IVA Accepted but did I do the right thing?

[luluj]

Congratulations on your IVA being approved - you are now in your new life and the journey is just beginning - once you have established life on the budget you will not look back and you will be able to hold your head up high and think "we did it" ....... as others have said an IVA is not meant to be an easy option, but it really is a life changing event .....almost 18 months out of mine now and I still look back and congratulate myself in getting through it - tough times, but rewarding ones !

Good luck x

[kallis3]

Welcome from me as well.

It is a daunting step but just look at it in the form of a loan for a set period of time at the end of which you will be debt free.

Yes, it does drag at times and you may struggle, especially if you get a big repair bill for something.

Hang in there, enjoy the fact that your creditors can no longer threaten you and stick interest and charges on and remember that the forum is here for you for advice and support every step of the way.

[KAYKAY]

At least at the end of the six years, your credit files should be clear, and you won't have years of having the money to pay such things as car finance, but not being able to get the finance in the first place due to a shot credit rating for 6 years... that must be so frustrating. So everything comes good at the same time. With bankruptcy, you could still have a number of years wondering what the OR is going to do with your property, as no one knows for certain what the market is going to do. At least with the IVA you have the pride in knowing that you have paid back to your creditors as much as you can possibly afford, thus hold your head up high and say I DID MY BEST and still have your property as capital.