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I have 2 years left to complete on my IVA and will still be living with my parents by the time I'm 30. They don't know about the agreement and I am finding the whole thing very stressful and often feel like a failure when I look at all the nice things people around me are able to afford.

Once an IVA is completed ho complicated is it to gain a mortgage or even to satisfy owners of rental properties that you can be trusted.

Hi richard and welcome to the forum

Your thoughts are perfectly understandable, but it is not the IVA which has put you in this position but the fact that you have borrowed money that you cannot afford to repay in the past. You must not feel like a failure - you have obviously worked hard over the last 3 years to maintain payments to your IVA, and the back of it is now broken.

Once the IVA has competled, it is very easy to get a mortgage, and this evening one of my clients advised me that he has been offered a 95% loan to value mortgage whilst he is in an IVA, so this is an encouraging sign that some lenders see people who, like you, have entered into a responsible repayment programme as a creditworthy risk again. The next 2 years will whizz, and in just one years time you can start to make real plans as to what you are going to spend all of that money on in the future - but steer away from credit again!

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello Richard -

I think it is quite normal to go through a whole range of moods while setting up and going through an IVA. I know I have felt stressed and sad but there also the feelings of relief and knowing that you have actually got money to spend each month - even if its not much.

I was interested to read that you only have 2 years to go - if you get a chance would you be able to post what happened at your annual reviews? Did your contributions go up and what paperwork did you need to send in? Iam only 5 months into my IVA but am already thinking / worrying about the first review!

Thanks.

Hi Hun

Iam just very new in to my IVA and u, your nearly done well done you!!! I was very stressed going into IVA and i had feelings like you, but like everyone else has said we are doing the right thing.

Hope ur ok xx

Hang on in there Richard. You are testament that IVAs are by no means an easy option. Try to keep focusing on the end result which will see you debt free with a disposable income you can control, spend and save.

You should find taking a mortgage out at the end of your agreement is fairly straightforward so rest assured that your IVA hasn't hindered your chances of becoming a home owner.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Welcome to the Forum Richard,

Wow you have completed 3 years, thats great news! How have you gone through the last 3 years without telling your parents? You may want to let them know so you dont have to go through the last 2 years alone.

You are not a failure Richard, you have faced up to your debt and are paying back your creditors as much as you can there is nothing shameful about that. Keep your head held high [:D]

Best Regards. IVA Experts

yes, I often look around and see all the nice things other people can afford, thats how we got in this mess in the first place, wanting a nice house, car, etc!

I expect most people you envy are in debt too! I know someone who is up to his eyeballs in debt, he even bought a Ferrari! I just he never finds himself in my position in a few years' time!

Hello Richard

You are still young and there will be a whole new life for you after the IVA is completed.

We all make mistakes and many people find themselves in debt and have to face up to it all. Your IVA is a tool to better things, It is not an easy option but instead of feeling that you have failed, I believe youre a raving success and will be an inspiration to many here just starting out. Plus you have gone through it all alone, without any help and without telling your parents.

Nice things are nice but nice feelings are so much better and what a nice feeling it will be to wake up one day soon without owing anyone anything, how many people with nice things can say that??/

Richard, I know my children will make their own mistakes in life, just like I have and believe me I would be so proud of them for facing up to it all as you have. Can you reconsider telling your parents now that you are more than half way through?? At the end of the day, they will not be wanting you to suffer in silence and we all need a little bit of support from time to time.

Hang in there Richard and good luck

lily

I too will be 30 when my iva finishes. Im still at home and yes it is hard to see all my friends moving out and having lovely things but out of all my friends there is only one who is only payin a mortgage the rest have got mortgages , loans ,cc's etc. Dont feel down at least when we move out all the nice things will be ours and not a loan or credit companies!!!!!

Richard the end is in sight keep your nerve, think on this all those nice things you see are more than likely been paid for on the tick and are jsut physical manifestations of someone elses debts.

And don't see yourself as a failure your life in itself is worth far more than any car or house, you are unique. The chances of been born at all are so infintley small, that fact alone makes you the mnost vaulable thing you have.

Hi Richard

Well done for getting to three years - you are far from being a failure and should be VERY proud of yourself, rest assured there is life after an IVA, and getting a mortgage after a successful IVA is no problem. Hang in there…


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We have all felt like failures im sure but the main thing is, you faced up to your problems and dealt with them best you could.
Just sit tight and enjoy the rest of your life debt free