Hello everyone,
I found this forum a little while ago and finally signed up after doing a lot of reading.
I am 4 years and 3 months into my IVA. I originally had £46k of debts and entered into an IVA. My original estimated dividend was 25%. So far after checking my figures I have now paid back £36.5K of this due to having a few good years in my sales job whereby I was paying 50% of my commission to the IP (I didn't get the 10% then 50% of that).
By my calculations this represents a 78% (less IP fees) return in the last four years.
I really would like to move on with my life and start getting some money down to move out etc (I am 33 and living at home due to debts).
Do I have any chance or will I just have to live out the remaining 9-10 months as I am now.
I sometimes wonder why I didn't go bankrupt back then as I never had any assets etc, but felt some obligation to pay as much back as possible.
Thanks
Last edited by Notsowiseone on Mon Feb 02, 2009 7:03 pm, edited 1 time in total.
Well done in getting this far. My understanding is that unless your circumstances have changed and you can no longer ufnd your monthly payments, then your IVA will need to run it's course. Extra money paid in over the four years will all go to giving the creditors a high % in the pound back. Stick at it - not long to go now !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I also can't see the creditors agreeing to end it early when you are capable of paying in for the remainder of the term.
Besides which, by the time you had a variation meeting sorted out, it would be almost time to finish anyway!
Take pride in the fact that in 10 months time you will have paid back as much as you possible can to your creditors and will be debt free.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Jan and Lulu are perfectly right. Unless your circumstances have changed and you can no longer afford the payments to your IVA you will have to stick it out to the bitter end. But not long to go now. If you do not maintain the payments then it is likely that your IVA will fail and you will probably be back at square one - a bit of a waste of 4 years effort.
Unfortunately the agreememnt that you can keep the first 10% of overtime and additional income is relatively new and so will not be relevant to your IVA.
Kind regards, Elizabeth Pywowarczuk, Insolvency Practitioner.
If you would like me to advise you about an IVA and if appropriate propose one for you, please visit my website at www.liberta.uk.com
Hi and welcome to the forum, notsowise. I think you were probably very wise to enter an IVA. Remember that, although you will have paid an unusually high pence in the pound by the end of the IVA, you have been free of all the hassle of creditors hounding you and, more importantly, free of interest. Paying what you have paid wouldn't have come close to paying off credit cards etc. Stick at it - you're almost there and still young enough to move on debt-free - how many of your mates can say that???
Thank all for the nice welcome and the replies. I figured as much. I guess my creditors have been "lucky" in how much they have got back from me. I think part of me still wonders how much easier it may have been to just go BR back then. But as I say I spent it, so I should pay it back.
Would it be worth me seeing if I can offer a F&F of a couple of thousand? (borrowed from family. I figure if I offered say £2000 and borrowed that off my parents I could pay them back £200 a month for the next 10 months and still be substantially better off) Do you think that would stand a chance?
You ought to be proud that you have managed to pay so much back to creditors to date - as I assume that was the intention when you took out the loans in the first place.
Personally, as you are so close to completing the IVA - I would just let the next nine months go by without going for a variation - which should only be done if you are finding the payments unaffordable. I do not feel that this would be terribly well recieved by your creditors, and at the end of the day do try to pay them as much as you can afford - it will be a great feeling when you get your Certificate of Due Completion at the end.
Thank you. It makes sense to leave it for the nine months or so. I was just wondering with the current climate etc, whether it would be worth trying. I'll leave it as it is for now. If my circumstances change, I'll be sure to post again. (very very slight possibility of redundancy, but will wait and see).
Thanks again.
If you got made redundant, then you could ask for your payments to date to be taken as final.
As you are so close, and have paid so much in, I imagine the creditors would have not problems accepting that.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Only if you are made redundant is there a possibility of varying your IVA to what has already been paid in. Otherwise stick it out - not long to go. Well done by the way.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You'll be able to have a nice stress and debt free Christmas this year - something to look forward to!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
