I wanted to write to the forum and hopefully offer some hope and support to those who are struggling with paying their IVA and the accompanying difficult issues.
In August 2006 my husband and I entered a joint IVA. A monthly payment was agreed and at the last minute, a creditor, HouseHold Bank demanded an additional amount of contribution. A decision had to be made in minutes and we found ourselves agreeing to pay an additional £75 a month, on top of a really substantial chunk on our so-called disposable income in order for there to be an agreement. We had a sizable package of debt and the IVA was, for us, the only way forward.
After nearly 4 years, surviving redundancy, unemployment, emergency car repairs and all the things that go wrong when you dont have ANY cash we are finally at the end and have a completion certificate safely in our filing cabinet. Something I thought was not possible and would never happen.
My husband was made redundant and for over 18 months was unemployed. At 55/56, a former accountant, it felt as if there was nowhere for him to go. Our supervisor was putting a huge amount of pressure on us, after having gone back to the creditors for yet another revision. I thought we were going to lose everything, including our house.
However, we were fortunate to be be able to negotiate with the supervisor that we could be given a relatively small windfall from a close relative on the condition it cleared our debts and thankfully our creditors accepted.
The windfall was a small amount but it was clear we were doing everything we could to maintain the IVA despite my husbands unemployment.
I hope this message can help someone see that it can end positively and it is possible to get your life back after mind numbing debit and financial problems.
I have learnt so much and know I will never find myself in debt again!
