www.iva.co.uk

Hi everyone,
3 days into having my IVA Accepted and feel i am on the right path to Debt Freedom.
The one thing that is never mentioned hardly and is the Biggest KILLER!!!! of all when paying a Mortgage , Credit Card , IVA , DMP
or whatever is

CHANGE OF CIRCUMSTANCES!!!!!!!

This problem is never highlighted or mentioned when agreeing to a Financial Repayment Program of Any Kind.

In the times of a LOAN say 5 years you could have Loss of Job, Accident at Work , Seperation/Divorce or Health Problems.

This is the sort of thing that needs to be addressed when on a repayment program and it is horrible when you have paid say 47 months of payments and something like that does happen to you and the Creditors show AbsolutelY!!! no leeway whatsoever sell the debt on and
and are only interested in making LOADS OF INTEREST!! out of you
REGARDLESS of your situation and maybe look for a CCJ and your account is DEFAULTED through no fault of your own.
All you neede was a break from repayments so that you can sort yourself out.

Payment Protection Cover is not worth it as it only protects you for a couple of months.

Last year my hubby had a serious road traffic accident we wanted a payment break for a few months to help us out (he was in hospital at the time)nearly all but one of our creditors wouldnt agree, even though we had tried to manage to keep up with repayments.So we got further behind and now we have ivas agreed. I feel some companies could be more understanding ,but i know that people have borrowed the money and they want it back .

I think it is a total scandal that creditors are only interested in making interest out of you and by a Change of Circumstance you are now forced into this position.
In the 80's and 90's the banks THREW credit at everybody telling us all how wonderful it was,
then you could get a cheap mortgage as the housing market crashed and we were all INUNDATED with Loans and Credit Card Offers and as we were all naive took up on some of the offers.
Having Credit Cards and a Mortgage Then was saying that you have excellent credit.
NOW in the millenium years it is now TERMED as DEBT!!! and now you find yourselves in a blackhole and due to the ever ongoing interest rate rises and keeping up repayments you will never pay back you now find yourself either having to go BR or go for an IVA or DMP.

It's like giving an Off-Licence to an Alcoholic to do as he pleases and then has to give it all back plus the interest.

Hi

A client once told me that some of the financial institutions are like drug dealers near the school gates.

drug dealers ply you with free samples as a "low cost " introduction to their product, then you are hooked.

You almost always need professional help to ween yourself off the dreaded stuff and it can take years.

I can see some similarities.


(Please note this was the view of an ex debt free lient and is not representative of my view and I don't want to get sued but do have expensive insurance!)