The wife and I were foolish like many others, spending money that the banks threw at us until I had to go into hospital because of gall stones and the PPI didn’t cover the mortgage. We fell behind with most of our repayments until we asked the bank for help. Lloyds TSB, which we’d banked with all our married life, stuffed us good and proper. The only help we did get from them was a phone number to CCCS. They helped us negotiate a payment plan and we kept this up for the full year. You are only allowed one year with CCCS then if need be you either declare bankruptcy or find an IVA company, which we did. The next 3 years were long and it took its toll on our marriage. We stopped being lovers and became cell mates, watching the house fall apart around us, because we weren’t allowed anything for maintenance in our budget. In the fourth year I suffered heart problems. Probably brought on with the stress of everything and I lost my job as a furnaceman, that I’d been, for thirty years, and offered alternative employment with the foundry as a general labourer. I could no longer go near the Electric Induction Furnaces because of a metal stent placed into one of my arteries. I’ve never had a pay rise in over three years and since my money was already reduced because of the 8 weeks I had to take on the sick and a further 4 suspended until they could find an alternative job for me, our payments were reduced. In the beginning of the fourth year we were told we would have to pay for further 12 months after the 5 years to make up the short fall. This we accepted as it was in the small print.
Unfortunately the foundry suffered from lack of orders and redundancies were mentioned towards the end of the 5th year. They did not accept volunteers so I didn’t get my redundancy. 15 years service and I would have been able to pay our way out of this nightmare.
With the cost of living escalating at such a pace in the last 5 months we were unable to meet even the smallest payment and our advisor put forward a recommendation to end the IVA and for our creditors to accept the 5 years as payment. We were not able to re-mortgage because of the IVA and there is no equity in the property. My wife’s was excepted but mine was refused. My advisor, with Robson Scott Associates, knows I’m at the end of my tether and can’t go on any longer and so has adjourned the decision for 2 weeks to try and get one of our creditors that abstained from voting to vote in our favour. It’s going to be a long two weeks.
In the last 6 years we’ve been out for a social drink only 8 times. I’ve not been able to take my wife for a meal in all this time not even for our 25th wedding anniversary. We’ve never had any funds to travel to Kent to visit my wife’s parents and sisters nor take any kind of holiday. We have no heating as our heating system is obsolete and would be condemned if a gas man ever serviced it. I need to cycle ten miles to work now 3 times a week to conserve petrol in the 15 year old car I drive and now I’m faced with the prospect of declaring bankruptcy. I’ve already thought through the choices of living on the streets or suicide over these last 6 years and now I know if it goes against me I can no longer work hard labour in a foundry for no rewards. That light at the end of the tunnel seemed to go out as the door was slammed in my face. After the 2 weeks if the vote goes against me I’m signing everything over to my wife and I’m walking out the door at least she can carry on living.
Have I any other alternatives?
Dappa, I am so saddened to read your post - sounds like you are going through sheer hell. I cannot believe that your IVA company will not be able to turn this around for you and manage to get the creditors to vote in your favour. For goodness sake please don't do anything rash there must be someone out there who you can talk to for help and advice at this difficult time. Hopefully some others will pick up on this thread shortly and offer some words of wisdom. Lots of good wishes x
Welcome to the forum DO
What a hard place you're in right now. I am no good with words of encouragement, but would say, you have come so far on this difficult journey, please don't get off at the next station, but wait to see the scenery around the next corner. You will be much in my thoughts xx
Last edited by nepensioner on Fri Apr 06, 2012 1:08 pm, edited 1 time in total.
Your story is very sad Dappa One, but I feel sure that given your ill health and redeployment the creditors cannot expect any more from you.
If the IP are saying only one creditor needs to change their vote from an abstention to an acceptance then let`s be confident exactly that will happen, it seems agreement is very close.
Our creditors meeting was adjourned in March when votes went against us initially but when it reconvened the IVA proposals were accepted.I know it all adds to the stress but from what you`ve said, don`t lose hope. You`ve come so far and you deserve the favourable decision with everything that`s happened and surely this will be taken into account.
Sometimes it`s easier for a person outside looking in to see what a strong case you have, because to you everything seems to be going against you.
Keep going and best of luck.
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
Hi dappa one, thank the lord you have found us here so you can vent and let off steam, please have faith in your IP and let them work their magic to get this turned around for you. I know it seems like you are the only one in this situation but honestly, there are thousands out there going through similar things, life is very hard at the moment, whether you are in an IVA or not.
What a sad post to read - and it is clear to me as a professional that your payments have been set at too high a level over the period of the IVA, which has left you very disenchanted by the whole process.
It is ridiculous for your creditors to refuse the offer your IP has made, but they now need to work hard on your bahalf to get this closed down. I will be very suprised if this does not happen.
Thank you for your support Melanie,
I too thought we’d been paying over the odds when I first found this site and read some posts. I’d always presumed that while paying into an IVA one could lead a normal life and have some pocket money to spend on simple things and occasional treats. But We must have some very mean creditors most of which now are dept agents that have took the original dept on from the banks we owed the money too. But I’ll take my hat off to praise one bank in particular, they initially offered to wipe out all the interest and reduce our payments to what we could afford and that was Hamilton Direct Bank they were very good to us.
Thanks again, Dave
Hi Dave...I'm a bit late to the thread but have been working all day and wanted to add my support. You have had a really tough few years and it would have broken a lesser man but you and your wife have come so far together. I know it's hard but don't lose heart now. You are so close to the finish line and it will be so well deserved! Your IP sound very proactive and I'm sure they'll get you the result you need. Keep posting whenever you need to vent or need a bit of moral support!!! The forum has gotten me through a few dark days and I'm sure it can help you too xx
Dave
I'm sure there are many people in debt crisis who consider ending it all. I'm worth a lot more dead than I am alive at the moment, and I did consider having an 'accident' that would secure my wife's future. I have a chronic illness that will only worsen, and I did (and still do) fear getting close to the end of the agreement only to lose my job either to redundancy or ill-health. But in the end I knew that taking that step would actually be the most selfish thing I could do, because my wife is there struggling through this with me, having fought cancer during the process, and there I was considering adding such terrible grief to her burden. Yours is an understandable reaction, Dave, but I hope that in the cold light of day you'll know that your wife needs you by her side now more than ever. Hopefully these people will come to their senses, and you'll find the agreement at an end and you can start to rebuild your life. Like anyone who has read your post, I will be thinking of you and wishing you both the very best.
Hi Luke - I wanted to reassure you quickly that creditors are sympathetic to people in ivas who cannot meet the original terms due to chronic illness. I'm sure you'll have your IP's support and your creditors support if your illness causes problems down the line.
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by Broke of London
Hi Luke - I wanted to reassure you quickly that creditors are sympathetic to people in ivas who cannot meet the original terms due to chronic illness. I'm sure you'll have your IP's support and your creditors support if your illness causes problems down the line.
I have only just caught up with this post and want to wish you all the best. Hope your IP is working hard and can get the vote required. All the best x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
