Life after an IVA

[Adam Davies]

Hi
There have been many postings recently about people finding life in an IVA difficult and receiving mailshots from companies that state possible miss selling of IVA and offering an assisted bankruptcy service
Whilst I agree that there are some people in IVAs that,on paper,would be better declaring bankruptcy[and at the time of my IVA I was one of them,no assets] I think that we need to look at the plus side of an IVA.
15 months ago I was in an IVA and boy was it tough,I would get paid,pay all my bills including IVA and have next to nothing left for the rest of the month.Had I received a letter from the likes of the IVA Council and not been part of this forum then I may have taken their 'advice'
I was lucky to be able to use my house equity and offer a full and final,thanks to the help and advice that I got from the forum,and settle my IVA two years early.
Now,with no personal debt,life is so good.I have just secured a job back into retail[area manager]and both myself and my wife[Bev]can't believe how our life has turned around in the fifteen months.
This post is not written to brag about how lucky I have been but to give people hope and to show them that an IVA is well worth the hardship because not only do you come out of it debt free but you also come out totally rehabilitated and a lot wiser.
Had I taken the bankruptcy route then yes life short term would have been easier but would I have been rehabilitated and would I have got back into the same job level that I am now ?
I doubt it very much
An IVA is not easy,it's not meant to be,but the rewards are outstanding.
Unless the IVA is affecting your health and/or relationship HANG IN THERE,you'll be so glad that you did.
Regards

[sblack]

Thank you for some great words of advice Andy. Wise words from someone who has been through the experiences of an IVA.
We are currently in our 1st month of an IVA and people like you are an inspiration to us all.
Many Thanks.

[aguise]

I agree Andy, had I not known about this forum, I too would have probably rung them. As you say for some on paper bankrupcy may have been the better option. But I was informed of my options by my company, it was written in black and white on my proposal that in bankrupcy creditors would have got 0.01 p in the pound back. I have no assets but I chose to borrow and I chose to pay back as much as I reasonably can. I dont feel I was misold anything. Bankrupcy is still an option if things change and we cant manage, but we do and no it isnt easy at times but it is better than pre iva and I am grateful for that.
If as Andy says things are ok and you are managing keep going.

Ang

[andrewgoodman121]

Hi Andy,
i am 3 months into my IVA and to be honest i have no assets and could have taken the Bankruptcy Route
but i allowed myself time to weigh up my options and decided that an IVA was a more suitable way forward.
I found the the first 2 months quite easy , but this month the last week has been a slight struggle due to Easter and 2 Birthdays in my family and a new shock absorbers for the car.
The thing is that Pre-IVA i would have thought sod it!!! i will use my credit card but now i can't and it really does mean going without and budgeting till i get paid which is only 2 days away.
i am still £17 in credit and it's a lot better than being £900 overdrawn as before my IVA.
As you say Andy an IVA is an excellent tool and learns you how to Budget which is so important for a family.
Life at the moment is comfortable but nearly as tough as before and when i have paid all of my bills theres still a nice amount left over but i think it depends on what level of debt i had when i entered into an IVA Agreement.

[marsha1]

Here Here. I absolutley agree with Andy - the fact that we are in 5 years rehab is priceless, I was going to go for counselling but you know what! I do not need to, because I have this forum and my IVA and by the time it has finished 2012, I will be so much better at budgeting and saving contingency money for emergencies, I could have gone bankrupt, I rent an apartment, no assets apart form my car but I want to pay my creditors something, after all I borrowed the money in the first place. Thank goodness for the IVA because looking at the bigger picture it does so much more than it says on the tin.

[angela18]

Well I haven't entered into my IVA yet, but I have to make it work (if accepted). I work for HMRC and bankruptcy will probably not be an option for me.. I know things will be hard with no comfort blanket (credit) but I pray to God we can make it work... Just want to right our wrongs. Andys and others words give me comfort when so many other people seem to be having a bad time.

[Lisa2009]

Similar to Andy, we used house equity and ended hubbys IVA early due to the stress of it and family matters.
Since the IVA has completed, the weight of stress has lifted a lot and we are a far more comfortable family.
Hubby got a bit of a payrise at work and we were granted DLA for myself and our son.
Instead of spending like mad because we have a little extra, we now save it in the bank for anything that might crop up.
Life is so much easier now but i have to say that its all because of hubbys IVA that give us 3 years to learn to manage money better and live without the things we really dont need.

I would like to say too to all those struggling with the money you have to live on.......try to get through it because it really will be worth it in the end.

[emma_t]

Hi Andy

Its great to hear positive stories like yours, as it is encouraging for us newbies[:)]
I am about to make payment number 6 and cannot believe how time has flown from my first petrified posts on the forum. I have no assets and bankruptcy would have been a quicker route to debt freedom for me, but that was not necessary and not what I was looking for. I think for some its unavoidable but while you have a chance at making an iva succesful I though this the route for me.
I am also relishing the challenge and by the end of the 60 months I will be a rehabilitated person and know that I can manage without the security blanket of credit to fall back on.
I have said it before, and will no doubt say it many more times, but I am so grateful for everyone on the forums help as I literally was at the end of my tether and didn't know what to do for the best. There are truely inspirational people who post on the forum and it helped (and continues to help) me no end.
I would have been worried by miss selling letters had I not had the knowledge that comes with reading the forum, now I know it's in the bin as I know I was not miss sold my iva.

