I complained,moaned, groaned, bitched, resented and was often indignant whilst counting the days, waiting for my IVA to finish. When I got my certificate, was I euphoric? No. Just grateful to have been given the chance.
With the certificate came a statement that reminded me of the hole I was in five years ago and now it's healed, I can get on with my life. Debt free.
Time does drag, the end often feels a long way away but, stick at it, it's worth it.
When I started my IVA 4 years 2 months ago, I was relieved and thankful that I had found/been given a way out of my debts that included paying as much back to my creditors as I possibly could.
As the last few years have gone by, and I`ve seen an ever increasing amount of posts of discontent on the forum, I have become incredibly cynical with the whole IVA circus and at the goings on of some insolvency companies and how they ply their trade and the complete disregard they have for their debtor `clients`.
I am just grateful that I have the IP I do, and that I`m with the company I am, as I approach a critical time in my IVA.
I`m pretty certain that if I was looking at an IVA now, with all that`s going on, I wouldn`t bother...I`d just sell my (not worth much) house, pay off as much of my debt as possible with what was left, then go bankrupt and start again rather than pay an IVA for five years then have to take out a long term, massively expensive secured loan.
How`s that a way out of debt then???
Last edited by Goosed on Thu Oct 02, 2014 3:27 pm, edited 1 time in total.
"When the seagulls follow the trawler, it is because they think sardines will be thrown into the sea".
I wonder how many people who completed IVA's end up having credit again, and how many then go on to have 2nd IVA's.
the Mrs and I have said that, if we can help it, we will never have credit again. We've got ourselves in to a good routine, and come 4 years time we will be £430 better off each month, which will go into savings (what the hell are they??) and in to paying off the mortgage
It does happen - I have seen it, also once, fairly recently. But we have no idea of the circumstances.
For my part, I have been "payment free" about 18 months (which includes a break at the end) and "certified" ( I know, I know!) for 9 months or so. I have not even been tempted to take any credit, despite being bombarded with application invites. I have saved a little ( for the first time since I was 11 ) and that savings pot is my buffer, instead of the plastic of the old days.
If I want something specific I save up for a few months
I must say I am enjoying the credit free life.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
The forum is non judgmental with respect for all so no matter if someone entered a 2nd IVA they'd be more than welcome here. Like Foggy I know of one recent poster who has entered a 2nd IVA.
Nobody knows the circumstances of why. However, back to OP and an excellent post, stoneyB.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
It was this time last year that my equity issue was finally sorted which following a variance meeting meant the 12 month extension was accepted.
I now have 9 months remaining and reading this post has made me look back on the whole process.
I was very lucky and very fortunate that my Ip company have turned out to be very good because at the time my situation was so bad that i had bailiffs waiting to take machinary away from my business and i just chose a firm from a search engine and after reading about ivas just took the plunge. It could have worked out alot different.
My view of credit has significantly changed as i think it has to as you scrimp and save through an iva, but i do think there is good credit as well as bad credit as long as you have the discipline to deal with it.
We are in a position where our car is on its last legs and without saving up to buy a car whilst in an iva (an impossible task)we will need to borrow money to buy one.We have an account with the local credit union which are fantastic by the way, and that will be our first port of call when we go and get another car. But instead of taking another loan out or using credit cards we will pay the loan off before we even think of getting anything else.
We dont want to take anymore credit but feel it is a necessary evil. Credit cards are a different matter dont want them and havent needed them over the last five and a half years. However my wife has one with a nil balance which is used for emergencies.
So all of you starting out on an iva, although the goalposts keep changing, keep the faith, it is hard but just keep thinking back at how bad it was like before you entered the process.
