Hello again, i'm just letting you know that myself and my husband have had the BIG chat.......He's come out from under the mat and realised we do need to go ahead with the IVA. He's been in denial and wasn't prepared to face up to the fact that we are in a mess. Although we are up to date with all our payments we are just not coping not having any money left over, for decent food, things for the kids, petrol ect. So Monday we are gonna get all the paper work together and send it off asap. I just hope i'm doing the right thing as i just cannot help being pessimistic as i've been in this dark place for so long and 5 more years of worry frightens me. I'm still unsure of the fees still as i was told they was no upfront fees. I also read another message earlier ( can't remember name) they were saying they ended up paying back more than they owed with fees and things so that worried me again. I've read as much info as i can and still SCARED!!!. We are 40k in debt and paying minimun payments apart from a 10k loan. I'll let you know if i post the forms. xx
Hi Eliza, first of all a huge congratualations on your acknowledgement of your debt. Do have a long chat with your company. Which company have you chosen by the way? Try not to be scared. Have your had the telephone interview with your IP yet? A good thing to do from now on in, is get yourself a notepad, and anythig (no matter how small it seems) that your want to know jot it down so that you don't forget, then ask away. This forum is here to support you every step of the journey. I have travelled this road, and come out the other side. We had a lot of our debt written off after completeing 6 years in our IVA due to not being able to re-mortgage. There are not too many of us who pay back 100% plus fees, but if you can and those that do must have a great feeling to have paid all of it back. Keep posting and asking the questions.
Hi Eliza and congratulations on convincing your husband to give this a go! It's great news that you are both of the same mind. Five years may seem like a long time, but it's nowhere near as long as a lifetime making minimum payments! BR would only be three years so could be worth investigating although if you own your home it could be at risk and it does affect some occupations. Very fee people are lucky enough to return 100p/£; bit if you do you can bet the fees paid will have been less that the interest and charges levied by your creditors. To put it in perspective, my 15% supervisor's fee is probably between £45-50pm whereas the interest on one credit card alone was £250pm. Also, fees are deducted from the affordable monthly contribution not in addition to it. Yu shouldn't have to pay an upfront fee, but you can always ask before deciding which firm to go with. x
Hi Eliza you have made the first big step!!We were in the same place you are in 5yrs ago it is the most horrible place (arguments,blame,silence,guilt,no sleep etc) BUT trust me when you send that paperwork off and get the IVA up and running you feel great and a lot of weight is lifted from your shoulders.With a structured payment plan you will still have more money than you have now as everything you earn wont be going on what you owe.You will get to the end point (5/6 yrs )We have just got our CC .Best feeling ever I don't owe anyone anything!!!!!!!!!The only regret that i have is we didn't sort it out a lot sooner instead we sat and worried about it.Take the plunge there is no point sitting on it it wont go away as we found out.Good luck and any questions this is the place to ask so much help and support its a fab place to be !!!
We both agree with you. We look at is a 'loan'. It's no longer than some we have taken out in the past but, unlike them, we know they will finish on time with no going after extra credit to keep us going.
Hi Eliza, the best decision my husband ever made (apart from marrying me lol) was persuading me to go thru with the IVA.I was against the idea at first to be honest I think it was because I didnt really understand what it was all about. But we cudnt go on the way we were, paying the minimun amount each month on all our cards and living in our overdraft. Our Iva was approved last thursday and it is such a relief. We are fiancially better off in a IVA because we arnet paying ridiculous payments every month including sky high interest charges. I too look at it as a loan. Be prepared at the begining because you have a bit of information to gather but its worth it, take care and good luck x
Hi Eliza
I couldn't agree more. At the very worst, my IVA repayment is set to be roughly the same amount as just one of my loans, therefore I will be in so much of a better position than I was.Added to that, I am now budgeting for bills in my allowance whereas before I just waited for them to come in and paid for them on my credit card. It is going to be tough, but I know that we will all come out the other side wiser and more able to manage our finances than we were before. Good luck and let us know how you get on.
Take what life throws at you and hold your head up high. You're only human after all!!!
Thank you all for your replies. Feeling a little better now reading your comments. Just been gathering together all our paperwork well as much as I can for now. Could I ask who to I get to value my house. Do I need it in writing. Unsure what to do. Thanks again x
id say with the valuation of the house,get a couple of local estate agents around for valuation,and just ask themto sent it in the post,im not sure if there is a pacific company who has to come and value it, if your entering into an iva,
never cment on me speling its rubbish and i didnt go to schola lot okk
made bankrupt 1st august 2012 at 10.00am
now disharged so bankrupt no more thank god im free of debt now
It is always a difficult decision to realise that you do need help, when you know that your debts are out of control, but often this is the worst bit of the process and from now on things ought to get better. The fact that you are both in this together and will support each other will help tremendously along the way. Very best of luck with your application.
