www.iva.co.uk

I used to be on here under a different user name, but because not been on here for 2 years and my e-mail changed etc had to register.

I had lots of help of Andy and Melaine, hopefully they remember me, I am james with the twin daughters, and if any one is interested I purchased Andys book and its brilliant i got it when it came out and still have it, I am sure their is lots of people who are going through an IVA since I last came on here, I got lots of advice and since not in an iva any longer so if it helps I am going to explain why I ended up in an IVA, what happened whilst I was in it, How I came out of it and whats happened since, and also my thoughts, what ever you do do not take my thoughts to heart these are only my thoughts.

How did I get in to an IVA -

Cut along story short got divorced she took me for everything, purchased a new house and to but everything and debt got out of control.

Why I took an IVA -

Talked to a company didnt want to have a bad credit ratingm sold house paid of mortgage and becuase I felt I had to do the right thing to the companys I owed money went in to a IVA to pay back as much as I could.

Then what -

Sold house moved in with new girlfriend and paid monthly in to IVA

During the IVA -

I paid £349 a month struggled but learnt how to budget again. Then 15 months in to it mygirlfriend (now my wife) became pregant with Twins, and with the allowance given we could not offer my children a good life, we felt like why should our children pay for our mistake, so my wife agreed to re-mortgage and did a full and final settlment of about £11k. This took it up to 2 years by the time everything was finished which was January 2008.
Then in Janaury 2009 we decided to move, this was in the recession and put a desopit on a £220k house, my wife had equity of £70k and could get a mortage for £40k, this left us short of £110k we got a very good finacial adviser,he is very good and still use him to this day but he could not get us a mortgage to save his life even with a guarnator. So my parents very kndly re-mortgaged their house and lent us the money. Because of the kids my wife works part time, I pay both mortages, one in my wifes name and one in my dads name, this is were it gets daft I have paid them all on time since 2009 along with all the bills and does not increase my credit rating becuase its not in my name.

Come January 2012 my 6 years of it been on my credit rating will disapear from my credit file, and my adviser will try to get me a mortage in my own name.

So did an IVA work for me.

Yes and No - An IVA is a goof thing and if nothing else it taught me to appreciate money more and budget better which I still do to this day, but If I knew now what I knew i would go bankcrupt, but that does not mean its right for everyone, the reason I say this is for 3 main reasons, 1 - I lost my house any way, 2 - I thought it might do some good on credit rating but it does not you are still viewed the same as bankcrupt, and number 3 - you want to pay the banks back, dont kid your self they dont want to help you, the second you enter an IVA, they have already written the money of, thats why in a bank the debt department is seen as 100% profitable because anything they get back is already writeen of so its 100% profit.

Dont take this the wrong way, I am not bitter, it was my descion to go in to an IVA and i LEARNT alot from it, but do it again I woould go bankcrupt, but only for my situation, for yours an IVA may be best

Food for thought there Jim

It's each to his own as to whether or not an IVA is the way to go.

It certainly is for me as BR has never been an option.

Jim - you are not viewed the same as a bankrupt. The vast majority of companies only ask about bankruptcy, not an IVA.

Interesting and I feel the same about BR. Post-iva we are treated exactly the same as BR so I do wonder what I'd do if I had my time again. An iva was sold to me as not being as severe as BR but if the lenders don't view it any differently then it's all academic. All I want is to buy a house one day and it seems BR may have been the quicker route - 3 years payments and then on to rebuilding my credit score.

I don't agree BOL - you're not treated the same.

BOL, you're not treated the same. We've been looking to change our home insurance and a lot of companies ask whether anyone in the household has ever been BR, no mention of IVAs. It's the same with a lot of mortgage companies.

Fully agree Skippy - as i mentioned the other day this BR - seems to appear on a lot of insuance quotes now (Skippy have you sorted the insurance out)??

BOL - the BR will still appear on your credit file for 6 years years - so credit rebuild wont really start till this drops off file

Hi Jim978 I have enjoyed reading your post. An IVA was the best option for us but it may not be the best option for everybody. Fancy paying 2 mortgages, wow. I think your situation would make an interesting blog.Best wishes and I hope your little ones are good also.
oscar
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Ginger, it looks as though we've sorted out the insurance. The AA would reduce the premium by £16 (big deal!) but wouldn't reduce the excess as £100 is now their standard for all insurance apparently.

Dave did a quote with More Than and it was £85 cheaper with £50 excess! The best part was they only want to know if a property has been flooded in the last 5 years (ours was flooded over 60 years ago) and they don't ask anything about BR. Needless to say we've gone with them!

pleased you've got this one sorted Skippy

Thats worth mentioning to fellow ex BRs - in the future - glad its sorted

Just had a massive bust up with my car insurance company (OneCall) this morning after faxing details X3 /emails etc(which they cant find) - told them to stuff the policy - "will go go to proper insurers" and paid the £13 cancellation charge -- oh i hate incompetience !!!

I was in an IVA for two years - retired and my only income was my State Pension and disability payment. A chance discussion with someone who told me I was silly. BR receiver does not take in to account benefits and state pension.

Stopped paying IVA, money saved put aside to pay (cash) for bankruptcy when I received my default on IVA notice. Went to court and didn't even have to see judge - all over within half an hour and will be free three years earlier than IVA and financially better off.

Food for thought?

These decision have to be indivdual - there are pros and cons in all the debt management plans - main thing people have to find out what right for them in their own situation

regardless the Bankrupty history will still appear in credit files for 6 years

I agree with ginger, it's each to their own. Personally I would rather my IVA had worked so that OH didn't have problems getting contents insurance etc, and I didn't have to worry about the dreaded BR question in the future.

Glad you got the insurance sorted Skippy.

It is each to his own. BR was never an option for me and still isn't for various reasons but I do understand that some people have no option and some people choose to do it.