I used to be on here under a different user name, but because not been on here for 2 years and my e-mail changed etc had to register.
I had lots of help of Andy and Melaine, hopefully they remember me, I am james with the twin daughters, and if any one is interested I purchased Andys book and its brilliant i got it when it came out and still have it, I am sure their is lots of people who are going through an IVA since I last came on here, I got lots of advice and since not in an iva any longer so if it helps I am going to explain why I ended up in an IVA, what happened whilst I was in it, How I came out of it and whats happened since, and also my thoughts, what ever you do do not take my thoughts to heart these are only my thoughts.
How did I get in to an IVA -
Cut along story short got divorced she took me for everything, purchased a new house and to but everything and debt got out of control.
Why I took an IVA -
Talked to a company didnt want to have a bad credit ratingm sold house paid of mortgage and becuase I felt I had to do the right thing to the companys I owed money went in to a IVA to pay back as much as I could.
Then what -
Sold house moved in with new girlfriend and paid monthly in to IVA
During the IVA -
I paid £349 a month struggled but learnt how to budget again. Then 15 months in to it mygirlfriend (now my wife) became pregant with Twins, and with the allowance given we could not offer my children a good life, we felt like why should our children pay for our mistake, so my wife agreed to re-mortgage and did a full and final settlment of about £11k. This took it up to 2 years by the time everything was finished which was January 2008.
Then in Janaury 2009 we decided to move, this was in the recession and put a desopit on a £220k house, my wife had equity of £70k and could get a mortage for £40k, this left us short of £110k we got a very good finacial adviser,he is very good and still use him to this day but he could not get us a mortgage to save his life even with a guarnator. So my parents very kndly re-mortgaged their house and lent us the money. Because of the kids my wife works part time, I pay both mortages, one in my wifes name and one in my dads name, this is were it gets daft I have paid them all on time since 2009 along with all the bills and does not increase my credit rating becuase its not in my name.
Come January 2012 my 6 years of it been on my credit rating will disapear from my credit file, and my adviser will try to get me a mortage in my own name.
So did an IVA work for me.
Yes and No - An IVA is a goof thing and if nothing else it taught me to appreciate money more and budget better which I still do to this day, but If I knew now what I knew i would go bankcrupt, but that does not mean its right for everyone, the reason I say this is for 3 main reasons, 1 - I lost my house any way, 2 - I thought it might do some good on credit rating but it does not you are still viewed the same as bankcrupt, and number 3 - you want to pay the banks back, dont kid your self they dont want to help you, the second you enter an IVA, they have already written the money of, thats why in a bank the debt department is seen as 100% profitable because anything they get back is already writeen of so its 100% profit.
Dont take this the wrong way, I am not bitter, it was my descion to go in to an IVA and i LEARNT alot from it, but do it again I woould go bankcrupt, but only for my situation, for yours an IVA may be best
