After spending many months in a very dark world of debut.....even to the point of thinking it would be easier to take my own life to allow life insurance to take the debut away, I was given the advise to go for an IVA..this was completed last week and starts on the 1st March 2015.........not sure what how it will go, but I will look at it as a last loan to get rid of the mess I was in.
The only confusing thing for me was the part about the equity in my house which may or may not be used to paysome of the debut....I know one thing the payments are affordable and I can look forward to seeing my 4 year old grow up and the dark thoughts can go away for good
Hi you sound like you're in a much better place now and do take it one month at a time. Coming out the other side of an IVA is a great achievement and you will get there. If you're ever feeling alone or down again do come to the forum we're always here to not only offer advice we can just listen when needed. Good luck with your IVA and I sincerely hope it runs smooth for you.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
Thanks Lesley, looking at the IVA payments It will take the pressure away from trying to find the money to get the bills paid and I hope it runs smoothly
Hi. Well done of facing the demons and getting sorted.
At the end, regarding equity, it will depend upon which wording you have. Normally it is a case of remortgaging (or at least trying to) to free up some of the equity, if there is any. At the moment, and things do change in the mortgage market, remortgaging is impossible and then a 12 month extension is added on instead. Some do take secured loans ... but that is rare currently.
You have 4 years to let the IVA settle in and get your head around equity -- but don't leave it until the last minute. Any questions, just ask
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Great to hear everything has panned put and your iva is approved. Please keep looking into the forum as we can help support you throughout your journey. One huge step forward on becoming debt ..well done !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
it was me just not looking and taking it in,I understand it now and realise that it was pretty clear all from the start but I was looking at it with a clear mind.....all done now and off we go on the road to debt free life
Last edited by clanger on Wed Feb 25, 2015 7:55 pm, edited 1 time in total.
lets hope all goes well for you El Presidio, it's a huge relief to get the monthly payments under one Direct Debit and not having to panic and try to find the money from some where or someone
Yes we should be completing around the same time at the end of a long road
Make sure you set aside something small to give yourselves a treat - after living on a tight budget to grt through the iva you will probably find treating yourself not particularly easy but its important you do - it takes skill and courage to get through an iva and you have done it with pride !
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
If and when you get overtime put your half into a separate account or jar, so it doesn't get swallowed up in the normal household bills, and treat yourself from this ( as well as building up a small rainy day, or blown up boiler, fund ).
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
