5 years does seam a long time when you first start out ,its a long haul but well worth the long winding road.....i have just made payment 58 ,just 2 more to go now it feels like i dont know where the time has gone...where ever u may be with ur iva stick in there you'll make it in the end.
Before I went into my IVA I thought nothing of taking out a loan over 5 or 7 years and I know that if I take out a car loan for example it will most likely be over 5 years.
i don't think five or six years is too long at all - whilst it may drag, as BOL says, people take out loans for that long and think nothing of it.
If you take out a mortgage then you're saddled with that for 25 years!!
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
If I had consolidated every penny plus the interest I owed and set a repayment plan that I could afford, I would have been paying it for close to 44 years!! The 5 (maybe 6) years that have been afforded me to pay back as much as possible are by far the better option. I just thank God for the option of an IVA over the stress I was under.
Last Payment made 04/12/14. Completion Certificate 25/7/15. IVA company GT. No Issues
It is absurd to compare a five year iva payment plan to a normal 5 year loan,no more than you can compare a dolphin to a fish.I do not know what planet some people are on. When you are taking out a loan,even a mortgage you are buying something that it is normally impossible to pay cash for. Also having a loan does not affect fanacial vetting and security clearance. As an Ip have said an Sc clearance is ok,but but for the highest level of clearance even in the police an iva will prohibite you. It is also normal to have long term loans,it is not seen as having mismanaged money. An iva is penance which getting a loan is not. You are getting goods and services in advance and that keeps the economy going and create jobs.Banks like Hsbc does not close your bank acount with a big loan but with an iva,closed account and replaced with a basic bank account that insults. I would do 20 year loan than a 5 year iva and be happy and still have a Aaa credit rating.
Last edited by nomoremoney on Sat Apr 14, 2012 8:15 pm, edited 1 time in total.
A lot of us look at it as being the same as a loan - if we're happy with that and it lets us get through the IVA then why knock it?
I don't see it as a penance - I see it as a gateway to a debt free life.
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
HSBC do not replace bank accounts with a basic one - they close it totally, as do First Direct. Whether we like it or not banks can decline or close accounts.
I am very glad I am doing my IVA and will be debt free in a few years. Other than my mortgage, and at least I have something to show for that, I would not want a twenty year loan.
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
Obviously, having an account closed or to have it subsituted with another bank with a basic one is not positive,the former is not the main point here so I stick to the loan and iva comparison.
A three year iva is preferably as it used to be as Mel had said,but not a 5,6,....year iva now in this fanancial climate,but do not say it is just like a loan,people do not moan about a 95% 25 year mortgage,and you can aways sell and get out of.An iva is to do or face personal ruined. To even to try to sex up the iva is misguided.Never again I say as in Poland 1942. And even after the iva,none of the big 5 banks want to deal with former debtors for how many more years.....this creates further headaches. An iva experience is more like a divorce than a Loan.
Last edited by nomoremoney on Sat Apr 14, 2012 8:44 pm, edited 1 time in total.
That's the way I treat it. We will have to agree to disagree on this one as you won't change my outlook on this.
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
Re the loan and iva comparison: you say having an iva isn't the same as a loan because you get goods and services for a loan. Well guess what, you've had the goods, you've had the services and now it's time to pay up!! Stop whining and realise how lucky you are. You aren't paying an iva for the sake of paying an iva; you are repaying your creditors for SOME of the credit you have had to buy goods and services. If you don't like it, go back to paying your creditors yourself and see how you get on!!!!!!!!!
I shall just be happy to finish mine and be debt free at the end.
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
Nomoremoney - can you please stop editing posts after others have made posts after yours. It makes the thread hard to read.
Any other points you have to make can be done in a seperate post.
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
No one is knocking the Iva,I have never knocked it,remember it used to be 3 years duration.Fact.
In the usa everyone here would be bankrupt.So let us just keep things in perspective.
However,a loan payment plan does not bring on neg reaction from banks and employmenta
but an iva loan,if you wish to call it that will have reprocussions....they can never be compared no more than a trip to the dentist is the same for all.
We got ourselves into this situation (with the help of the banks if you will) and now we have to get oursevles out of it (with the help of the banks). There's no use playing the martyr.
No problem with the iva and with bank support used as a payment plan to get out of what would have been bankruptcy , I fully support this,but but comparing it with a normal loan payment is just not appropriate.Everyone will get a loan in their lifetime but not an iva,the latter can be avoided by better education.And do not blame the banks please you were not forced to take the money.
Last edited by nomoremoney on Sat Apr 14, 2012 9:17 pm, edited 1 time in total.
