Hello Again All,
I am just in the process of putting together a 'Full & Final Offer' on my IVA and I found this post that I wrote 3 years and 3 months ago on the day my IVA was approved. I really can't believe how the time has flown by and how you just get used to living by a strict budget and how being part of an IVA just becomes a part of your life.
Reading my original post of 8th December brought back memories of how much of a sad time that me and hubby were going through and how happy I was to have established a route out of my debt and wondering why he didn't feel as happy as I was. Clearly he was still reeling from the whole admission of guilt and having his life completely ripped apart. He was obviously happy at the fact that there was a solution but because he wasn't aware of the years and months of juggling and deceit that I had been through, it was just a gigantic shock to him.
Anyhow, whilst I don't think he will ever truly forgive me for hiding the enormity of the problem, we have moved on and he now knows that I can budget well with the small amount of cash I have for grocery shopping and I haven't looked at a catalogue or luxury item in years (I think there is a part of me that also wants to punish myself).
However, with the added complications of the Credit Crunch and recession, this has taken its toll on both of our lives and my job at the local Council is constantly under threat because of their needs to make huge budget cuts and hubby's business is very quiet because people just don't have the money to spend. We are just managing to make ends meet but my IVA payments certainly don't help (which resurrects his resentment at me too - but I really don't blame him for this).
Therefore, my lovely father has offered to help us out because he can see that we are both trying hard and whilst he completely does not understand how I got into this position, he has been good enough to offer to help so, at the point that one or both of our jobs is lost, we have as little devastation to deal with as possible. We owe £7000 from the balance of our original £21,000 (60 x £350) and my father has offered £6500 for the purposes of completing the IVA early. I have read that it takes approximately 2-3 months for a Variation meeting to be arranged so by that time, I will have also made a further £700-£1050 in payments, taking my F&F offer over the original dividend promised. I do have an equity clause at year 4.5 but at the moment we have £111,000 outstanding on our mortgage/loan and our home has been valued at £125-£130,000. With the 85% Loan to Value calculation, we don't have any equity to release so I am hoping that my offer will be accepted. I have spoken with the IVA Company and they are content to put it forward.
So, for those who are interested, I will keep you posted on developments and I hope you too are finding the journey as therapeutic as I am. It was quite nice to reflect on these earlier comments and to see that such progress has been made. It is also easy to forget how many nice people post onto this forum and can make you feel part of a community as opposed to a freak of nature.
Kind Regards All
Paula xx
Paula x
