Hello
I'm finding the whole IVA process very difficult, I 'sold my soul' yet again! When looking at the forum it appears that everyone has a 5 year agreement. At setup I was told my agreement would need to be for a term of 70 months. How common is this?
Hi saunders - it is becoming more common for more than 60 months. A lot of posters on this forum have been in an IVA for a while. Some of our creditors tried to extend ours to 72 months but my IP managed to overturn this as I am suffering from ill-health, but if I wasn't we would probably have had to agree to this to get the IVA approved. What is your estimated dividend return? Are Northern Rock one of your creditors? If less than 100p I think you need to remember that without an IVA most of us over 5 years would be only repaying interest so for most people it's a good thing to be in an IVA.
I think it's best to concentrate on the positives of an IVA and not the negatives.
I have a five year agreement, but am resigned to the fact that it will be six as we won't be able to release equity.
Are you a homeowner?
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
Ours is 6 year, thanks to northern rock, so with equity release we are more than likely going to pay for 7.
I wouldnt worry about how many years or how much everyone else will be paying - everyones circumstances are individual.
We dont feel hard done by as we would have taken our debts to the grave if we had carried on as we were!!!!
I think the adverts we see for ivas are very misleading, we are certainly not paying for 5 years or writing off 75% of our debt.
I know the adverts say this *may* happen but I think those thinking of entering an iva may not realise these figures are not exactly correct.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Hi ours was initially for 5 years but after variation in year four we had to extend to 6 years .I think there are alot of people out there with 6 years.
Ours is for 6 years (72 months) and this was the case right from outset (thanks to us owing Northern Rock). Seems more and more normal these days and I'm not complaining since otherwise we would have been paying off our debts for around 18 years instead!
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr
IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
Hi and welcome to the forum, it's an individual arrangement so it will all vary. I have a 60 month agreement but that will depend on equity when the time comes. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
hi, my iva may also run for 6 years, depending on the equity in my house when the time comes, no so bad really, when i consider if i had continued credit card payments i would likely to still be in debt 20 years from now.
kat
IVA accepted 6th May 2011, Full and Final accepted 17th April 2012.
I'm coming to the end of my 1st review, our agreement was 60 months with equity release at the end, however this will probably be extended to 72 as our mortgage is with NRAM who aren't doing remortgages. Were paying back 70 p in the pound, wondering if your divided is a lot less would you have to pay back over 7 years. You have to take into account the whole picture, without the IVA you would probably be paying back for the rest of your natural.
I've got a 72 month with possible 12 month extension thanks to NRAM. Although with a DMP it was 18 years so it's a third of that. The first year has been a challenge but flown by!!!
The road is 72months long starting September 2010.
Your responses have really boosted me! I'm not a home owner, so no equity . I desperate not to extent the term as I can't wait for the light you talk off.
I do firmly believe I made the right choice but just feel a little battered as I like many others have just lost WFTC and had overpayemnent on CB due to working abroad. This happened because I've worked so much O/T to keep the car going that I now have to pay the HMRC back. The HMRC didn't exist as a creditor when I set up the IVA. Has anyone had this happen? and can you add creditor after the event?
I'm with Payplan, but have a times found it really difficult negotiating with them?
Iangerbridge, I agree I found the first year particularly hard as it felt intrusive and painful. Without any backup (our plastic friend that wasn't such a friend anymore) I felt in constant difficulty. But 21/2 years in I have finally learnt the hard way to live within my means, which is hard to learn but I'm so looking forward to having this knowledge when we come out the other side. xA
Hi Melanie
It's because half the time I'm away with the fairies! it is actually 72 months. On a humorous note math is clearly not my strength.
On another note I have been reading other peoples thoughts. Is it possible to change the company whom you have made the original IVA agreement with?
Thanks
you IVA will drop off credit files straight after you finish your 6 year IVA
