1 week on- realisation kicked in

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indebtscared

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Post by indebtscared » Wed Apr 21, 2010 8:55 pm
Hello All, Well 1 week in, and reality has kicked in after the euphoria of being accepted for our IVA, a few comments if I may post:

Positives
- 5 days til payday still got a small amount of budgeted money left in our account, feels so good not relying credit cards for this as we usually had to do.

-No phone calls, letters or bank statements demanding money.

-60 payments to debtfreedom, no longer than the usual loan repayment time we seem to have always been in.

-Got a budget book, where are receipts, outgoings/incomings are recorded, we are now in control of our spending (albeit limited)

- Confidence in our IP and IVA company Payplan.

Negatives

- 6 years til we can rebuild our credit rating, we will be quite alot older, so will have to maybe change our long term plans.

- IVA is very serious and we ARE NOW insolvent, our names will be on the list.

-No more credit backup for everyday mishaps !

- Living with the secrecy from our parents/close friends/relatives.

BUT we are so glad we did it, it took a while and a lot of thought, but we feel 150% better mentally and health & financial wise. We would recommend the CAB who initially helped us (very good service) then PayPlan who have been professional/helpfull and always on the end of an email.phonecall.
Good luck to all those in our position. I will keep on posting. I hope some people find this of use.
 
 

Adam Davies

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Post by Adam Davies » Wed Apr 21, 2010 9:06 pm
Hi
Yes, please keep posting because you will help many who are just starting their journey.
A five year IVA totally rehabilitates you with regard to managing finances and credit. You will not miss credit, you will just get so used to using cash and your debit card.
If you were like me and many others posting you have been insolvent for a very long time, the only difference now is that you have addressed it and are doing something about it.
Here's to five years time and being debt free
Regards
Andam Davies
 
 

kallis3

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Post by kallis3 » Wed Apr 21, 2010 9:51 pm
Excellent post.

We are so glad that we rely on cash now and have a credit balance at the end of the month. We might struggle sometimes, but we can see the light at the end of the tunnel.

The not telling friends/family doesn't bother me. I can muddle through that.

Good luck - we're all here to help each other.
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
 
 

molly16

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Post by molly16 » Wed Apr 21, 2010 10:22 pm
hi,
we never told anyone about our iva , and you will be surprised how quick time goes. we are nearly into yr 6 as we were unable to mortgage . 2005 seems a long time ago now wen we entered our iva . its lovely not having credit cards, or a nasty big bill plopping on door step.some months are tougher than others , but one sure thing hubby and me never argue about money .... if we havent got any , we cant have it !!!! works well. good luck on your iva jurney . the peeps on here are fab offering support and wise words .
 
 

plasticdaft

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Post by plasticdaft » Wed Apr 21, 2010 11:28 pm
We were paying more to 2 credit cards than our trust deed payments are and we werent reducing the balance at all because as soon as we had made a payment the cards got used for food and petrol!!

Life in an IVA is tough at times,but the final reward will be worth it.

Paul
Discharged today the 8th feb 2012. View is much brighter now.
Continuing to rebuild our credit worthiness.
 
 

Shining

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Post by Shining » Thu Apr 22, 2010 5:23 am
I agree with Paul it's tough but will be worth it. I have struggled but refused to give in and finally I'm finding it a little easier within an IVA, I don't know what is around the corner, disaster wise but I'll cope I'm sure and look forward to the day I can complete my IVA and get back to a not so frugal future but keeping within my own budget x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.
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