Daytona - i am concerned that you said your are in a bad finanacial position - at the end of the IVA - you will walk away with no debt, also no savings. But you need to ask yourself what postion you would be in now if it was not for the IVA (ie CCjs/repossession)
IVA is NOT easy - but it does have a end date to it, unlike the growing credit card balance
I had a similar claim during my IVA and didnt see it, in fact it covered the outstanding debt with the creditor, not into the IVA. I questioned the situation with the FOS directly and they confirmed the creditor was correct in there action, have you contacted the FOS about this?
I completely understand your frustration but you need to take a step back and assess the situation you was in before the IVA and where you are now. You need to ask yourself what is important, keeping your family, health and loved ones intact or stress out with this PPI claim not being paid out to your IVA?
I know how hard it is going through an IVA and I have my own views on the creditors which I would not publish on this site unless it was constructive.
Hope you see the end of the IVA through and good luck
Hi Mark, thanks for that. Yes I am grateful to be finally out of debt. Its just a bitter pill at the eleventh hour to round off what has been for me a hard five year slog.
We can all blame the banking industry for the debt WE got ourselves into, but nobody held a gun to our heads to take the money we borrowed.
The point here is that we need to fully understand what we are letting ourselves in for when deciding on an iva.
We are overpaying regularly and will pay a heck of a lot more than originally estimated, but if we had carried on in a dmp or trying to arrange reduced payments we would have taken some of our debt to the grave.
Personally, we didnt have the option of bankruptcy and probably wouldnt have gone down that road, we dont want to punish the banks we (willingly) borrowed from, just pay off what we can in a reasonable time frame.
It is a hard slog sometimes but at least we can predict when all this will be over, could anyone have done so previous to entering an iva, I doubt it.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
I have never ever met a group of people who are more pro-banks and pro - IVA and who have effectively blamed themselves for the situation they have got themselves into. Try this one for size in the last four years I have had 2% pay increase. Thats in the last four years of work. The interest rates (before my IVA) on the three credit cards I had went up three times in quick succession. It effectively resulted in paying £90.00 on each of the four credit cards I had plus the loan I had with the bank. Name me anything, food, travel and the cost of general living that has stayed the same over the last five years. Its all gone up. And you say don't blame the banks. Who do I blame. Myself! I had to go into an IVA because like many others I was in an unending spiral of debt. How many pay day loan companies now offer services? I bet you can name quite a few. The reason for this virtually everyone who is employed is in a poor position. I find your postscript of live and love everyday as if it were your last touching if not incredibly naive, while the banks rake in all the money from people like us. We cannot live on fresh air. I am still using pay day loan companies to fill in the cracks in my finances because now my IVA is over I still need to pay all of my bills and keep everything in motion. Something I have had to do for five years on a virtual shoestring budget.
Thank god its almost over.
daytona555 - most of us on here signed credit agreements to get credit cards etc - most us accept full responsibility for what we signed.
Whilst i fully understanded you expected the creditors to write off 60% of your debt whilst you claimed PPI from them and expected to walk away with a lump sum, that did NOT happen - clearly you sound agrieved.
One lesson to learn from you IVA - is read /reread and read again any legal documents put in front of you - after all you signed to say you agreed and understand the contract.
ginger 3232 I did read all of the documents put in front of me and it wasn't 60% of the debt, in my case it was 45% of the debt. I do feel upset with what happened but I did not want the IVA I paid into to fail. Something that may have happened if I collected on the PPI settlement claim from the bank. As it stands it would be classed as fraud and might have lead to prison. So an easy decision for me to make.
The lump sum you mentioned was for £5,174.00 and this effectively means that I have paid 100% of the £17,999 I had as my debts. I should be proud of paying all of this back but I'm not. Its a hollow victory. I am convinced the IVA is set up for the benefit of the creditors not for those in debt. I believe the IPs could not care less if the IVA succeeds or fails. IVAs work if people who have salaries that accommodate them over the 60 months.