I think it great to have positive stories posted as sometimes it can seem a bit gloomy on the forum, but thats the nature of it. People will look for help when they are struggling and need help and I have seen so many people helped by the forum and given hope they did not have before.

Looking forward to meeting you next week and keep up the great work[:)]

[emma_t]

blimy I do go on sometimes.......LOL

My philosophy why use 10 works when you can use 50 instead[:D]

[desperateneed]

I am not 'showing-off' but I have just recently (4 March) completed my IVA journey and am at last breathing a sign of relief - although I must stress that back in August last year it could have all gone horribly wrong for me and without this forum I dread to think where I would be now. Apart from being free from the monthly payments there is another upside to this: all my working life I had used credit as a way of life and it wasn't until a divorce that this stopped because I found myself in severe financial difficulties - hence the IVA. The upside of this is that I have been 're-programmed' due to the four and a half years of living within a budget and by cash only. The first couple of years are tough beyond belief when you have always lived on credit, but I have come out of this learning an invaluable lesson - if I ain't got the cash - I don't have it. I will never forget the 'IVA years' and have a greater respect for money and thought of any credit continues to scare the hell out of me. I will never forget this period of my life, and to all of you just on the first rung of the ladder - hang on in there; the rewards will be good in the end, epsecially if you continue to take the advice and support from this forum.

[angela18]

you should be 'showing off' well done, oh how I envy you!! Debt free, if only!!

[barbara.worthington]

hi i am just waiting for my proposal to come through from melanie and so i am still in the midst of my journey!

however since deciding to take the iva route (please god let it be accepted) i feel like a weight has been lifted already from our shoulders. i know that the road will be long and hard sometimes but nothing can be as bad as the last months of robbing peter to pay paul and the sleepless nights, wondering if we can make all our minimum payments each month. as has been said we borrowed the money and as ashamed as i have felt i want to pay as much back as i can, i realise that everyones circumstances are different and therefore people take different routes accordingly.

already i feel like i am realising what things are important in my life, like my husband, duaughters (my life) my 2 beautiful dogs.

does it really matter that we can no longer go on foreign holidays (paid for on credit) no i dont think so - next week we as a family are goin to blackpool for the night at a cost of £90 for all of us, there will be no fancy restaurant meals - just candy floss and fish and chips on the front and you know what i am soooo excited because i will be paying cash for all of it!!

the simple things in life are important to me again at last - good riddance to credit!

this site is usch a inspiration to me

thankyou to all of you

barb[:)]

[desperateneed]

Ditto Barbara

During my IVA in 2005 I almost lost my 78-yr old mother to a hit and run car accident; she spent 10-days is ICU on life support following neuro surgery to release a massive blood clot on her brain and when faced with that sort of episode in your life (including the extortionate NHS car-parking fees not accounted for in your budget)you really do put things in perspective.

Things have been incredibly tough - had my car (a K reg Mondeo) written off through an attempted theft, one of my four dogs had to have both crutiate knee ligaments fixed, we managed the cost due to my (now)husband having an interest free loan from his employer (amazing how resourceful you can become); we still have no tiles on the bathroom wall but do have a fetching display of heavy duty plastic protecting the plaster! And we have since smiled about the Christmas we had to wait until almost closing time to buy a turkey from Saninsubry's using our Nectar points.

I could go on (and on) but at risk of boring you all will stop at this point!!! However, your family, whether 2-legged, or four, are the ones who will be with you throughout, and you cannot put a price on that, or your health.

I am looking forward to a life without debt, and have even kept up the £250 monthly payments - although this time they are going into a mini ISA!!!!!!!!!!!!!!!!!!!

I really wish you the best of luck and as a suggestion: keep a diary, because when you are free of this situation you will look back in awe of how you coped - and you will; I am living proof!!!!

Genuine very best wishes to you all

Jennie

[Shining]

Fantastic post Andy, I have only just gone into an IVA, two months ago, I now am faced with a bill from a plumber for at least 1K, I know if I can get through this I can get through the next 58 months, missing an IVA payment this early on is not ideal but absolutely necessary and I will make it up if possible rather than tag it on the end.

Today we've been to Skegness in the snow, walked around, bought a family bucket of KFC for £12.99. Life has changed dramatically but I'm enjoying it, we've no money now and we had none before as I ensured everything was paid for every month by juggling cards etc., For me the IVA is a positive move and although I realise it's early days for me I am determined to survive the next months. I have days where I want to buy clothes for the hell of it, rather than through necessity but I talk myself out of it. My friends are going to Ragdale for the day, I make my excuses and daughter and I have a pampering evening.

Pre-IVA some weeks we'd have nearly nothing to spend on food shopping, in IVA at least we get to eat every evening!

A diary is a good idea, or a blog that way you can reflect on the good times if you're having a bad day as sometimes just to write it all down does help and may help someone else too.

[barbara.worthington]

all of your posts are such an inspiration and whether we are at the beginning of our journey or at the end, all of us i am sure will become better people because of our experience

love to you all and lets keep our postings up to help and inspire each other

barb

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