Posted: Fri Dec 11, 2009 10:02 am
Thought I would share my story.
Usual stuff really got a credit card at 18 by the time I was 21 I had huge debts and was paying out more than I earned. By 23 I didn’t know what to do , I foolishly moved out from my parents and started renting a place with my friends I lived a party lifestyle and basically couldn’t sustain my life style. I would get loans to pay debts, borrow off one card to pay the other - but the moral is it catches up with you big time. I was at a loss of what to do. Eventually I signed up to an IVA after discounting bankruptcy. I was in 25k worth of debt, which doesn’t sound a lot now or maybe to many other people. But back in the day it was massive and when you’re young it’s a lot of cash. I started paying back my money and did that for 5 years on the trot. I never missed a payment but strangely was never contacted by the IVA Company for a yearly review. My payments always remained the same. Exactly 5 years after I started I received some paper work to say all my payments had been received and that the IVA would pay my creditors. Yesterday I received my certificate of completion - albeit 10months after my final payment. It is amazing being debt free and I can honestly say I didn’t think it would happen. I can’t say I will never get credit again - because I probably will. But iam 5 years older now - nearly 30 with children and a very good job. I now know what amess credit can cause and the credit I get will be in the form of a mortgage or car loan, never credit cards or stores cards I know what I can afford now. I don’t really know what to do with my letter of completion and how to repair my credit score. I also struggle to know what to do with the spare cash each month, but it gets spent anyway on the kids and its not until you finish paying it you realise how much spare cash you actually have. I don’t know why the IVA Company never contacted me but I am glad it’s over. If I could turn back the clock I would have opted for bankruptcy, but that’s hindsight. It does feel nice to stick and complete something so important. For any one who reads this - before you enter in to an IVA look at ALL the options. And for those already in one, there is light at the end of the tunnel just keep going.
Usual stuff really got a credit card at 18 by the time I was 21 I had huge debts and was paying out more than I earned. By 23 I didn’t know what to do , I foolishly moved out from my parents and started renting a place with my friends I lived a party lifestyle and basically couldn’t sustain my life style. I would get loans to pay debts, borrow off one card to pay the other - but the moral is it catches up with you big time. I was at a loss of what to do. Eventually I signed up to an IVA after discounting bankruptcy. I was in 25k worth of debt, which doesn’t sound a lot now or maybe to many other people. But back in the day it was massive and when you’re young it’s a lot of cash. I started paying back my money and did that for 5 years on the trot. I never missed a payment but strangely was never contacted by the IVA Company for a yearly review. My payments always remained the same. Exactly 5 years after I started I received some paper work to say all my payments had been received and that the IVA would pay my creditors. Yesterday I received my certificate of completion - albeit 10months after my final payment. It is amazing being debt free and I can honestly say I didn’t think it would happen. I can’t say I will never get credit again - because I probably will. But iam 5 years older now - nearly 30 with children and a very good job. I now know what amess credit can cause and the credit I get will be in the form of a mortgage or car loan, never credit cards or stores cards I know what I can afford now. I don’t really know what to do with my letter of completion and how to repair my credit score. I also struggle to know what to do with the spare cash each month, but it gets spent anyway on the kids and its not until you finish paying it you realise how much spare cash you actually have. I don’t know why the IVA Company never contacted me but I am glad it’s over. If I could turn back the clock I would have opted for bankruptcy, but that’s hindsight. It does feel nice to stick and complete something so important. For any one who reads this - before you enter in to an IVA look at ALL the options. And for those already in one, there is light at the end of the tunnel just keep going.