I just wanted to share my recent journey on entering into an IVA.
Married, 3 children (1 newborn), previous jobs- bank manager, mortgage advisor & most recent mortgage manager.
Husband- good job sole trader, decided to go self employed Jan 2015.
Having started my working life in the banks credit was so easy to get, 0% staff overdrafts (whack it on for Xmas, pay off on Jan, never paid off) this continued & before I knew it I was taking a £10k loan to consolidate.
Husband never really fussed about credit, would only buy what he could when he could. However with an excellent credit rating before you know it I'm saying... if we take this out in your name you'll get the better %, do a balance transfer & clear mine off, pay £x per month & we will be debt free in X many years ! Sounded like an excellent plan ..... before you know it same conversation just 6 months later !
So 10 years down the line, SE income (new business) net profits nil
I'm on maternity with no plans to return, child care is a fortune.
So why the IVA ?
For years I have had excel spreadsheets, everything planned, new exactly what was where & when money was coming in.
Never struggled to make payments however when I look back basics such as food shopping was occasionally done on the credit card, extravagant shopping not in the world of trying to be money conscious!!
My wage comes in, hubby sends over £1k pm from business account, it'll be ok I thought business will pick up & he can pay more ...... everything seemed just fine that was until the accountant paid a visit.
That night I came home looked at my excel sheet, the one where I knew everything but really it was numbers, meant nothing.
£68k unsecured debt joint, mortgaged home but not a great deal of equity. It was only the day before I had transferred a balance, got my card to £0 then spent £60 on a new top ... honestly when was this going to stop!
I was numb, typed into google 'debt help'
Online chat box popped up & I started to open up, changed my name & age, didn't tell them the full amount, I was scared- scared of facing the financial truth. That was 26th Nov 2016.
22 December 2016 my creditors meeting took place & an absolutely fantastic company who I would 100% recommend have helped me immensely- McCambridge Duffy.
From that web chat I have had nothing but support, I spoke with Stepchange in the mean time for a second opinion but I didn't get the same feeling I did when I spoke with McD.
Everything ran smooth, I told them everything, my future plans, what I wanted to get out of the IVA, not once did I feel judged. I felt a great deal of understanding & knowledge.
So my journey begins however this is JUST the start, I need to learn how to spend, what we can afford & live within my means.
My IVA was for £35k hubby has kept the rest In his name as he didn't wish to enter into an IVA due to his job.
Payments where £735pm & now they are £135 first 3 months £0.
My IVA was 14p to the £1
Of all the creditors only 2 declined but luckily it was less than 25%.
So happy new year .... feel free to ask any questions .
If you are looking on here your looking for help, seek it, don't suffer in silence debt won't go away !