www.iva.co.uk

Thought it was time to join you all and say hello!
I'm in a joint IVA with my wife, as we had alot of unsecured debt which we just couldn't cope with. Anyway, won't bog you all down with too much detail just yet -I think I'll keep it back to pour out some time when I need to!
We've now made 11 payments of 72, so nearly one year down! Yippee!
I must say how I admire you all that are much further down the road than we are, as the last 11 months feels more like 11 years! I have to admit though, it does feel good to face up to debt and finally do something constructive doesn't it?!
I look forward to chatting with you over the coming months and years, this seems like a great community.

Hey Stu, a big welcome from me.[:)] Don't hold back....tell us everything![:D] Glad you decided to post and well done for making the year, you sound very positive. Viki X

Good morning Stu and welcome to the forum.
Stick with it, it'll be worth it in the end xx

hello and welcome...i lurked for ages too.!!!...and as viki says...do tell all!!!!!!!!

my OH and self are now almost 24 months in...2nd annual review due in september...always get a bit wobbly at annual review time.!!LOL

Hello Stu and welcome to our happy forum, you're amongst friends here, glad to have you on board

Welcome from me as well x

So many replies so soon! Wow, u r all too kind. I'll try editing my financial history, here goes . . . .
I met my wife 6yrs ago, I had loads of credit cards and was absolutely terrible with money. I used to write credit card cheques to my own bank account just to cover monthly repayments some months! Just before I met her, I changed jobs into a MUCH better paid job`which easily covered my rent to my mum (not much, shame on me!), and my loans and cards. So I was even more carless with my money then with someone to spend it on! Anyway, a couple of years, a couple of credit cards and a new car later and we decided to get married - which we borrowed for. 4 months before our wedding we purchased our first home. Well, we mortgaged to the hilt and borrowed unsecured for the deposit and fees (good old Northern Rock!) I guess you can see where this is going!
The month before we got married, to our joy (though, not financial joy) we discovered my wife was pregnant.
She had to leave work as her wage would barely cover child care costs, then my company lost 25% of its business overnight resulting in overtime cuts.
With £125k in unsecured debt and no equity or assets, an IVA was the obvious choice for us. We eventually ended up with a company called Dawson White, who managed to convince Northern Rock and HBOS (our two major creditors) to accept a 6yr proposal.
And here we are, more skint every month than I was when I had a paper round at 13, but getting out of debt!

The main thing is, you have now done something about getting out of the mess that so many of us have been in and some still are.

It can be hard but what a rehabilitation programe it is.

Best of luck for the time remaining, im sure you will get there xx

hi stu & welcome from me too ! well done for being nearly a year in,even if it can be tough at times.those credit card cheques are the work of the devil & should be banned !! i used to have to pay one or two into my bank account every single month.i was so ashamed that i wouldnt actually go into the bank to pay them in,i used to do it via the hole in the wall.the things we had to do pre iva eh ! good luck with the rest of your iva & keep posting.[:)]

Welcome Stu.I'm also in early days of IVA-we're 10 payments in so like you have 5 plus years to go.Good luck.It's going to be a long haul but we have to make it because the alternative's are limited!I feel very stuck somedays yet liberated others with an IVA.Does that make sense? I know I still think about it every day and don't think it will go away.We seem to refer to it as 'the thing' when we're talking about it...Cat

Hi cat. I know exactly what you mean. Being so restricted frustrates the hell out of me at times. The time of year doesn't help either does it - everyone going on nice sunny distant holidays. Everyone except you or so it seems. Most of my friends and collegues are living in sin with their flexible friends though, so that perks me up somewhat. I take heart though that I now have an extremely healthy respect for the value of money. I will eventually finish "the thing" as you call it, knowing with absolute certainty that I will never get into serious debt again. And that feels b***** fantastic!

Hi Stu and welcome! I too took ages to pluck up the courage to submit a message even though i was on this site daily, oh and still am!! I have just completed 12 out of 72!! All of the above is exactly how i feel . Its on my mind every single day. I feel lucky to have got sorted most days ( especially 1 yr on..) but then on occasions very stuck. Its so true what Mrs Skint says ..its a real rehabiliation programme!! When i think back to how i use to deal with my bank and credit card statements to how i am today. How much more aware i am on what i'm spending and how much it all means!

i bet you thought that your history was the "worst"...eh???? i am sure loads of us have a matching scenario....BUT....not any more....the most important thing is to
"look beyond"....eyes forward.!!!!LOL

I knew my history was pretty bad, but its reassuring to be in such company!
One thing I didn't realise is just how many people are in a 6yr IVA. My IP made it seem almost unthinkable to have to add a year to increase the dividend, but I'm glad it isn't so unusual.

I am in a job where I get hugely varying amounts of overtime. So some months I have a shortfall and some months I have to write Dawson White a horribly big cheque for half! I reassure myself though that I borrowed it, so I shouldnt resent paying it back.

Above all, we're just trying really hard to look at everything positively. Otherwise we have a feeling it's going to be a very long 6 years!

Hi Stu,

Welcome from me too.

Our combined debts are £83,000 (mostly mine!), and we are four months in.

Although our IVA is a five year one, if we cannot remortgage in year 4, we will have to carry on for another twelve months. As we will both be old gits by then, I can't see us getting one, so it'll probably be six years for us as well.

Well done for being almost 12 months in.