6 years

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kallis3

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Post by kallis3 » Tue Sep 09, 2008 6:46 pm
Great news Helen.[:)]
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

helen c

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Post by helen c » Wed Sep 10, 2008 6:45 pm
Well all confirmed in writing today...have stayed with same bank as I felt they could see my history of operating my basic account. Today they confirmed I can have current account with cheque book, debit card and a pre- arranged overdraft of £200 (not that I will be using it!).
I now feel I am back in the "real world" and have so learnt my lesson about getting into debt. I never have less than £100 in my account now and think, if I think of £100 as a zero balance I cant go wrong!!

Hope this gives hope to anyone in an IVA or coming to the end of one...stick with it...things really do get better[:)]
 
 

kallis3

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Post by kallis3 » Wed Sep 10, 2008 6:55 pm
Well done Helen, it's great that you are now back to normal living.


Good idea with the £100 balance as well. At least then you are covered for most eventualities!
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley.
http://kallis3.blogs.iva.co.uk
 
 

Skippy

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Post by Skippy » Wed Sep 10, 2008 7:28 pm
That's really good news Helen x
 
 

mavericksolo

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Post by mavericksolo » Tue Nov 04, 2008 2:59 pm
if its any help, we finish our joint iva paying £335 together each month at the ned of noember. we both still have the original halifax bank accounts and both have overdrafts of £100 which we don't use but were offered them anyway and are on our accounts. my husband had credit agreed to buy a car on finance in year 4 of our iva and they agreed for extra overtime to be worked to pay for this. we have mobile pay as you go contracts which have stayed the same since we entered the iva with orange but we have upgraded since. we had no problems with bill firms for gas electricity etc. only problem we have ever had with the iva is renting our home where no agency would take us on and kept inissting on us paying fro credit checks to be done knowing we would fail then and still being rejected. had to pay either six months in advance or have a guarentor. other than that, at the near end of the iva, we have had little problems and have been lucky. we will want a mortgage after the iva but have to wait atleast a year for our credit to improve and the iva record to be fully wiped off. so thats the only credit we wil be getting i think. everything else we are lucky enouh to already have - will never risk a loan or credit card again. husband will continue with his car credit but that is a manageable amount.i agree with the comment that the first three years drag and you feel it will never end but the last two years fly by! we are so excited to be debt fre before christmas! i intend to keep posting too to keep everyone updated - ive found the site really helpful so want to try and repay the favour!
 
 

johnh

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Post by johnh » Tue Nov 04, 2008 3:34 pm
I thought I was suffering from deja vu and that I had read all this ages ago. Well done, mavericksolo for reviving a thread of interest to us all. Yours, Helen's and Andy's posts give us all a glimpse into our own future. Keep posting all of you who have completed your IVA.
All I remember from double-entry book-keeping lessons is "the credits are the ones nearest the window". As far as we are concerned credits are right out of the window from now on, but I appreciate many others will need some form of credit in the future.
 
 

moretolife

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Post by moretolife » Tue Nov 04, 2008 3:47 pm
its great to read posts like this...such an encouragement to those of us who are still plodding on....thank you
IVA completed 11th Dec 2009 due to a Full and Final with the fantastic help of Michael Peoples and
Mc Cambridge Duffy

Visit my blog...Journey from Debt to Life Post IVA
http://moretolife.blogs.iva.co.uk
 
 

