You need to look at yourself and your husband separately. It is possible he does not need an IVA but you do so do not rush in until all options are examined.
I thinks its just the thought of five years, a long time. My eldest will be thirteen by then, seems like a lifetime away. It scares me that we will have a credit rating damaged beyond repair. Mortgage rates, unobtainable, the decent ones that is. Terrified.
Sonj, 5 years looking forward seems like a long time, but just think, 5 years ago Michael Jackson passed away, Barack Obama took office and Matt Smith became Dr Who.... doesn't seem that long ago
If interest rates go up, the boiler breaks down, any unexpected drain on your finances happens during the next year the situation could well quickly deteriorate beyond your control.
By the time your eldest is 13 ( when they get expensive ) wouldn't it be better to be debt free rather than drowning ?
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
You make a fair point Foggy. When VB did the I & E it sounded to good to be true, it sounded like we would be pretty comfortable but then I thought maybe the ip will change all of that just when I think Ive made a decision. I honestly didn't realise that vb would be passing me on. Thought that was it. How gullable.
Honestly, VB are a good company Sonj77, lots of posters have used them, they do a lot of the legwork and saves time when passed to the IP. However, if you feel you want to go straight to an IP then you are free to do so.
As for five years I'm 52 now and believe me sometimes regret not entering the IVA sooner but at the end of the day I've been given this second chance and no matter what age it's lovely to be debt free. I plan on selling my house and renting as I cannot afford to continue with a mortgage and at the end of the day it's only bricks and mortar. My outlook is a lot more relaxed these days.
x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
I was thinking of trying to get a fixed rate mortgage now before we do this. Try for a 5 year fixed, so that we don't need to worry about interest hikes whilst on iva. the I and E said possible payments of 117 pm which is so much less than we are paying but keep thinking how can it be that. My hubby just asked why Im on here again as he says he thought we had decided to not to do it. I just need to decide.
Sonj, I would suggest you just give it a few days to mull around in your mind without "over thinking" too much and see how you feel by the end of the week.
As said VB are an excellent company and do know their stuff.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
font size="1" face="Verdana, Arial, Helvetica">quote:<hr height="1" noshade>Originally posted by sonj77
Facts then, do you think 30,000 on credit cards and a loan is unmanageable??!!!
That rather depends on your income and expenditure. If your on or close to minimum wage with a family to support clearly it isn't manageable, if you live on a bankers salary it's likely to be manageable
In my case I had ~£46k of debts and I was on ~£25k a year, wasn't manageable for me. I was worried it might be rejected as a large sum was on a few barclay card accounts, my worries turned out to be unfounded
Thanks Martin, did yours go through no problems or did they want modifications? Only 10,000 is in my hubs name, the rest is in mine. WOnder if that is a problem.
Mine was a lump sum IVA they wanted the following mods
- lump sum to be paid in 6 months (we were planning in paying it in a few days so no issue)
- IP fees to be capped
