Pennyless carloans4u I think deal with less than squeaky clean credit ratings and I am sure one of their chaps posts on the forum and a few people have used their services. Just for when the cable ties and gaffa tape run out!!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
Thanks plasticdaft. Will check them out. Trying to find finance that would allow to buy "private" rather than some that will only allow to buy from a "dealer".
I came into this world with nothing and still have most of it left!
Quite right plasticdaft. Dont get me wrong her redundancy package would be great and in actual fact could be a substantial sum against a full & final offer in the IVA but then again I'm not sure if the "creditors" would class this as a windfall and subsequently request it as part of the IVA commitment.
In any event due to a medical condition she would have an enormous struggle to find another job, especially one that paid anymore than minimum wage and in the longterm, even if we could settle the IVA now, its highly likely that we'd struggle to keep up our payments on one wage, especially when my ongoing employment is by no way safe.
Truth be told I breath a sigh of relief each month when I receive my wages as the Company is not doing too well and I fear that one day I will arrive to find the gates locked.
Really hard times for any business at the moment but ours is logistics and even in good times the differance between profit & loss can be very fine.
I came into this world with nothing and still have most of it left!
I think the only industry thats really booming is the insolvency one(oh and the clowns that pose as helpful companies reclaiming ppi and personal accident type ambulance chasers).
Better to try to hold on to any job you have right now. And it really will get worse before it gets better!!
Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
It is not booming Paul - most IP firms profits are down as well, and some have been forced out of the market due to the severe reduction in fee income enforced onto us by creditors.
I agree with you about the claims companies though - but I suppose that they have to make their money where they can!
Well its been a while since I updated this thread but thought I'd update with a major change in circumstances.
When I originally obtained the IVA, I was advised to move my mortgage from "capital repayment" to "interest only" in order to provide the highest possible return to my creditors and ultimately make it more favourable to get my IVA accepted. I done this and Northern Rock (not only my mortgage provider but also a creditor) extended my IO period annually until Oct 2012 (at the outset NR did state they would only extend for 12 months and review it annually but they continued to extend until Oct 2012, at which time Virgin Money took responsibility for my mortgage.
Then in Oct last year I got a major bombshell and something I'd feared at the outset of my IVA. When I contacted Virgin Money (also a creditor) they not only flatly declined to allow me to carry on my IO payments but additionally raised my "capital" repayment substantially by around £400 (my pre-IVA repayment was approx £700, post-IVA £400 and new repayment was to be nearer £900)!
Possibly naively I expected that at the end of my IVA or IO period (whichever occurred sooner), then I would return to my fixed repayment terms and have any outstanding balance refinanced at the end of my mortgage to take account of possibly 5 years loss of capital payments due to the reduction over the IVA period, however, not only did Virgin decline this but added that the term of my mortgage would remain unchanged and my payments would be raised to clear the outstanding amount within my original mortgage term.
Anyway in Oct I contacted my IVA Company and they set in motion plans for a variation meeting to reduce my IVA payments to take into account my new circumstances. Thankfully at the end of Jan this year my new variation took place and my IVA was accepted, with the only vote against coming from Northern Rock.....strange as it may seem!
In essance although my IVA payments have been reduced I am actually worse off finacially, as my wife (not in an IVA) was required to reduce her payments to her creditors to take up some of the slack in my reduction in payments and also at the end of my IVA I will need to continue repaying my morgage at a substancially higher monthly cost then I originally started or envisaged, HOWEVER, strange as it may seem there is a major upside to all this........my last 3 years in the IVA have not been a waste of time and I can continue in my IVA, without the constant fear that at sometime in the future my morgage would be recalculated, my creditors decline my reduced payments and the last 3 years being all for nothing.
Fingers & toes crossed I can now continue (albeit worse off monthly) to continue my IVA repayments to completion and although the next couple of years will be harder, at least I can now for once see that small chink of light at the outset of my IVA getting ever larger as the months go by.
Sorry to all for not posting regularly for the last few months but I honestly thought that my IVA was going to come crashing down around my feet and I really couldn't face this and in myself went back into the darkness of pre-IVA days.
Anyway good luck all and appologies for the long post.
I came into this world with nothing and still have most of it left!
Thanks Andy....since Day 1 of my IVA, next to "redundancy" I feared that returning to "repayment" could scupper any chances of succesfully completing my IVA and to have that cloud removed means I have a better chance of completing the full term of my IVA and ultimately righting my financial wrongs. To say I was elated is an understatement.
I came into this world with nothing and still have most of it left!
It's the one aspect of the IVA I regret going on IO. I still am and despite IVA now finishing don't feel I'll ever get back to repayment. So I will sell and rent as being in my 50's unless there's a drastic change in my circumstance then I could never pay a mortgage off.
Glad the mortgage issue is sorted for yourself and hope the IVA continues ok for you x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Lesley I think to have completed your IVA and still have your house must be a wonderful feeling, after all at least you are now debt free and still have the option of selling your house, albeit that I hope you maintain that option until house prices start to regain ther value. I must admit pre-IVA I'd of given my eye teeth to be in any position that meant I could keep a roof over our heads, or at least give me a chance/option to get a fair value for my home and not have to hand it back over to the bank at a great loss.
Good luck Lesley.
I came into this world with nothing and still have most of it left!
