Hi everybody newbie here looking for support on that 6 year road to recovery
Just wanted to ask a question to other posters.
I have a 22000.00 debt basically started with a credit card offered by my bank when i was 18, was feeling vulnerable after not long not coming back from hillsborough. Anyway my debt spiralled from there. I'm now 44.
i have recently separated from my wife and as a result of my debt i can't afford to live. my fault i know
I have never missed a payment on anything. part of me feels guilty for having to consider an IVA. However part of me says well these companies have made thousands of pounds out of me in interest in 27 years so why shouldn't they help me out a little.
Does anybody else feel like me. ???
Don't get me wrong i will be eternally grateful to my creditors should my proposal be accepted.
Hi I think this is how most of us felt! It's no picnic but it's do-able although please take the time to speak to a few firms before you choose
if you read the posts on here you will see which company's are most trusted, helpful, supportive
That is probably the most important thing
good luck
I was in a similar boat to yourself when I commenced on the IVA journey. Around the same level of debt on various credit cards and loans that spirelled out of control.
I had never missed a payment either and it got to the point where I couldnt go on and had to do something and made the decision to go down the IVA route.
I and many others have been there and gone through the emotions of what if it fails, what if people will find out, but you will get through it with the love and support of people on this site and that of your IP.
I had many sleepless nights waiting for my IVA to be set up but what you have to remember is the IP is there for you. They wouldnt put you forward for an IVA if they didnt think it would be accepted. From your creditors point of few, you are saying to them, that you want to pay them what you can rather than pay nothing and go bankrupt.
You have stood up and said, right I need to do something and you are at the beginning of the journey to a debt free life.
Its not always easy but just remember your taking control of your finances and responsibities and getting your life on track.
If you ever need any support or advice there are some lovely and knowledgeable people on this forum that have helped me out so much I dont think they even realise.
Take care and good luck, if you need to chat feel free to get in touch.
Currently in an IVA. Not a Financial Professional, any comments expressed are just my opinion.
Hello and welcome. Entering an IVA is an emotional roller coaster and, for the next few weeks, maybe a months, you will be all over the place.
You are not alone, we have nearly all been on the self same ride, but it DOES settle and you will start to sort out your own "IVA lifestyle".
Some of us had eye watering debt, for all sorts of reasons. One thing an IVA will do for you is to reconnect you with the value of money, without "magic plastic" --- when you stop having to juggle the finances every month things will feel better.
YOU are finally regaining some control.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Hi and welcome , It's not an easy decision to make , I found myself over a grand a month down and after religiously paying minimum payments every month with most going back on in interest but never missing I just didn't have the capacity to pay , I took the decision to apply and am awaiting creditors meeting in 2 weeks , feel relieved and nervous at the same time ! It was relatively easy to apply and I feel supported by the company so far , stopped paying creditors and was honest with them , most have been fine so far ! I am back in the black and have put a little contingency aside for first payment , I wish you well on your journey and someone is always here for advice or to have a rant too !
Vincent Bond are very well respected in the industry. They will sort out all of your details and pass them to a reputable IP.
It is important that you understand the ins and outs from the start so do not be afraid to ask any questions. VB will answer them all, no matter how silly they might sound to you. You can also ask on here for experiences and advice from those of us who have been there and have the tee- shirts.
Biggies you need to understand: How are they going to treat overtime and bonus payments and, if you are a homeowner, how are they going to deal with equity release ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
just looking forward to being debt free. i have learned to budget a bit better over the last couple of years as most my wages goes on minimum payments. i would hate to hazard a guess at the amount of interest i have paid over 27 years. I'm guessing 10s of thousands.
don't care if i never see a rectangle bit of plastic again.
but i agree i feel the weight lifting gradually. signed my agreement just waiting for go ahead to stop payments now
Your ex will need to agree to the attempt to remortgage and co-sign an RX1, which is a restriction which will alert the IP if you try to sell.
You will have to try to release your share of equity, if there is enough there at the time ( some IVAs have a £5000 de minimis ( though not all). As things stand at the moment you will not be able to remortgage in which case most proposals allow for an extra 12 months payments in lieu. However, the remortgage situation could change over the next 5 years and they might become available.
When you get an IP appointed ask them to provide you with an example of how they calculate equity, as this does cause some angst at the time if not understood. Also ask if there is a de minimis and what the procedure will be in the event that you cannot remortgage.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Andwat, please make sure you understand exactly what the equity release provision is. It is so important as slightly different wording can take an extra year of contributions to repay.
I am surprised anybody would have told you not to worry. Now is the time to worry to save major problems once you are legally bound to something youare not 100% sure of.
I can only echo what Relieved has said and am surprised that you have had this glossed over as it can cause a lot of grief down the line if you do not fully understand the implications.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
Foggy and relieved should be listened to - there are a lot of queries on here at the moment linked to equity release and where a lot of heartache is being caused.
IVA started March 2011, Completed March 2016 and certificate issued 11 days after final payment. It was not always easy but then some of the best decisions aren't.
