Lily, I'm on the same thought path as you...I want us to pay back what we can, but if we can't I won't lose sleep over the creditors not getting their money back. As long as we try our best.
what an interesting thread...only just picked up on it....
i echo what many have said...wish we had researched it far more but like so many we were in a state of chaos and really ignorant of the whole process
having said that... i do regret not waiting a few more months...our salaries picked up and i think we could have continued to meet our repayments...but the one thing i dont regret is that it did stop the debt spiral....and we have learned quite a bit about ourselves and our whole attitude to money and spending...and of course budgeting
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy
I would have to say I feel the same way. I wish I would have found this forum before going into an IVA. At the time I just wanted to calls to stop. I didnt look around for the best company or do any research. I was passed straight onto an IVA after a debt management plan after a year.
Looking back now I dont think I would have entered into an IVA.
My view is we would like the opportunity to have an IVA and see light at the end of the tunnel. Currently in a DMP and it is a long road to stay on if we do not get an IVA second time around. My regert is not having enough knowledge to challenge when our firts application was rejected. There were no negotiations, no debate and no options. We were told your application is rejected we will pass your file to our DMP section.
We are now looking at our second application and been hopeful it will succeed, we do not want BR under any circumstances.
Fingers crossed that it goes through this time John. At least you know more about the process now.
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
The only thing I regret is not going into an IVA sooner. It took us at least a year from first considering an IVA to actually making the 1st phone call, then another 4 months til 1st payment. Had we done it right away we would only have a year left to pay.
We wanted to pay back as much as we could rather than go bankrupt even though we have no assets and no intention to ever use credit again. I feel the same as Julie about the creditors, as long as we do our best to complete the IVA and pay as much as we can in the 5 years I won't feel guilty. They continually increased our credit limits without ever checking if we could afford to make the repayments and we continued using them to service our debt. I will never be so stupid again.
If you are in financial difficulties I would reccommend getting advice without delay and before your problems get worse.
Good luck John hope your IVA application is successful this time.
At least this time you know a bit more and can hopefully find the right IP for you.
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
janderson - Important you find an IP whom you will be comfortable with. Visit www.iva.com for reviews on several who might fit the bill. Good luck and let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
