Approaching The First Milestone

[northumbrian69]

Just made my 10th payment into my IVA, 2 more and that will be the first year out of the way [:D][:D][:D][:D]
This time last year I was just starting the IVA process, filling in forms, collecting information, changing bank accounts and trying to fend off the numerous letters and phone calls from some very tenacious creditors [:(!][:(!][:(!]
My IVA proposal took 15 weeks from first contact with my IP to approval in April, during that time there were many occasions when I just wanted to pack it all in, I consider myself to be quite a strong character but the pressures that some creditors applied almost broke me, if if hadn't been for the support and information I got from this forum, I dont think I would have got through it, a big 'thank you' to you all [:I][:I][:I]
Since April my life has changed dramatically, I don't have a lot of money but I don't have any creditors chasing me either and in the next 2 - 3 years when my 4th year equity release clause kicks in I hope I can finally say I am 'debt free'[:)][:)]
There are a lot of people subscribing to the forum that are in the same position that I was a year ago and voicing exactly the same worries and fears, my advice to you, hang in there, use the forum for support, I log on most days the knowledge base is phenomenal and the forum experts are absolutely brilliant [^][^][^][^]
I hope my experiences will help some of you, good luck

[aguise]

Hi Northumbrian. Nice to hear from you.
What an encouraging post. I am glad all is going well for you. I feel exactly the same about my iva and the forum.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

[OPTIMIST12]

Hi northumbrian -

Was interested to read your post as I am at a similar stage - 11 payments made so far. Having got the initial "high" over (Yes at Creditors Meeting) followed by the inevitable "low" soon after (Oh no - 5 years is a very long time!!) I have rapidly got into the swing of being in an IVA and everything has gone smoothly so far. Having said that I still cant get that little voice out of my head that keeps telling me that something COULD go wrong at any moment!!

The fact is though that the relief of being in an IVA is simply amazing - a real budget to work with and - most importantly - a definite completion date to work towards. I believe that January is the biggest month for people finally facing up to the fact that they need to do something about their finances (it certainly was in my case) - and they can do no better than reading this forum to help them take the first step in the right direction.

I can of course only speak for myself but I would like to also say a big thank you to my IVA Company. The larger IVA Providers come in for a certain amount of stick on the forum sometimes but - as someone who is with a "high volume" company - I have nothing but praise for them. I approached them initially in January 2007 - received my proposal in February 2007- and had my Creditors Meeting in March 2007. I had only one subsequent query in 2007 - following a pay rise - and this was resolved within a week or two (even allowing for the postal strike!). I have already received notification of my forthcoming Annual Review and have forwarded everything requested for it. . Admittedly I have no property or equity element to my IVA but I speak as I find and I can honestly say that I have received an excellent service.

Good Luck to everyonr embarking on an IVA in the near future - nothing in life is guaranteed but it really does give you the chance of making a fresh start. And there are so many brilliant people on this forum - both experts and current IVA / BR / DMPers - that you will never be short of help and advice.

[mikeandmax]

Well done with you successful start. I am 53 months into my IVA so nearly at the end. Highs and lows along the way but overall OK and managed to keep up with payments (£678 pcm). What is the 4th year equity release clause? M&M

[iva.com]

Hi all,

Its good to hear that your IVAs are progressing well. I'm sure that your stories will be comforting to those who are entering the IVA process.

All the best for the remainder of your IVAs.

Kind regards,
Terry Balfour
IVA.com

IVA.com - The IVA Comparison Site
100s of reviews, All IPs and IVA firms rated.

Use our IVA firm comparison tool to find best IVA firm for you:
http://www.iva.com/iva_comparison_1.asp

[james.c]

I have just paid my 12th payment

I feel positive as well.

And for those enetering an IVA i am sure you will all feel postitive about it in 12 months.

PS - first 12 months as flown by, live to your new budget if you do that then dont worry about money and enjoy your life

no matter how bad money gets, theirs stll alot more important things in life - 48 payments to go

[stoney]

Hi Northumbrian69
Your post completely echos our situation. We have just received our Proposal and read through it. Had to read it three times and hopefully it has sunk in. We too are dealing with letters and phone calls and are trying to keep strong. Some days it does get me down and then when the Proposal came with there was a feeling of elation at getting something concrete in writing. Just got to send it back now and await the Creditors meeting. Will be so glad when this is all finalised and we can for once in our lives work to a budget. We know this will be hard but then so was juggling the credit each month and I for one have had enough of that and effectively living a lie.

Good luck to all of you in IVA, hope to be joining you all soon.

[Adam Davies]

Hi Mikeandmax
The fourth year equity clause relates to some IVAs where the debtor has a property that they own.The clause requires them to remortgage and to,usually,release their equity into the IVA.They are required to remortgage to 85% of the house value and to then release the difference between this and their outstanding mortgage/secured loans
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[Martin2011]

Hey Northumbrian, great post and congrats on getting through that 1st year...

Like other posters above I found this site after entering my IVA, have since wished I'd found it sooner and now find it an enormous help and support weekly if not daily sometimes.

Best of luck to everyone in ticking off those months, still manage to get to sleep sometimes by thinking through that first month after it's all completed......bliss....

Martin

25 down, 35 to go....

[hallway]

I have just paid my 11th payment and so far things are going great,its so good to know how much money you have to spend each month and with %50 overtime clause for the first time ever I can save for xmas, birthdays etc.I do sometimes feel very nervous that something might go wrong but hopefully in 4 years there will be a lot of us celebrating together.

[WolfUK]

Add me to the list of people approaching their first anniversary. It seems like it was much longer since I had all the worry about debt followed by a couple of months of incessant phone calls from creditors before my IVA was approved and the last 12 months have been remarkably stress-free by comparison. Roll on February 2012 and I'm looking forward to being debt-free by the time I am 40 (December that year) and the fact that I'm never going to be a slave to a credit card or loan ever again.

[hallway]

All being well Il be 52 when I finish my Iva and then hopefully my hubbie and I will have a good few years of bein able to enjoy holidays and stuff with the spare £700 a month, youngest kids will be 18 and 20 so for the first time we can go on our own too, never again will I ever take out credit off any description.

[Jinx]

I must admit... looking back at the past 30 months the time has flown past! You learn to live with if not enjoy what you've got, and value things more.

There will always be ups & downs in life whether working your way out of debt or not. I hope to come out of my IVA a much stronger person!

I think we'll all be creditphobic in future!