What a difference a year makes/ A fresh start

[whichwaynow]

This time last year I owed around £90000.00 of debts with loans and cards. Like a lot of people the crunch came when I ran out out of Cards to borrow on to pay cards and could not get any more loans. I sat down and worked out how much I owed and the horror of how much came home. The hardest thing I had to do in my life was to tell my wife how much I owed as she did not know.Despite the hurt I caused her she has stayed my my side. Once we had got over the shock we went to the CAB who arranged a meeting with GT. After the meeting it was agreed that we were going to offer a F&F IVA. The months leading up to the creditors meeting passed very quickly and the longest day of my life was the day of the creditors meeting where my IVA was approved.
My IVA was completed in February of this year and I then contacted all my creditors who have updated my credit history. Things are now allmost back to normal for me as I applied for a current account with a high street bank last week and this has been approved.
I was resigned to paying high mortgage costs for the next 6 years and having to use a broker. However I spoke to my new bank mortgage dept today and explained everything to them. I expected to be told that it would be a few years before they would look at me. Having called a few banks over the last couple of weeks as soon as I mentione the word IVA it was a big NO. To my surprise they had a word with the underwriters who said that I could apply for a new mortgage with them. I was informed this evening that that they would give me a fixed 5 year deal at a very good rate. So to say I am over the moon is a understatment.
Now for me apart from a bigger mortgage my life is back to normal. I relise that I have been very lucky. I would like to thank everyone on the forum and at GT and mainly my wife for all there help and support with out which I would not have got though this.

If you have money problems then please do get help. You are no alone and the longer you leave the worse it will get as i discovered.

[Skippy]

Thanks for sharing your story Whichwaynow, and I'm glad things have worked out for you x

[Soulgrowth]

A true success story ... and hopeful for me too. I have two years on my fixed rate mortgage which was a subprime mortgage and I was wondering what I would do when the fixed rate expired ... hopefully there will be hope me also as the only 'debt' I now have is my mortage ... yippee!

Debbie

[kallis3]

So pleased for you whichwaynow. It must be a weight off your mind.

[Beans on Toast]

Great news whichwaynow, an inspiration for us all these type of posts.

[Viki.W]

Ah whichwaynow, what a fantastic post. I too am hoping to offer a full and final IVA, I hope I can write a similar post soon. Good luck and great news about the mortgage, there's hope for all of us. Viki X

[size5]

Whichwaynow, your post should go a long way to answering the queries of those who ask how they will be treated when they have completed their IVA. Whilst it is true to say that each individual case must be judged on its merits, then the financial institutions will not "cut off their nose to spite their face" when faced with an attractive business proposition.

The note of caution I would sound, whilst maybe blindingly obvious, is to not get sucked into the whole spiral of credit again. The number of "2nd IVA" scenarios I am coming across is higher than you may think.

Again though, your post may hopefully inspire others so a big well done from me.

Regards.

[facingittogether]

well done to you whichwaynow!

it is so lovely reading a story with such a happy ending!

thankyou for sharing it with us all!


barb x

[no money eva]

Great News Which way now,
out of interest who do you bank with?

regards
NME

[whichwaynow]

Have just about come back down to earth ,still cannot believe that I have managed to get a high street deal. I applied for a current account with the Abbey last week on line. They told me within moments that my application had been accepted. I still have not yet received any paperwork but have been told that it is on its way.
I spoke to a few mortgage lenders and as soon as I mentioned a completed IVA they said come back in a few years time. When I called the Abbey about my new account I mentioned about the mortgage and my IVA. They asked how long it had been completed and the value of my house and how much I wanted to borrow. Once I had given them this information they said they might be able to help me. After a few cross wires and been put though to some advisers who said they would not let me apply I spoke to a very helpful person who spoke to the underwriters and let me apply.
One thing I was very lucky with was as I had started opening a account with them they gave me the existing customers deal. Which lets just say undercuts every mortgage deal on the high street I have seen so far.
It was quite funny as I as waiting for them to do the all important credit check the person I was speaking to asked me if I wanted a Abbey credit card. I took great delight in saying no thanks. She said she knew that I would not want it but she had to ask.

[HellRaiser]

post deleted as not relevant to this thread.
admin

[michael.t47]

i so chuffed for you

[rockbottom]

Hi Whichwaynow

What a lovely posotive post, its great to read that people can get on with their lives post IVA, i hope it continues for you.

Rockbottom

[whichwaynow]

IVA's are what they state they are based on each individual. What is right for one person won't be right for another. The idea of a IVA is to pay back what you can afford not to wipe it completely out . from my point of view it protected my family home .