Life after the IVA

[keh]

Now been 2 years since IVA ended with a F&F.

The hardest part was when it ended and we suddenly had all this extra income to spend..

We were tempted to go out enjoy ourselves and have nice holidays but remembered that it was part of those reasons that got us into the mess in the first place.
We talked and talked about the way forward and went through many options, (£600 a month better off).
Finally we agreed:-
No more Credit Cards EVER!!
No more loans (mortgage excluded)
Only to buy what we can afford
To save £400 a month until we got enough for a deposit for a house and the other £200 was to save for holidays or emergencies.

We're about to sign contracts on our new home and the mortgage repayments are lower than the rent we was paying.
We have also had some nice holidays and hope to continue with nice holidays.

So for all you people still in an IVA or thinking about it please remember that there is light at the end of the tunnel and when you reach it a beautiful rainbow is ready to embrace you.

It was hard but the rewards are great and the feeling of achievement to what we was like 7 years ago is beyond words.

Don't give up hope and when you finish your IVA don't spend your new found wealth, just think about what you want and need to do

Thank you all for reading and i still come by and read the forum and will continue to do as a reminder not to get into debt again.

[Struzzo39]

Fantastic post. Really made me smile. Cant wait for those days to come

[kallis3]

Excellent post keh. Glad everything is working out for you.

Hope you are happy in your new home.

An inspiration to all of us still on that journey.

[Shining]

It is truly a post that makes you think it's all worthwhile. May you be very happy in your new home x

[struggling63]

I know for myself, the first thing I will do is book a holiday, as I've not had one in five years, and then buy some new decent work clothes.

There will then be a few months of treating myself before I start to save half my IVA payment which will be £300 per month.

I'm also going to treat a couple of friends who have been very supportive throughout my time in the IVA, I think I'd have gone nuts, if I didn't have them to go to when I was low.

[s27]

Keh, well done on getting past your troubles.
I have has 12 months post F&F IVA (2 years until finally dropped from credit report).
I have tried several independent mortgage advisors/brokers but the best deal on a new buyer mortgage is 50% deposit, whih i am slighlty short of (could manage 30% deposit). May I ask how you managed to succeed in getting a new mortgage? I am currently renting but would love to buy a place and call it "home", but the current mortgage market place it very limited.

[Hammie1]

Hi Keh

What a great inspirational post. Did also put a smile on my face. Good luck to you for the future.

We are just starting out with our IVA and currently waiting approvals.

Thanks again for your great post

Sam

[kaza]

What a great post[:D]

Great news on the house front.

I can't wait for the day my IVA finishes........like you say no more debt[:D]
I won't use another credit card again[;)]

I should have around £900/£1000 extra a month[:D] So we plan to go to Florida then save for a new bathroom.

Roll on Oct 2014!!!!

[flow13]

Great post.

We are also going to be saving for a deposit on a house. x

[keh]

Keh, well done on getting past your troubles.
I have has 12 months post F&F IVA (2 years until finally dropped from credit report).
I have tried several independent mortgage advisors/brokers but the best deal on a new buyer mortgage is 50% deposit, whih i am slighlty short of (could manage 30% deposit). [8D]May I ask how you managed to succeed in getting a new mortgage?[8D] I am currently renting but would love to buy a place and call it "home", but the current mortgage market place it very limited.

Went for the best deal available with the deposit we had..though it was not the best deal around. our advisor kept looking and found us a 3 year fixed mortgage..(we didn't want variable)

May i suggest you go back and say whats the best deal for 28-30% deposit and i'm sure there will be something for you

[keh]

Thank you all for your kind replies...and a BIG thank you to IVA.CO.UK for being here in our troubled times.

Will keep you all posted with updates

[Shining]

glad the forum helped you and I hope you keep us posted.

[s27]

Thanks Keh. Could I ask you who your mortgage is with? It may point at least one of the three independents I've asked in the right direction. They've all come back with 50%.

[batawi3]

Well done OP on completing your IVA. I am also in the homestretch now with 12 payments left - so August 2011 I shall be saying bye bye IVA. It has surely been a tough journey. Well done all for persevering - it is surely not for the faint hearted

[SometimesTina]

Well done, and thank you for a great, inspiring post.

A few questions I have are -

When the IVA is over, does the credit history sort itself out, or do you have to chase around getting your name re established?

2. Someone mentioned no mortgage or loan until 2 yrs has passed at the end of the IVA. Is this true? I thought it was 12 months.

Thanks