Posted: Sun Feb 06, 2011 5:45 pm
I started my IVA in November 2006 and was due to complete in November this year.
Last November I learned I was 5 weeks pregnant, and wrote to my IP to request a variation for me to complete my IVA early by completing my 2010 payments and clearing my arrears. 2 weeks ago I learned that the variation meeting with my creditors had been successful, and I am now just awaiting the formal notice of completion.
The relief is incredible, and I now have 5 months to save as much as I can to fund my maternity leave.
I think the main reason my creditors agreed the variation is that throughout my IVA I have consistently increased payments when possible and I have been fortunate enough to receive annual payrises. When I moved in with my fiance, now husband, and my monthly outgoings decreased I increased my IVA contributions. When my car was stolen, they let me keep the money in readiness for replacing it, but I still increased payments to account for the £40 per month insurance I was saving. In the end, despite finishing 11 months early I had contributed close to what my original proposal had set out which included a £6k re-mortgage (since impossible due to reduction in property valuation).
I just wanted to post this story to let others now there is light at the end of tunnel. The past 4 years or so have been tough, but I am so pleased I found the IVA solution - I doubt I'd be starting a family at 31 debt-free (mortgage excluded) had it not been for the experience of the past few years. My debt problems were a mixture of failed relationship, change of job and salary reduction due to stress and depression, and a fair amount of living beyond my means as a new graduate some 10 years ago. At 24 years old I owed about £50k. That is clearly substantial, and a sum no amount of consolidation loans could ever have cleared. When I first totaled it up I sat and cried. Meeting my IP and realising there was a solution has changed my life.
I have no idea how my life would have turned out without the support of my family, IP and the advice through forums like this, but I have no doubt that I wouldn't be where I am now without all of them.
So, onto a new chapter of my life with a huge weight lifted. 5 years isn't so long, and it's amazing how quickly the time passes.
Thanks to anyone who ever answered my questions on here, and best wishes to everyone currently in an IVA, or thinking about embarking on one.
Isie xx
Last November I learned I was 5 weeks pregnant, and wrote to my IP to request a variation for me to complete my IVA early by completing my 2010 payments and clearing my arrears. 2 weeks ago I learned that the variation meeting with my creditors had been successful, and I am now just awaiting the formal notice of completion.
The relief is incredible, and I now have 5 months to save as much as I can to fund my maternity leave.
I think the main reason my creditors agreed the variation is that throughout my IVA I have consistently increased payments when possible and I have been fortunate enough to receive annual payrises. When I moved in with my fiance, now husband, and my monthly outgoings decreased I increased my IVA contributions. When my car was stolen, they let me keep the money in readiness for replacing it, but I still increased payments to account for the £40 per month insurance I was saving. In the end, despite finishing 11 months early I had contributed close to what my original proposal had set out which included a £6k re-mortgage (since impossible due to reduction in property valuation).
I just wanted to post this story to let others now there is light at the end of tunnel. The past 4 years or so have been tough, but I am so pleased I found the IVA solution - I doubt I'd be starting a family at 31 debt-free (mortgage excluded) had it not been for the experience of the past few years. My debt problems were a mixture of failed relationship, change of job and salary reduction due to stress and depression, and a fair amount of living beyond my means as a new graduate some 10 years ago. At 24 years old I owed about £50k. That is clearly substantial, and a sum no amount of consolidation loans could ever have cleared. When I first totaled it up I sat and cried. Meeting my IP and realising there was a solution has changed my life.
I have no idea how my life would have turned out without the support of my family, IP and the advice through forums like this, but I have no doubt that I wouldn't be where I am now without all of them.
So, onto a new chapter of my life with a huge weight lifted. 5 years isn't so long, and it's amazing how quickly the time passes.
Thanks to anyone who ever answered my questions on here, and best wishes to everyone currently in an IVA, or thinking about embarking on one.
Isie xx
Good luck with the birth x