www.iva.co.uk

Hi everyone.

My IVA was approved yesterday which was a relief and I'm glad that the count-down has started to debt-freedom.

I wanted to share my feelings on here and see if anyone has experienced the same sort of thing.

I had excellent advice from Melanie Giles and her team and I am glad of that. They have been supportive and helpful all the way through. I would recommend them without hesitation.

I have a sense of fear about the whole thing. Fear that I've made the wrong decision, even though I've seen it in black-and-white that it's the best solution for me.

I always paid my creditors before starting the process. I was living largely on credit cards because I had so little disposable income left. I carried on like that for years, in a state of denial perhaps or blissful ignorance, shifting balances, re-mortgaging etc...

I fear people finding out I'm in an IVA. I feel like I've failed somehow and that people would look down on me like I've brought it upon myself and I'm a fool to have gotten over his head in debt.

I have brought it upon myself. I did make mistakes and spend unwisely. With me it was years of mostly small things building up, re-mortgaging to clear it and starting all over again. How I wish I had a time machine...

I see people on here who have been through devastating break-ups, bereavements, job-losses and other things completely out of their control. I feel that they have legitimate reason to be in this situation whereas I have just made mistakes and bad decisions and allowed this to creep up on me.

It was only when I started monitoring my total debt month by month I realised I was in trouble and needed help. I think I knew it before, but didn't want to admit it. I didn't scrutinise it before probably because I didn't want to know the answer.

Sorry to ramble, but I feel better for getting it off my chest. I would like to hear from anyone who has been through similar thoughts and feelings.

Hubert - Well done in getting you IVA approved. I know i did and so do many others have a wave of panic and relief in getting the IVA approved - and some (including myself) tears.

IVA is hard at times - but once it settled down -no more phone calls from creditors etc.

My IVA was in 1999/2002 - so at that time no IVA forum - you find this forum will offer advice /support/and occasional good argument and of course loads of reassurance

Congratulations on the IVA approval. Your situation was very similar to mine. never defaulted on nothing but did overspend all the time, hubby had a well paid job which he was made redundant from, our salary change our lifestyle didn't hence why we landed in debt.

The IVA was the best decision I made my only regret I didn't make it sooner, but eh ho onward and upward. Keep posting and with the support of the forum time does fly.

Hi Hubert --- one thing -- you are NOT a failure because you are in an IVA -- quite the opposite. You are doing something constructive to address the problems.

As for the reasons for getting into debt - they are many and varied, but even the biggest financial institutions get into strife ( Northern Rock, several banks, Iceland, Greece, Portugal ... et al ).

Congratulations in the IVA approval and best wishes for the future.

We all have many reasons for getting into debt but I think the more important thing is dealing with it when you know you have a problem.

The past cannot be changed and although it is only natural to have regrets, it is more important to look towards the future instead.

Thanks for your replies people I really appreciate it [:)]

I am starting to feel a little more positive about it, though I will keep it to myself. Only me and my wife know about it.

Hubert, our IVA's were approved in January 2013 so we are just about to make our 9th payments and it is definitely the best thing we ever did to deal with our debt. That said, I have to say that I felt exactly the same as you after our IVA's started, even though I knew it was the best way of dealing with things. You will come to terms with what is happening - your life is not over and as we approach the 3/4 point in our first year, we are actually living better than before the IVA's, when we were constantly borrowing to make ends meet - it was a horrible existence. Yes, we have to budget very carefully but are able to save a little for the odd treat and you can't beat the feeling, like today, when I still had some money in the bank from last month when I got paid this month! This time last year, we had a £5k overdraft and had to live up to that to meet all our outgoings, so it wasn't even cleared when I got paid and whenever I made a credit card repayment, I had to borrow it back straightaway - horrendous!! Congratulations on getting your IVA approved and just get on with your life now, all the best.

Hubert
Imagine millions of profiles all on a machine with a predictive database over the last 10 years. They knew you'd fall BR or IVA, probably at least a year or two before you did. But as they did with me, kept jacking up that interest rate, knowing almost to the month, I expect, when my time is up!

Do I feel sorry for them, no not really. I feel sorry for me, for struggling on month after month, knowing that there would be a terminal end but not wanting to face it. Fight to clear a month, then start all over dreading the next clack of the letter box and a second later, THFWAP, the next bill hits the floor, remember how that feels, eeughh

In fact, I took the view that they were there to be beaten and I would beat them and I did. Why, just because they knew and didn't tell me, or at least try to help.. They just skinned me alive instead..

Sooo I got an IVA, bye bye smelly bad people at credit cards centers. I didn’t feel bad at all, the opposite in fact, elated for sure, but at the same time a little angry to, which would manifest itself later.

Far from hiding it, I told everyone and helped a few along the IVA path, more have bad debt than I thought I knew. Most of what you might think is looking down on you, is called envy.. You found a way out, well done!

That was 7 near 8 years ago. To my surprise when it's all over, that's when the weird stuff happens. Me what did I dooooooo, I came on here and tried to pick a fight with Melanie.. (she's forgiven me) Maybe I felt I had to try beat an IP too, who knows, angry I was.

For me, my IVA profoundly changed the way I live and think today, the extent of its effect, is longer than even it knows!

Hubert there are many of us who have the same story to tell as you, we would all love to turn the clock back but alas this is not possible - I am ashamed of the plight I got in but am proud I took the right step to get it sorted. I would not choose to let anyone know I am in an IVa but have read posts from people who are open about it and lets face it it I could not see any other way out - other than not being here, and it is something I attempted on a few occasions and it was feeling that way that made me realise I had to take the step to apply for an IVA. I now feel much more positive about my future and my first half year is over. Good luck on your journey and stop beating youself up - I have. X

No failures on this forum ... All hero's for recognising they need help and seeking it ..... Well done and don't worry what others think ... The likelihood is they are in debt too but don't want to admit it !

Best wishes for your IVA journey!

Well said luluj. Hubert you most certainly aren't the only one who made poor decisions in the past. It will be hard but you will get through it and be much happier and financially savier (not sure that's a word!) than you ever were before. Use the forum it's a great place for advice and comfort when you need it.

Thanks for the messages of support, really cheered me up!

[:D]

Great to see that you have now been accepted, and may I personally thank you for choosing my firm to represent you. We are hear to listen to you whenever you need us, so please don't suffer in silence if you have any concerns about any of the processes moving forwards. Glad to have you on board.

as an ex-client of Melanie's, I can confirm they're always there to help guide you along the way and you can speak direct to your IP if need be

Hi Hubert,

Great post and I'm sure we all share some of the feelings you are going through now. You have taken control which you should see as a positive and when you get into the swing of it, I'm sure it will be as beneficial as it has to many of us.

I was in a similar position financially before I started my IVA and dreaded anyone finding out. We all have various reasons, but although I could blame divorce, job loses and mental illness, the biggest mistake I made was taking on a mortgage after my divorce. At that time, it was agreed purely on my annual income and not on what I could afford to pay. After almost 10 years of juggling finances, I too started to realise that it couldn't continue.

Since my IVA started I feel as though I have been given a chance to rectify the situation and have become very money savvy. I'm sure you will too.

Good luck with your journey to debt-freedom. If there was one thing I would change it would have been to research the IVA more before I started out, although I have no problems with my IVA company, I'm sure I would have been going with Melanie's team as you have done.