www.iva.co.uk

is anybody in this forum going to go though this hell again running up huge debts with loans and credit cards buy now pay laters any views on this suject anybody

JOHNPAUL

I went through 6 months of hell going to bed at night worrying about my debts and waking up at 5 am worrying about my debts. I went through each day robbing one credit card to pay another till I reached a stage where no one else would give me money and I had a nervous tick at the side of my left eye. I will never go through that again!!

Now the good bits!

What a pleasure it is to buy things with my own money, how chuffed I feel to get 2 chickens for £4! What joy to push my way to the front of the reduced section at Asda, having a tug of war with an old lady over a reduced joint of beef (she won!) I really must work out more [:)]

I thought I would dread this Christmas with having no money but it’s the opposite! OK we will be getting a fraction of what we used to get at Christmas, but everything we do get will be bought and paid for! I am in the fortunate position of being able to work overtime (split 50/50 between be and my creditors) Christmas will be lean but so what!!

I am ashamed of my uncontrolled spending which almost lost me my home and sanity. But I have a second chance and I will use it! No more credit for me!!

the thing is maxdebt even bank accounts+contract mobiles+virgin tv with internet+bt telephone line + any other bils like gas etc etc are credit even savings accounts

JOHNPAUL

There is also HP for a car. I doubt very much I will ever be in a position to buy a car by cash

they will include that in your iva but must warn you maxdebt you cant have anyform of credit while on a iva not without going though your ip first say if you car broke and was a write then yes you would have to contact your ip to see if your creditors will agree to it

JOHNPAUL

we did a F/F IVA 2 years ago.

Prior to that we had done consolidation loans, remortgages ect to try and sort our debt problem but it never helped as it only resulted in still haveing to find the extra money for those loans/bigger mortgages that we just didnt have, so even though at the time we said...never again, we always did cos we didnt have any cash that was ours to live on, so back came the credit cards. (another reason i think that when anyone does do consolidadtion there credit should immidiately be stopped and cards withdrawn)

I will never take for granted the position we are in now and will always remember what we had to go through to get here.

The fact that no bills ever come through our door...i never have to ignor the phone ringing and i never have to stand at the till trying to remember which card has some credit left on it.

We wont be able to get credit for another 4 years...and thats fine cos we have managed very well without it for the last 2 years. However we are in a position now finacially that we could afford things we need on a monthly basis. Our washing machine packed up about 3 months ago...with 3 kids its not something i can live without (the dryer wouldnt bother me) but we didnt have a spare few hundred pounds to go buy one cash. So i asked my dad if he would get it for me and i would pay him back. He isnt in a position to just buy me one and i wouldnt expect him to. So he got one on 0% finiance for me....and i give him the money each month. But where as in the past i would have paid as little as possible i am now paying him twice the amount needed each month to get it paid in half the time. My outlook on credit is very different than it used to be...only if you dont have the cash upfront...only what you HAVE to have, and cant wait for...only o% finaince and ONLY 1 thing at a time.

As for cars...we have a banger and its all i would ever have...cars mean nothing to me. You need a car these days yes but you dont need a top of the range BMW...thats what you would like not what you NEED.

We saw a friend we hadnt seen for ages last week, and the first thing he asked was "what car you driving these days"...i was really irked by this...not "so glad to see your well, the kids look happy, you both look happy"....just what car...like that is supposed to be a sigh of how well you are doing in life....isnt the fact that rob and i are happy and the kids happy a more important sign that we are succesful in life....not what car you drive.

anyway...look at me going on...LOL...no i wouldnt do it again.

I dont know about anybody else but i have had enough of the sleepless nights and sickly feeling. If my F&F is accepted, i will enjoy he best night sleep ever.
This is not something i EVER wish to go through again.

Ahhh good luck skint...and that first nights sleep is so worth waiting for. Get a cheep bottle cava and pop it on the day it goes through. I'll be keeping my fingers and toes crossed for you...when is it..? x

Hiya bagpuss, not too sure when it is yet as they only recieved all my doccuments this week. A variation is now being prepared, they told me on the phone yesterday. They know i am on a bit of a time limit and assured me they would hurry up. I will let you know when i kow any more.

i know what i would like to say about credit but cant use foul language in this forum i know what i want to see happen he gos
if you are on say 25k a year on salary i think that you should only have 10k of credit card or loan debt limit put on you and thencredit card lenders and loan lenders put a cap on you from having any type of credit with in the form of credit cards and loans but still have contract mobile phones and virgin tv etc etc until you have paid that of and also give you reviews say every 12 months checking your credit file at experian to see what level of debt you are in and also for credit card lenders to stop sending out 3rd party credit cards offering you credit eg credit cards or loans and for the credit card company to stop giving you more credit every year eg had a credit card 1k limit on it and upit to 3k within 1 or 2 years and i think that they should make you pay back 10% of the dividend of the outstanding balance on the amount of money you owe
any thoughts on this andy davie

JOHNPAUL

Charming!!!!

hi skint do you agree with what i said in the posting

JOHNPAUL

To be honest, i dont think it matters what any of us thinks. They do things their own way regardless.
As for the comment on mbna, they were not one of my creditors but i will say, these people are paid to do a job, whether we agree with the way they do it or not.
Personally, i wouldnt speak bad of any of my creditors. Afterall i defaulted, not them and where it is my duty to pay back s much as i possibly can, it is their duty to do their job and try to retrieve as much as they can. We all hae to make a living somehow.

good point skint but do you agree its far to easy to get credit cards and loans credit cards must be the bigest reason for people going into debt in the first place but it looks like credit card lenders and loan lenders are waking up to what they have done and now are going go act on it

JOHNPAUL

Different people have got into debt for different reasons. I do think some lenders make things too easy but at the end of the day, we have all taken out loans, credit cards etc for our own reasons, believing at the time that we could manage. Only to find later, we are in too deep. I dont think the lenders are entirely to blame. A lot of that also should lie with us and the circumstances that got us into he mess in the first place.