Hello,
Well, my IVA is finally over. Life is great. The future is rosy!
(I have posted before but not with as much detail and couldn't figure out how to retrieve my user details...so here I go again...under a new user name!)
Questions this post will answer:
- How soon did I get my completion certificate?
- How easy or hard was it to apply for new jobs?
- Can you get a company bank account set up and go self employed?
- Did the credit report get altered?
- How does it feel!?
Ok, so I originally entered into my IVA in October 2010...3 years ago. It was a 5 year deal, through PJG Recovery. Melanie Giles spoke to me on the phone initially, and instantly made me feel like a normal human being. Her colleague, Sue Clay, was my IP. I have nothing but amazing things to say about PJG Recovery...every step of the way!
I was fortunate enough to be offered a chance of redundancy, after 14 years with my employer. I knew that with the payout that I would get, I would have enough money to pay off my IVA, in full, at 100p to the £ and still have enough money left over to pay my rent and bills for a year, if need be. So I jumped at the opportunity.
From the moment I decided to jump ship, I felt so ill...fretting with worry about whether or not I had done the right thing. I had tension headaches for weeks...literally every day! It was awful. But then change isn't easy.
The great news was that my IVA was going to be completed. I got the final settlement figure and sent across the money on 7th October 2013. PJG Recovery was amazing...especially my case handler, Leighton. I was emailing him almost every day! I wanted to ensure things ran smoothly. Plus, I needed things to happen very quickly as I had decided to set up my own limited company and put my future into my own hands. I really needed the completion certificate in order to progress with finding contracts and setting up my business account.
One week later, I received my Completion Certificate, by email. This was AMAZING. You see I had tried to open up a Business Bank Account. It was proving difficult. I had spoken with Barclays, who confirmed that I should be able to open an account with them, providing I could supply the certificate. I also spoke with Natwest, who also confirmed that they would let me open up what they call a 'fundamental business account' (one with no credit facilities), on sight of the certificate. So when my email came through, I emailed it straight to Natwest and my business account was approved and is now set up!! I then received the paper copy and my official closing report on 16th November 2013...all over and done with, JUST 9 days after making my final payment.
So why did I decide to set up my own company? I work in the financial services sector and have spent my time training banking staff and financial advisers. I read the forums and read a lot of comments about how you are basically screwed if you are trying to find a job in financial services, even after having completed an IVA. This worried me no end! However, I have to say, this is not what I have found.
I applied for several jobs, both in the financial services sector and for other sectors. I think it is safe to say that if you have the right level of experience and are upfront and honest about your IVA, then you do get invited for interviews! I also went to recruitment agency 'Michael Page' and was told that my IVA would not be a problem at all and to not worry. I was told that there would of course be a couple of companies that would not be able to employ me (TSYS is one of them...this isn't to do with the managers at that company not wanting to interview people who have had IVAs...but is due to the strict guidance that their clients put on them...which is fair enough).
I have received several interviews. However, because I wanted to keep my options open, I also decided to see how I would go about setting up my own Training Consultancy firm. I attended assessment days with some of the biggest Contracting Agencies and was accepted, regardless of my credit history. Again, because I had been honest about it all at the very start, they were more bothered about my experience. They were pleased that my IVA was over and the completion certificate will be good for their files. They told me that they have had people in similar situations (and worse) apply to them in the past. It is your skills and experience that counts!
So, today, the future is looking bright. It is 25th October 2013...just 18 days after making my final payment. I have successfully set up my limited company. I am on the books of the biggest contracting agencies and I have successfully secured a 3 month contract with one of the biggest high street banks in the UK. All of this, despite my credit history. I tell you this because if you have what companies need, then there is most definitely hope...and opportunity. I have worked out that in just 3 months, I will earn 70% of my old annual salary. I've also had to turn down contracts...I guess the side effect of companies making redundancies...the work still needs doing and they draft in the contractors.
So what does my credit report look like? I can tell you that before I made my final payment, I had a 'fair' score of 750, with Experian. I have just checked today and I can see that the Insolvency Register has updated my credit report already. It will still show on my credit file for another 3 years (6 years in total) but it says 'satisfied' next to it. My score has increased to a 'fair' score of 849. The creditors haven't updated my report yet but then the letter was only sent out to them a couple of days ago...so I imagine this will change over the next month.
I took a look at the Insolvency Register and my name is still showing on there. However, it says that it has been satisfied and that it will continue to show on the register for another 3 months...3 months from the settlement date. This is fair enough. Looking forward to when I am off it completely!
So, life is good. I thank my employer for allowing me to be made redundant. I thank my IP firm. I thank everyone that has helped me set up my new business and Natwest for giving me a business bank account. I also thank you all on here because this forum has been the place I have turned to every time I had a question or a concern over the last 3 years.
It's crazy to think that just over a month ago, I was approaching my 3rd year anniversary of my IVA, with the prospect of another 2 years to go and I had no savings. Today, my IVA is gone, I have a new company, savings in the bank and a profitable future ahead.
Life is good. Life will be good for all of you when the time is right! See you all on the other side
