Did 5 years financial education work

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MerlinL14

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Post by MerlinL14 » Fri Feb 13, 2015 7:10 pm
The 5 years of my IVA is what I refer to. Oblivious to the financial melt down of my finances was always just on the horizon, but when you speak to your bank manager you really expect helpful advice that will keep your head above water so you can start to make head roads into lowering the amount of the overdraft you rely on month in month. The reality that I was never going to survive Christmas 2009 without missing payments on cards, overdraft and even the rent hit me like a low blow about October that year! I broke down and wept while my bank manager again just suggested an overdraft raise and an increase in the card limit!!! I sat down with my wife and bankruptcy was the only option we had ever heard of and we googled options while we still had internet. Never having heard of an IVA before that day we searched for the nearest, local firm. Ended up talking with staff at Bains and Ernst in Manchester, great talk, loads of information and the options open to us. They even supplied the contact details of other IVA firms so we could see what the industry as a whole had to offer. We went with B&E who were helpful, honest and contactable. This only lasted 2 years as they then sold on customers to Grant Thornton. By this time I had found this forum and all the bad press about GT's lack of customer support and long closure delays were there for all to see, not a nice thing to find when you believe you have just been sold up the river. Never had a problem with GT, never had issues contacting them and on the occasions I had to they were fantastic, maybe just me but not the picture that was painted by other posters, not to say they didn't get the shi77y end of a stick. All my reviews were carried out on time, didn't get a report on 2 occasions but then everything was moving on without issue so not a problem. On to my final payment month of December 2014, the DD left my account and I contacted GT to see if I could cancel the DD, never heard anything for a week so phoned them, nice lady told me they had cancelled the DD the day after my last payment. Next day received an email with thanks to us for no hiccups during our 5 year term, thanks for uplifting the creditor payments due to PPI and a change of job that also included a huge hike in monthly payments, but all within the initial guidelines and never enough to make me feel it wasn't worth changing jobs.
2 months on without any IVA payments, this is a short time but a yardstick as to how we are going to get along financially in the future.
We still use the budget we had while in the IVA, it worked then and is still working. We have both had Birthdays since our last payment and both of us stuck to our £20 pressie limit we had in the IVA. We need a few things but on the whole we don't want anything. I still go weak at the knees seeing just how much money is still in our account even after everything is paid out for the month.
The education has worked, hopefully will continue to work. An IVA was definitively the correct option for us and truth be told should have happened at least 3 years before it did, had we been totally honest and informed in our assessment of our sinking financial ship.
I hope that your IVA goes as smoothly as ours did, I hope you find solace in the fact you are not alone in this journey and I hope you see that the blame doesn't fully lie on your shoulders. I also hope the financial education you learn is a life lesson. Good luck to you all.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
 
 

Foggy

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Post by Foggy » Fri Feb 13, 2015 8:33 pm
Great post Merlin -- pop it in a blog, might win a hundred squid :-)

I, too, found GT to be far better than they were painted to be, but must admit, a lot of the good stuff was down to Karol and the colleagues she put me into direct contact with. They do insist on 6 months to completion, but not having to make the payments makes that a little easier !

I am getting on for 2 years down and still live to my IVA budget. I have modest savings and go weak at the knees if I need to spend anything !!

Onward and Upward, Merlin, Onward and Upward :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

MerlinL14

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Post by MerlinL14 » Fri Feb 13, 2015 9:04 pm
OK, enlighten me, what is a blog?
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
 
 

kev59

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Post by kev59 » Fri Feb 13, 2015 10:34 pm
Great post, merlin.
my iva is now over and I sill work to a budget. now earn about half what I did before going into the iva. (change of job) but am sill better off now, as no debts to pay off each month. yes there are things i would like for my home. but until the money is in my bank. I will live without them.
would not have done that before iva, it would just go on a card.
Last edited by kev59 on Fri Feb 13, 2015 10:36 pm, edited 1 time in total.
IVA now over with and it was worth it.
now starting my life again,
 
 

Foggy

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Post by Foggy » Fri Feb 13, 2015 11:09 pm
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by MerlinL14

OK, enlighten me, what is a blog?
Follow the link, m'lad, and all will be revealed:

http://blogs.iva.co.uk/
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

recovering

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Post by recovering » Sat Feb 14, 2015 10:58 am
Great read! there seems to be loads of completions at the moment! Just hope you all stick around on here!
 
 

Til

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Post by Til » Sat Feb 14, 2015 4:56 pm
We made our last payment in October and I've certainly been changed by the IVA.

Later this year we may need to take out a home improvement loan for serious house repairs that cannot wait for the time it would take for us to save it (electrics/structural). In the past I wouldn't have hesitated but now it terrifies me - even borrowing sensibly for an essential need seems so wrong! I will do much research before we decide if a home improvement loan is our only choice whereas before I would have just jumped in, probably with a credit card!

We've saved some money too ... a very modest amount but the first time in probably 15 years that we've managed it so certainly a whole new world to us.

The IVA has changed the way I deal with money fundamentally and I'm very thankful for it.
"Hope is the feeling you have that the feeling you have isn't permanent." - Jean Kerr

IVA approved Aug 2008 - 6 year term - last payment made 6 Oct 2014. CC received 14 Nov 2014.
 
 

Struzzo39

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Post by Struzzo39 » Mon Feb 23, 2015 1:49 pm
Fantastic posts !
Steven & Debbie
 
 

Shining

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Post by Shining » Mon Feb 23, 2015 2:31 pm
A great post and totally agree a good blog entry too - love reading the blogs.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
 
 

MerlinL14

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Post by MerlinL14 » Mon Feb 23, 2015 5:01 pm
Seems registration for new Blogs has been suspended. I was going to take your advice after reading a few and seeing how they are composed and the snippets you can put in to aid other members on the IVA trail.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
 
 

relieved33

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Post by relieved33 » Mon Feb 23, 2015 5:57 pm
I hope admin can sort that quickly, I love reading blogs - especially new ones, I am really nosy!!
 
 

daisymay999

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Post by daisymay999 » Fri Apr 03, 2015 3:38 pm
I would say that entering an iva has taught me a lot. I have my last payment coming out of my account in april and then I am done ! As I have trained myself to live within a budget, I now plan to save my iva payments and treat myself to my 1st holiday in 5 years to somewhere HOT .
 
 

Foggy

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Post by Foggy » Fri Apr 03, 2015 4:47 pm
That's the way, Daisymay --- living without any credit for 5 years proves it can be done --- the next 5 years you can do it with even more money in your pocket !
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

luluj

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Post by luluj » Fri Apr 03, 2015 7:15 pm
Still use the budgeting skills learnt in our iva 6 years on ... taught me a huge lesson.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
 
 

plasticdaft

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Post by plasticdaft » Mon Apr 06, 2015 4:47 pm
Recently took out finance on a car and have got a new sofa being made as I type (4 years interest free).

I did think that credit was a bad thing due to the trouble it caused us but felt it was time to see if our rehab was complete by taking contolled credit!!

It is scary but we budget carefully every month and feel so much better for having got through a personal insolvency!!

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
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