I’ve recently entered an IVA and have been making payments for around 6 months. Things were very difficult adjusting to our new spending power and have really taken us 6 months to settle into the lifestyle. Learning to manage our money has been the most rewarding experience and I feel a sense of achievement each time we make it to the end of the month on what money we have, knowing we have not got any further into debt. However not everything went smoothly!
The bank we opened our account with First Direct decided to cancel the account when they realised we had entered an IVA [:(!] and gave us 3 weeks notice before closing it! For anyone entering an IVA I would highly recommend the Nationwide as an alternative as they have been fantastic. Also in the beginning when we approached Thomas Charles about our IVA the amount of pressure and stress we were under made things difficult with trying to get my head around all the information they required, then the face to face meeting with the IP I found extremely daunting. Infact I have to say it was most embarrassing and I cried in the office while they went through our situation and pointed out the errors of our ways. I felt from my particular experience slightly belittled. Im sure this has not been the case for other people and maybe I was feeling particularly over sensitive at the time. But at the end of the day, it was all my own mess and we all have to learn to face the music at some point in our lives [;)] Foe anyone considering an IVA Thomas Charles introduced me to my IP and once handed me over to them have had no further involvement.
Once the initial meeting was out of the way with the IP they were very helpful everything went through without a hiccup and I’m pleased to say so far so good. I think having the pressure of debt removed from my life has allowed me to fall pregnant, although now I’m worried about how I’m going to make my payments while on maternity leave??? I have spoken to my IP who have basically told me it has to be paid. Which leads me to another question? Why is it that when circumstances change for the better they can continue to take more from me, but when a legitimate reason for a change in circumstances happens there is no help the other way? ie for 16 weeks whilst on maternity I’m going to be £900 short every month but as far as I can see there is no way of having a reduction of payment in that time. Is this the true case can anyone offer any advice from a similar situation?
I know I have made the correct decision to enter an IVA however there are things around it that scare me still, for example re-mortgaging etc and moving and stuff. One of the agreements in my IVA is that 50% of the equity in my house has to be paid into the IVA at the end of the term. I wonder how this will leave me when we need to move. Overall I’m glad I entered it and feel it was the correct thing to do as my mental health has improved greatly since dealing with my debt. So anyone who is still suffering with Ostrich syndrome I would recommend pulling your head out the sand and doing something about it. As I now have a head full of baby hopes and dreams and not nightmares and cold sweats about debt!!! [:D][^][:)]
PS Sorry about the Jackanory, but other peoples honest accounts of how things are on this site helped me make my decision. I hope this helps you too [;)]
"Life's journey is not to arrive at the grave safely in a well preserved body, but rather to skid in sideways, vodka in one hand, fag in the other, totally worn out, shouting "...holy sh*t...what a ride!"