When the people on this forum have completed and gone through paying their IVAs they may well feel as I do. It was a contact yes, legally binding and I would think twice about being in a position to get into another one. Hopefully now I will never have to. Its been extremely hard.
daytona555, you shouldn't be using payday loans while still in an IVA, you are not supposed to have any credit without the IP's permission. This can be classed as a breach of your IVA. I get the feeling from reading your posts you understood very little about your IVA when you first took it out which is understandable, we all were grateful we could get out of the situation we found ourselves and grabbed it as a godsend and only afterwards understood it all.
If life is what you make it, I must have been in a strange mood when I made mine
An IVA is for the benefit of the debtor and the creditor. The creditor gets at least some of the money back and the debtor is protected from the creditors adding interest.
For the majority of people an IVA is a very good solution, and if you have paid back 100% of your debt you should feel proud, not bitter. I know if my IVA had been successful I would have been extremely happy to repay my debts in full.
daytona555 wrote:
Try this one for size in the last four years I have had 2% pay increase. Thats in the last four years of work.
I have not had a pay rise in four years, my pay has been frozen for this time. Now I have had to cut my cloth so to speak. My IVA is now over, and the money I was paying into it is now my own. I just don't understand the need to take out payday loans when during the last 5 years you should have mastered the art of budgeting. I am sorry you feel that the IVA is a bad thing, but for me it has been an eductation, one that I will never forget. I have had over 40% of my debt wiped off, and for this I will feel eternally grateful, but I don't feel any pride in this, it was my debt and my responsibility. I have had to rely on the companies accepting my IVA in order to get a percentage of their money back. When I took out the IVA I just felt humilation and shame in getting myself into such a mess in the first place. I will always be grateful for having this opportunity to start afresh.
Hi this is the reply to Pandy. I have had to use pay day loans I have not wanted to use pay day loans. There is a big difference. I have had to be extremely good at managing money until as I mentioned everything started to increase in price. Hope you took note of the fact that my salary over the last four years as increased by just 2%. And as you know if that happens you have to find the money some way to accommodate the rises in the cost of living. Food, transport, utilities, council tax all have to be paid. They have all gone up. It does not take a rocket scientist to work this out. I am not exactly bitter about the outcome of the IVA I just completed. It is a fact that I have had to use pay day loans to get over this obstacle of increased prices. It should be very simple to understand. I tried my best to budget every week but always found that I could not make all the ends meet. It had nothing to do with an over active social life or any social life for that matter. I am grateful for the IVA but did not fully take on board the real cost of it. It seems people posting on this forum have a totally different out look. As I mentioned before I find all of this depressing so these are my last posts here. To everyone on this site who is currently in an IVA good luck.
Daytona I'm sorry you feel this forum is pro IVA but the clue may be in the website address? No one is forced to register on here. No one needs to use payday loans to continue in an IVA. Your I&E should be accurate and I guess this isn't from what you are posting. No offence but given your posts how can you be upset at paying back 100% if you read all your documents? Which will have told you about estimated or minimum dividend.
The road is 72months long starting September 2010.
Hi Daytona. At the end of the day, you have made the journey. Now is the time to look forward and go on, debt free.
You speak as though you are the only one amongst us in an IVA --- believe me, most of us have been in an IVA, many of us have come out the other side, and many haven't even had a 2% pay rise in the last few years either!
As for blame --- I got myself into this situation by borrowing the money. Yes, the banks hiking interest rates didn't help, the Governments reaction to the economic crisis didn't help and my employer witholding pay increases I was actually due didn't help ... but, bottom line, none of that would have been a problem if I hadn't borrowed the money in the first place.
You, I and the majotiry of the forum members have learnt, and are still learning, a hard lesson. But now ---- to the future.
Fianlly ( although you might not share the sentiment ) Well Done for coming through your IVA!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Many posters on here haven't had a payrise of any kind, and a couple of years ago I had to take a 7% pay cut. I was paying into my IPA at the time, and although it was reduced, it wasn't reduced by the amount that I lost.
It's hard for all of us but anyone in an IVA needs to speak to their IP if they are struggling. They are there to help and don't want to see an IVA fail.
Payday loans are something I never ever contemplated using, not even when I was desperate and using cash from my credit cards to pay back into the credit card account.
I would never use them, no matter how much I needed money.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
