Hi all. I am new to this and didnt even know this place existed!!
I have been through hell the last 2 1/2 years!!
I was working down south on a great salary. My ex boyfriend had been using my credit cards without me knowing whilst we were together and racked up £20,000 worth of debt! When we split I decided to just pay it as I was earning enough and never wanted to see the bloke again! I was made redundant from the mortgage company i worked for and moved up north to be with my new partner and even having 2 jobs I was still £30,000 a year light on my salary! IVA went through in Nov 2008 but in Feb 2009 I was made redundant again and had to temp and picked up more hours at my 2nd job. When my first Annual review came through they didnt ask me to fill in an I&E form as I was all over the place. My boyfriend was great and covered my share of bills etc. I now thankfully have just the 1 job and earn the same amount as what was proposed when the IVA went through. I have a car on HP and because there was a balloon payment on it I was left with nealry £3,000 to pay in May 2010. Luckily they have let me extend that so I pay it back over 2 years but this means that my car repayments have dropped down from £196 a month to £120. I now have to travel further to work so my £65 allowance a month for fuel (which was on the original I&E)has gone up to nearly £120 a month again my boyfriend is covering what I can't afford. Can I use the £75 extra I now have in my fuel allowance or will they want this as extra payment into my IVA? Sorry for the long winded question! I have been struggling for 2 years now and never knew this site existed! x
Hi and welcome
The saving from your car HP will be swallowed up by the extra cost in fuel so your payments should not change into your IVA.
You should have an annual review with your IVA provider and fill out a fresh income and expenditure form each year. You are coming up for your second annual review so contact your company and make sure they have your correct address
If i have mislaid a couple of payslips will i have to send bank statements to show income or will they be able to work it out from the payslips before and after? Hopefully I will find them but i was paid weekly for 9 months!
Your most recent wage slip would show pay to date so the odd missing one should not be a problem.
As Andy was saying if you do a complete new income and expenditure you can then move the IVA on with no more worries. The fact that you are half way through even though you have suffered more than one redundancy shows commitment and creditors do take this into account when there are any problems.
It is amazing! I have felt pretty alone for the last 2 years about it!! Alot of ex colleagues have been really negative towards me what with coming from a financial background! Hopefully one day I will get back into finance but that first month when your bank balance is in credit feels so good! I earnt nearly £45,000 (inc bonuses etc) one year and was always overdrawn etc Now on £17k a year and i manage so much easier! OK I cant get new clothes every months or live the champagne lifestyle like i used to but i have a wonderful boyfriend now and the happiest I have ever been.
One last thing though. When I had to change bank accounts at the beginning of the IVA we opened a Joint account or rather I went on to his account and even though we declined the overdraft they gave it to us. We cancelled it and told them that we did not want it and all was fine until a month ago when my partner received a letter saying they had again given us an overdraft!!! By them doing that I can only assume that no credit checks have been carried out on me as it was my assumption that I could not obtain any credit even if I wanted to!! We have cancelled it again now but do you know why Abbey would do this?
Welcome to the Forum now that you have found us I hope you'll stay.
Its a great support and any questions you have will usually be answered by someone you'll find you will learn a lot and maybe even be able to help others.
Your bank have two signatories to chase in the event of default so it does not matter about your IVA. They would just chase your boyfriend and get their money from him.
I would suggest though that if the overdraft is free while not used, it might be worth retaining the facility as it could help restore your credit scoring. You are not obtaining credit unless you actually go overdrawn so there is no harm in keeping the facility.
They may well have looked at how you have conducted the account, can't see any other reason.
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
Thank you for you advice. How would I go about getting into Insolvency work i.e. starting in administration etc and working up? I would love to help people in the future that have gone through what so many of us are going through now!
Your experience in financial services is a good background to have[ I worked in estate agency and financial services before starting here 12 years ago so I might be biased].
There are a number of insolvency and debt management firms in the North West of England who regularly look for staff and you could start there. Alternatively, there may be other options available which would compliment your current salary and it may be worth speaking to some IP firms about those.