I think you are just going to have to grin and bear it stobatron. As the others have said, you will be writing off a portion of your debts, not paying interest and not being hounded by the creditors.
It is a long time, but your normal debts would probably have taken at least five years to pay off initially.
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
I prefer having the 6 possibly 7 year iva than 20+ years of loan repayments or dmp payments!!!
This information will be in your contract somewhere-mine was in the modifications requested by the creditors(Northern rock).
I dont believe many of us complained when we borrowed the money in the first place-did we???
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
Quite agree Andrea. I always intended to pay them off in full, but the fates (and my own greed!) decreed otherwise so I'm doing the next best thing.
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
The postive thing about post IVA - it make you more aware of your spending habits. personally even having Credit/Debit cards now,we still use the pot of "real" money for the weekely shop. And when i am tempted i think back to during the IVA. No one is going to say the IVA is easy - its not. My only regret was there was no forum like this, to vent anger/steam or to just whinge.
It is brilliant isn't it? Not just for information and advice, but for a virtual hug if you need one and a lot of us have made good friends off forum - even met up! A load of us are on Facebook as well.
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
Apart from learning the "budgetting habit" my IVA has brought myself and my wife closer together. We have always been close and our marriage is truly a blessed one. However, we were both privately dealing with our own debt demons, which is a bit of a strain. When we decided to go down this route, with interlocking IVA's (how romantic!), we were united against the common enemy (not the creditors.... but debt itself) .... if I am not careful I am going to get all evangelical in a minute !!!!!!!
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
I dealt with both our debt demons (all brought about by me!) and he knew nothing at all about how bad things were. It did bring us closer together though once we got through the initial mistrust.
Now the pressure is off, we are managing reasonably well and looking forward to 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
Quite new to the forum - so maybe being a bit thick!
Rather than trying to remortgage for small amounts of equity, surely by the time to take in Booking fees/Arrangement fees/legal fees and survey, it would be cheaper to extent the IVA 6-12 months.
Also what happens to the credit agency information - does the IVA drop off automatically even if the IVA has been extented?? As is usually 6 years after the start?
The IVA will drop off automatically after six years.
As regards the equity, whilst at the moment it's pretty impossible to to, you may be able to do so in the future. It may be cheaper for you to do, but the creditors will get back a lot more if you can remortgage.
I am sure they are hedging their bets at the moment.
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
