Life after an IVA

[pixie]

It's good to hear the positive side from those that have made it to the other side. 5 years sounds very daunting at the start.
I was advised BR was the best route but for me it was the very last resort and an IVA had to work.
Almost a year in and budgeting is going great, credit has not been missed in the slightest! The hardest part for me hasn't been money but simply getting my head around it. It's only the last couple of months that 2012 hasn't felt quite so far away. No doubt there'll be hiccups along the way but life now is so much better than before.

[emma_t]

Well done desperate need[:)]

I will be shouting it from the rooftops when my iva is concluded[:D]

You have not had an easy time of it, but now very best of luck to you and may all you hard efforts be rewarded.

Best of luck
Emma

[olympic_torch]

Cracking post Andy.
An inspiration for those of us in for the 'long haul'.
We do sail a bit close to the wind now and again, but we get by, and, life under IVA is infinitely more preferable than life prior to it.

[jpj]

What a inspiring post Andy.
We all have high points in our lives..and lows.. and without experiencing the lows (like you have) you can never truly appreciate the highs.
I think most people on this site find that an IVA can be very tough, it does make you stop and take stock of your life and truly evaluate what is most important (ie family,friends etc)
My IVA is 2 years old now,and 2 years ago i "batterned down the hatches" for a long 5 year slog. 2 years in and I will hear this week if my full and final has been accepted..all down to the help and advice offered by yourself and this site.
As Andy says... Everyone on this forum..keep battling on,it is worth it in the end...and you will probably come out the other side poorer cashwise,but richer lifewise! )

[Phil]

The thought of getting credit again makes me feel sick,Iam 12 months in and as OT aptley puts it sailed close to the edge a few times,I must be getting tight..i hate spending money now !! But life now is preferable to pre IVA I check my bank account once aday everyday and know exactly howmuch I have got in,Always making sure I have enough for the payment.I know i am doing the time because i have done the crime but educationally and finacially i will be better off in the end.
P

[kal]

This is a great post, and I have loved reading all the uplifting stories of those that have made it to the end of their IVA - congratulations to you all!
I have jusrt made my first payment - so another 59 to go for me - but like a few of you have said, although it is scarey not to rely on that 'good old' credit card, it is nice knowing that instead of the next 5 yrs adding to my debt, it will be diminishing.
I think the scariest part (apart from the wait for that acceptance), is opening a new bank account and having to build up your wages etc, to allow for the mortgage/direct debits, and not have an overdraft to fall back on.
I can honestly say that once our 5 yrs are up, there will be no more credit/overdraft etc - and god will it feel good!
Debit is certainly not something to be proud of, but i think we should applaud the government for recongnising that it is a big part of most peoples lives and helping us out of it.
k.

[kal]

That is meant to say Debt is not something to be proud of...not Debit!!!
k.

[Endsmeet]

Thanks Andy,
Its just great to hear about life after an IVA/debt.
I am just in my first year and its just nice to have some penny's to myself, pre IVA I was living on my cards and as soon as my wages were paid in , they went and I was paying one card off with another and there was no way that I could have paid them off in my lifetime to be honest.
All I can say to others is that stay on top of your money that you have left after paying the IVA payments, its hard at times but its just so nice to have your wages paid in and actually have something left afterwards.

And I must state that any post/phone calls that you may receive, phone your I.P. straight away and they will tell you to ignore them or forward the letter to them and they will deal with it.
The letters are nothing to worry about as you are in an agreement and if any other companies try to railroad you, THEY CAN'T

One example of this was one of my main creditors phoned me from a call centre and asked me to make a payment towards my loan.
I did explain that I was 6 months in an IVA agreement but they weren't having any of it.
I phoned my I.P. and they said that they will deal with it and guess what?
I received a letter from the creditor in question apologising for their call centre and would I accept their sincere apology's.

Just stick with it and it will all come good in the end and you will be debt free and able to manage your finances 500% better

[carl.s]

i used to love sunday morning, NO POST to hide from!
its amazing how your life turns around once in an IVA,the weight off your shoulders.
credit should be banned to all people under 21 so you can used to living on your income without the glossy, dreamy credit cards tempting you. If i'd started my life in an IVA situation then i dont think i'd be tempted by credit later in life...
jus food for thought..

[louisa.s]

I would just like to echo everyones sentiments.

We are 2 years into our IVA and like some people we were a borderline case initially only repaying back about 28p in the pound but we were determined to get ourselves out of our mess. We didn't have any assets but chose to do the IVA knwoing that it would teach us the fundamental basis of living within our means and how to budget and more importantly SAVE!

Our first year and bit was tough by no stretch of the imagination but we stuck with it and with the help of a couple of payrises it has made life much more comfortable. Now we budget, live within our means, save and have money left over each month which is incredibly satisfying regardless of how much is in that account.

And with the knowledge that whatever life deals us we can deal with it with the support of our friends (that includes all of you guys) and family. Heres to a debt free life and happiness!

[s.b.w]

Hi All

Just got a month left till the final payment for my IVA, and althought it's been hard... I have to say it's been a worthwhile experience.

It's been a long haul but if anyone thinks 5 years is a longtime, think how much longer it would have been to pay of your debt any other way.

I'm appearing on working lunch soon (BBC2) and their expert actually told me I had to get at least 2 credit cards again to improve my credit rating.... not ruddy likely!

Good luck all....

Sharon x

[s.b.w]

And Remember... they can't hang you for being in debt!

[cat 1]

These posts have been a great tonic.It amazes me how positive this forum is.It's become an intrinsic part of my daily life now.Something I do that no one else I know does.And this really helps.Especially when I'm at the very early stages (5 payments in of a 6 year iva) Cat

[karenmorley]

Hey everybody

I have posted on here once before - back in April 07 - just when my IVA was coming up for completion. A year on I still follow this site with interest purely because I wish I had had something like this when I was undertaking my IVA back in 2001 and to remind me of what I have been through. Maybe it wasn't up and running then or maybe I didn't look hard enough.
My IVA ran for 5 years and 6 months - it was difficult and once the euphoria of sorting my debts out had worn off (37k of them to be exact) resentment creeps in, paying almost all of your disposable income to your IP becomes a struggle and you really regret your decision but believe me it is worth it. It taught me a very hard lesson that you cannot live your life on credit and you must budget for everything - I have become obsessed with checking my budget spreadsheet on a daily basis!!
A year on from IVA completion I now own my own home, I have a credit card which is paid off in full every month and I have a hell of lot spare income - so you guys who are currently in an IVA or are considering it, it is worth it and going forward you will become much more disciplined in your outlook towards finances.
A word advice for everyone no matter what happens during the course of you IVA always keep in contact with your IP, they are much more understanding than you think! My car died 4 months into my IVA and I was allowed a payment break to get a replacment vehicle.
I wish you all luck and I will follow your stories with interest.

Karen

[emma_t]

What a great post Karen, glad things are going so well for you.
Its also great to hear success stories when you are just starting out and of people, like yourself, who have completed their iva.

Best wishes to you and good luck for the future[:)]
Emma