet and takes away the 'what shall we have today 'thing its works for me anyway, I am learning to be a domestic godess, only once have we come unstuck, we had some prawns that we kind of saw twice. I wouldnt buy them again.

LILY

[Dominic]

Cococ i agree with you i am not fussed if i do not get a credit card again, it is nice to actually hand over the cash and know that is mine.