mavericksolo

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Post by mavericksolo » Wed Nov 11, 2009 10:14 am
wow- just found this thread and giggled to myself that its nearly exactly a year ago thjat i wrote it! - so thought i would give a little update to those still wanting to hear how life is post iva! i still haven't (as per other threads ive written in) been able ti upgrade my bank account with halifax from a solo card only to a "proper" account with cheque card that i can book things over the phone but ill try upgrading that again in february which will be six years an a month after the iva was started for me and my husband. We still rent and our landlady is aware of the iva and is supportive of the fact we may one day be able to apply for a mortgage and buy it from her (but it will be easily five years to save for the deposit given todays climate with housing prices and we are still first time buyers with bad credit history). My hubby still has a car on credit and i got one aswell, mainly as we are both shift workers doing shifts well into the early hours so needed reliable motors but we are both paying less than £150 a month for five years for our cars which are decent newly reg ones and that still works out less than the iva payments we were making.We still have pay as you go phones and still no issues with bills etc. I still keep a little notebook in my handbag of every penny i spend, with all my monthly outgoings and incomings and the dates of direct debits etc and still check my bank account online daily to ensure i dont incure charges by removing money too early and to check what i have before i spend....its amazing really that being in the iva has taught me so much - shame we cant have this knowledge beforehand eh? lol - we still get annoyed at being rejected for upgarding bank accounts and also for mortgage queries at this stage but then again, we count ourselves lucky that five years ago we had so much debt we were sinking fast and now we actually have spare money at the end of the month to enjoy ourselves with. But even then we save now in case of emergencies and we would never dream of getting a loan or using overdrafts etc, although the bank annoyingly keep trying to up the overdrafts and encourage us to use them!There are months where i am amazed how much (over £600 between us) we used to pay out for the iva and enjoy the fact we can live easily now with money to use at the end of the month to save towards birthdays etc. Its so nice to be able to have the odd treat and not worry about it - i dont write this to rub it in to those still in the iva but to show you how great it is to be out of it and how, other than the odd refusal for things like accounts and mortgages, you really are free. It such a great feeling and i hope, coming up to christmas that those still in ivas use this post to look forward to finishing their journey and moving on, having learnt so much and knowing they have the strength not to fall into the same mistakes again, and those out of their ivas are just as happy as we are. I do still read this site, mainly to see if i can help with ay queries but also to remind myself how far we have come and to keep the same wariness of "going astray" so if i can help at all, please do post and ill try to help - its early but merry christmas to all! Chins up - the light at the end of the tunnel isnt far to go now! x
 
 

600andy

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Post by 600andy » Wed Apr 03, 2013 2:16 pm
Hi all, just thought I would add some comments relevent to the start of this thread. My IVA ended in Aug 2012, so 8 months ago. Since then, I have managed to gain a Capital one CC with a small credit limit that I regularly use (and pay off!) and a new car for me and my wife on credit. I am lucky in that I started a new job with a significant pay increase just as my IVA ended, so my disposable income rocketed - and I am still able to save £800 per month! I have an Experian account so I can see my defaults, but so far, am unable to start any tidying up as 8 months after my IVA ended, I still havent recieved my certificate of completion. That said, I am no rush to extend any further credit, and once the cars are paid off, will be saving hard for a Mortgage deposit - so realistically will seek no new credit now for another 3-5 years - and by then 8-10 years will have gone by since the start of the IVA - which gives me plenty of time to work to rebuild my rating and correct all of the inaccuracies that may exist. The Comp Cert is taking longer than I expected, but this is mostly due to creditor cheques not yet being cashed....

Yea, like meavericksolo, not trying to gloat, but there is a lot of life after an IVA and the time flies, especially when your back in control of your own affairs again. The old habits DO remain, but its also easy to be extravagant - because you now can - and have just spent 5 years being unable to. Arguably, credit is and still feels eveil, but to regain a credit history, you have to have some credit - so its chicken and egg stuff really. Were doing it so we can be "normal", not because we have a desperate desire for credit or we wish to go back to the dark days. One day, we may choose to buy something that exceeds our savings, and if we need some credit, we need to know that we can - rather than face the shame and embarassment of being rejected. Sorry to waffle, but but its nice to be back in charge and on top of things, but the stigma still hangs in there for me and I hate it.
 
 

Foggy

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Post by Foggy » Wed Apr 03, 2013 2:21 pm
Thank you for posting that, 600andy. It is always heartening to hear that there is life after an IVA :-)

Yes, I agree, credit, when used sensibly, certainly does have a place in modern living and, even if you never use it again, it IS nice just to know it is there .... just in case.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
 
 

Shining

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Post by Shining » Wed Apr 03, 2013 2:31 pm
it's always good for the forum to have positive posts to show their is life after an IVA as all too often we're told otherwise. All the best.
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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