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Posted: Thu Jun 28, 2012 8:07 pm
by PaulDebt
The relief is EPIC!
Had £100K in debt and on a low income with no assests so am now paying £150 per month which works out at 4.8p/£!!!!
I feel like I can get on with my life now.
Posted: Thu Jun 28, 2012 9:10 pm
by luluj
Great news ...well done. You can now focus on budgeting and living within an IVA....it is a challenge but a worthy one...the end result is debt freedom!
Posted: Thu Jun 28, 2012 9:33 pm
by dipsy
Well done Paul. I bet you are relieved after all that worry! Here's hoping that your IVA runs smoothly
Posted: Thu Jun 28, 2012 9:45 pm
by kathvegas
Well done Paul you must be chuffed.
Not wanting to burst you bubble but it's a hard stog.
8 months into mine and the IP has insisted mine increase from 6 years to 7 due to the IP who liquidated my company who said they wouldn't bother chasing me for a directors loan account as they knew I had no chance of paying it back so foolishly I left it out of the IVA. Forgot about it actually as unlike other creditors there were no letters/reminders etc.
Never been so I'm p***ed off
Good luck with yours though and it would be better for you if there're no changes in your life throughout.
Best of british.
Katie
Posted: Thu Jun 28, 2012 9:48 pm
by footiemad
Well done Paul. Good luck with everything - such a relief isn't it!!
Posted: Thu Jun 28, 2012 11:13 pm
by KM1512
Well done Paul and I am sure it is a relieve it is a struggle in an IVA but it is easier than managing debts when you don't have enough income to make the minimum payments. Good luck and hope everything goes smoothly[:)]
Posted: Thu Jun 28, 2012 11:20 pm
by kazzafunk
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by kathvegas
Well done Paul you must be chuffed.
Not wanting to burst you bubble but it's a hard stog.
8 months into mine and the IP has insisted mine increase from 6 years to 7 due to the IP who liquidated my company who said they wouldn't bother chasing me for a directors loan account as they knew I had no chance of paying it back so foolishly I left it out of the IVA. Forgot about it actually as unlike other creditors there were no letters/reminders etc.
Never been so I'm p***ed off
Good luck with yours though and it would be better for you if there're no changes in your life throughout.
Best of british.
Katie
Hi Kath - sorry to hear that. It may feel never ending but please just think of it as being a 7 year loan with no other debt to speak of. Not many people can say that and most loan companies offer up to 84 months repayments now. If you try to turn it into a positive it may feel easier to cope with.
Easy for me to say as our full and final was accepted in Year 1. However, our income dropped with my ill health retirement and from now on our income is less than when in the IVA so we will probably have to be frugal forever!! It feels so good however to be debt free and know that every penny coming in is ours to pay bills and have a little left over for us each month.
Posted: Fri Jun 29, 2012 12:30 am
by Broke of London
congratulations on the acceptance! It may seem like a long time; but you may have been in debt forever without it! There are good bits too. Being in credit with the bank was a big thrill for me LOL x
Posted: Fri Jun 29, 2012 3:06 pm
by PaulDebt
Thanks all.
I know it may be a hard slog for the next five years (well 59 months!) but it will be worth it. I am actually better off though because I was in a DMP with the CCCS paying £249 per month. That was becoming a struggle so that is when I thought about trying to enter an IVA again. I had one a few years back but it failed miserably but that is a long story!!! So instead of paying £249 per month on a DMP whereby the debt would never be written off I am now paying £150 per month with a finishing line in five years.
I do expect my income to eventually rise in those five years so my payments will probably go up a bit but that's no problem.
Kath-Sorry to hear about your IVA but chin up I suppose.
Posted: Fri Jun 29, 2012 3:35 pm
by Shining
I think it's fantastic news it's been accepted. It will be worth and take it month by month and as you say things change and every treat you save for now will be more valued by you x
Posted: Mon Jul 02, 2012 8:54 pm
by libertyfund
Wow Paul fantastic, as you said 5 years a clear finishing line, i have 12 more payments and it's been tough at times but in the main it's been no problem, as long as you tell you IP of any changes so nothing comes back to haunt you. Welcome to the forum.
Posted: Mon Jul 02, 2012 9:18 pm
by Struzzo39
only just seen this thread. Congratulations. Heres hoping your road to becomming debt free is a smooth one for you xx