Started our iva's April 2009 and, because there was NR debt, they were agreed at 6 years, with the usual equity release 6 months before the end. 6 months before the end, just as we were getting valuations etc together we were passed on to Creditfix, and I have to be honest, weren't very happy about it.
Chased and chased CF to find out what was happening and then in April they contacted me to say I was in arrears. Turns out they closed the account I paid into before telling me so my payment had bounced back, and I never noticed (expensive car work).
Paid final outstanding amount on mine on 30 April and got my completion certificate out of the blue on 8 May. Hubby paid his final payment 1 April and we have come home today to find his completion certificate. IT IS OVER!!
I have to say that written communication from CF is generally poor but when you speak to a real person by and large they are helpful, friendly and happy to help.
Still not sure what happened about out equity, there's something in our letters about creditors agreeing to accept payments made in the 6 years as agreement satisfied but whatever happened, I am so relieved this is finished.
To people starting out or partway through their journey : keep with it, it will end and you will also feel this relief. I suffered terribly with depression and guilt/shame all the way through but now, looking back, I can see we did our absolute best to repay what we could afford each and every month.
Good luck to all of you and thank you for the support and guidance offered here - this has certainly helped me enormously. Even though I was never a big poster, I have been an avid reader throughout.
Thank you
Obviously we're over the moon but I have to admit to feeling a little bit scared at the same time, not sure if everyone feels a bit that way!
We felt exactly the same and to a certain extent still do ... remember the budgeting skills learnt and to think "do i really need this" not "i really want this" ....
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I am coming to the end of my term and I too have mixed thoughts. Although, I think they will dissipate once I have my CC. Still have a lurking feeling that something will crop up and scupper ruin everything.
As for learning my lesson.. well sort of... Having been deprived of everything for over 6 years, at the end I will have a huge blow out for a few months and then try to get back on track. I will apply for a Credit Card as soon as I can, but this will only be used in emergencies and always paid off. I have expensive tastes and that will not change, but I will save and buy them rather then use credit.
Just hope when the reigns of off, I don't go too crazy
We haven't splurged since finishing. Said we would but when it came to it, didn't! Replaced essential items and we are saving for a holiday. Decided not to get a credit card to rebuild rating, will wait to get a mainstream one at higher apr once iva is off in a couple of months.
I still check the bank daily, still mentally add up shopping, still buy reduced items for the freezer. I am hoping that this doesn't change. We are in control of our finances now and I like that feeling. It was great having our P60s this month and not having to scan and email them! It's been great to be able to accept invitations from friends andfamily to go out to the pub / rrestaurants / theatre, making excuses was as awful as missing out on the adventures!
It was a long,hard 5 years and the experience isn't going to waste!!
I haven't splurged, but have bought a few expensive items -- by saving and paying cash. My rationale is now, not to equate expense with bling or the latest fad or gadget, but to equate it with quality and something that will last.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
