Just recieved my letter and as of 29th July my IVA is complete.
Not coming on here to brag but to share my experiences with those who feel like I did only 10 months ago. I was seriously in debt and the debt was increasing. My income had halved as a result of the collapse of the mortgage market as I am a self-employed mortgage adviser.I was servicing debt with debt. I had nightmares about being struck off from the FSA register due to insolvency, the consequences were unthinkable. I thought I would lose my home and as I had "shielded" my wife from the full extent of the problem I thought she might even have felt betrayed and who could tell where that may have led. I wasn't sleeping. My work (such work as I had) was sufferring and I couldn't see any way out.
I chanced upon the idea of an IVA and found this forum in a late night internet browse about debt solutions and I saw possibilities. I was still worried about the effect that an IVA would have on my "fiscal probity". This is one of the measures that the FSA put on an individuals ability to advise and be trusted. Research showed me that I might still have a future. Very important at age 52 with few other marketable skills.
Everyone here was very helpful and non-judgmental. I particularly valued the support of Kallis, Melanie Giles and Michael Peoples who gave me the idea of a 1-off IVA having told him on this forum that I would be prepared to sell my house and live in a rented home if the equity had been enough to clear my debts. He suggested an IVA based on a remortgage and equity release. I didn't know you could do this I thought it had to be done from disposable income.
So I organised my remortgage while my credit rating still was ok (I'd been servicing my debts with credit cards. Cards with cards how clever![:I])and got in touch with Michaels company, McCambridge Duffy. They put me on the right course in Oct 2008. In Jan 2009 my IVA was approved and I released funds to McCambridge Duffy in Feb. I was to pay 26p in the £. I heard nothing for quite a while and began to worry but found out the Inland Revenue needed to check on my 2008-9 tax assessment whether I owed them anything as a priority debt. I didn't and today I have that letter in my hand and can move on.
So for the future? Well many lessons have been learned about budgeting and how little we actually need to spend on the supermarket shop. Avoid temptation. stick to a list.
I have stopped the "today is today and it could be my last" mentality. I now try to enjoy today but consider how it will impact on my future. (How stupid was I holidays/trips/football trips to Istanbul,Barcelona,Cologne and Athens on a credit card- madness!!!).
The biggest lesson though was how brilliant and wonderful my lovely wife has been. When I dropped the bombshell she was taken aback but she recovered so well and has been my rock throughout. A lesser person might have walked away. Most of the debt was just in my name anyway.
And the job? Well things are a lot brighter there too. We have joined a new network and business levels are up. There seems to be more interest in buying property but the lenders are still treating first-time buyers with lower deposits quite shamefully. But I'm still here and it's going to get better.
Thanks to you all and if anyone feels like I did 10 months ago take heart. You will get there.
Rob
PS looking forward to shredding everything from MBNA,Egg,Capitalone,Barclaycard and Natwest [:D]
Last edited by robert25 on Mon Aug 03, 2009 2:35 pm, edited 1 time in total.
I get knocked down
But I get up again
You're never going to keep me down
Robert congratulations on your success, also to your wife for all the support she has given to you, it is nice to read of a good outcome and positive news for many still going through the process.
I am delighted it worked well for you Rob and many thanks for your kind words. It shows that there is a way forward and your post should be an encouragement for others who read this site.
What a lovely post Robert, and fabulous that your IVA is now complete.
Good result for Michael and McCambridge Duffy as well.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Well done Robert sometimes people do amaze you when you think the worst, I met someone nearly a year ago and it took 2 months to tell him about my IVA, he has been my rock to be honest and has told me never to worry, I shall be moving in with him next year which i suppose poses all sorts of questions such as what happens as i can't sell the house etc but i'll cross that bridge when i come to it, meanwhile well done and enjoy your now debt free world what a lovely place to be, your post was very positive and warming, keep them coming.
Om shanti, namesté, good luck to all who are embarking on the IVA journey, it isn't always an easy one but the outcome is the best.
IVA COMPLETED August 2012, received Completion certificate 18.4.13.
How did the FSA react to the IVA? I am also a Mortgage Adviser, although I actually work for a bank (one of my main creditors!), but I was worried about how the FSA would react to an IVA. Myself and my husband may need to seriously consider an IVA soon, as we think he may be made redundant.
I would be grateful of any advise you could give me.
Fantastic story from you Robert, and lovely to hear my old pal Michael Peoples get some recognition for a good job done. You made a great choice, and will now be able to enjoy the fruits of good advice coupled with a sensible commercial solution.
I am an independant adviser working on a self-employed basis for a brokerage firm. We were tied to a large insurance company backed network and when I considered this course I had to take deep breaths and talk to our directors. They were brilliant, they knew how hard I'd been hit financially. They talked to the network compliance people on a no names basis initially who said they treat these things on a case by case basis and assess the reasons, in my case it was 80% market conditions and 20% stupidity (maybe 70-30 but you get my drift!). They allowed me to keep my position but I had to do monthly fiscal probity returns, (asets v liabilities,CCJ's, defaults etc)
When the company changed networks more checks were done but this network were ok with it too.They just asked for a lot of details and a letter explaining the circumstances (I actually used a doctored version of the word document I'd sent with my IVA application- top tip don't delete anything[;)]). They also asked for a copy of the completion docs which I sent them yesterday.
Although the FSA must have been informed both compliance departments had procedures to deal with these types of situation.
Hard to say how your compliance people will react but my experience was positive. Is there a manager you get on with that you can talk to in confidence?
And I haven't sold my house but its mortgaged to 85% now on a crap deal but needs must, mustn't they?
Good luck to you
Last edited by robert25 on Tue Aug 04, 2009 7:57 am, edited 1 time in total.
I get knocked down
But I get up again
You're never going to keep me down
melstel it was a full and final for my overdraft, personal card debts and for my share of 2 joint loans with my wife. She is now maintaining those loans on a monthly basis until the remaining part is repaid. Took me a while to get my head round too!
In a nutshell the cards have been wiped out and the loan terms have been shortened!
Last edited by robert25 on Tue Aug 04, 2009 11:37 pm, edited 1 time in total.
I get knocked down
But I get up again
You're never going to keep me down
