ITS OVER!!!

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abbiesmum2003
Posts: 734
by abbiesmum2003 » Thu Aug 30, 2018 8:00 pm
So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!

So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.

I cannot thank this forum enough.

It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!

Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.

We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!

i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!

OMG! Its done!
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Foggy
Forum Expert
Posts: 27289
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by Foggy » Thu Aug 30, 2018 8:05 pm
Congratulations !!

CF never tell anybody anything, but, so far, they do seem to complete in a timely fashion. So, fingers crossed that you officially hear soon.
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kallis3
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by kallis3 » Thu Aug 30, 2018 8:11 pm
Well done - so pleased for you!!
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Waitingforship
Posts: 98
by Waitingforship » Thu Aug 30, 2018 9:11 pm
From one CF customer to another. I wish you a massive congratulations. Roll on October and I hope I’ll be joining you in the mysterious world of the solvent. Hope your CC is quick. Please post and let us know your wait time. Congrats again.
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Mrs_Brown
Posts: 103
by Mrs_Brown » Thu Aug 30, 2018 9:25 pm
Great news! I will always remember crying when I was explaining my spending on the cat and that it covered his insurance, food and cat litter. At that moment, I realised I spent more on him than I imagined and I always prioritised his food over mine (he has a grain free diet, otherwise I need a lot more cat litter!)

Time to enjoy life after debt!
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sosilly
Posts: 111
by sosilly » Thu Aug 30, 2018 9:44 pm
That's great news. Well done and it must be such a relief.

Do you mind me asking what kind of situation you were in relating to equity, did you have over the required equity allowed and did you try and remortgage? What were your other options the IVA company gave you?
Who are select if you don't mind me asking and have you been able to release some of the equity In your home to end your IVA? Is that what select do?

I am just interested as it will soon be our turn to see if we have equity available.

I hope you don't mind

Kind regards
sosilly





abbiesmum2003 wrote:
So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!

So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.

I cannot thank this forum enough.

It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!

Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.

We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!

i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!

OMG! Its done!
User avatar
Sally1966
Posts: 131
by Sally1966 » Thu Aug 30, 2018 9:56 pm
abbiesmum2003 wrote:
So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!

So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.

I cannot thank this forum enough.

It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!

Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.

We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!

i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!

OMG! Its done!



Congratulations well done mine too is over I’m with the closure team x
Nikl
Posts: 72
by Nikl » Thu Aug 30, 2018 9:59 pm
Well done! Fab news, so pleased!
User avatar
abbiesmum2003
Posts: 734
by abbiesmum2003 » Thu Aug 30, 2018 10:28 pm
Good evening

Select Partnership are a company which Creditfix referred us to towards the end of our iva.
They went through our income and outgoings. house value, outstanding mortgage, Age of children and probably fee other bits and pieces.
I was very cautious as CF had referred us to them and I had little trust at first for how legitimate it was but they knew the criteria that had to be met such as anything we agreed to had to be 50% of the current iva payment.
They offered us remortgage or a secured loan.
We are on the old T&C's so it only states remortgage. we didnt HAVE to consider a secured loan. However after looking into things we decided a SL seemed the better option. This was because we would need to pay upfront costs and lose a very good high street deal with current mortgage provider. The SL has had fees included in the full amount, our mortgage has stayed the same on low rate and will be paid off when we sell the house.
We had equity in the house (about £30k) so yes we used a portion of the equity to end the IVA.
We had paid all 60'payments but because we own a home we had to do the equity release thing. We had over the required value and there were lenders able to help us remortgage or offer a loan. Had that not been the case we would have been tied into the IVA for at least another year.

We wanted out. We had done our 5 years. We are in a position to work more hours as all kids at school now, but if remained in IVA any increase would get taken by iva so getting out with a loan was what we wanted to do. It sounds odd to close iva with a loan but its just a small portion of our equity to sacrifice to get out of the iva now.

We havent lost all the equity. Theres still sufficient if prices remain static. The monthly cost is half what out iva was so should be affordable and we will have a little bit more for us plus any extra we earn now.
We wont be monitored and checked and have to send statements anymore.
We didnt have to take the loan but the remortgage didnt look very attractive for the long term and the stay in an iva for another year just filled us with dread.

I have been dealing with Select since Feb 2018 and they have been outstanding.
Communication, explanation, reassurance, clairfication, responsive, honest.
Have dealt with half a dozen people and there has been no query or doubt about their ability to communicate. Each one knew what had happened and what was going to happen. They were consistent and maintained contact as agreed. They produced a few options from various lenders and sent me each illustration for me to look at, read and consider. The decision was ours as to which one we went with and reassured me that neither CF/creditors would know the deals we declined so length of plan and monthly payment were our decision based with in the guidelines. theres been no pressure or push to one deal over another.

We just have a loan secured against the house....when we come to sell the loan will grt paid off. It cannot be carried over. Just have to hope prices remain as they are!

Hope that helps!



sosilly wrote:
That's great news. Well done and it must be such a relief.

Do you mind me asking what kind of situation you were in relating to equity, did you have over the required equity allowed and did you try and remortgage? What were your other options the IVA company gave you?
Who are select if you don't mind me asking and have you been able to release some of the equity In your home to end your IVA? Is that what select do?

I am just interested as it will soon be our turn to see if we have equity available.

I hope you don't mind

Kind regards



abbiesmum2003 wrote:
So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!

So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.

I cannot thank this forum enough.

It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!

Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.

We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!

i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!

OMG! Its done!
User avatar
sosilly
Posts: 111
by sosilly » Fri Aug 31, 2018 6:38 am
Morning

That's really useful. We aren't with the same company so not sure what there usual procedures are but I was advised that we would need to obtain a house valuation, get a mortgage redemption statement and any secured lending charges and if there is equity would need to obtain 2 remortgage offers and this would be sent to their offices and a colleague would assess all the information sent through and advise the best way forward.

As it stands at the moment I don't think we will have the 10K equity but who knows until the valuer comes out.

Our IVA from the start is a 6 year IVA due to our car payments being higher than what was originally allowed so creditors asked for another year to be added on otherwise would need to hand back the car. Its been a long road but these 4 years have gone over so quick so the next two will probably do the same. I am no looking forward to having the spare money each month and being in the IVA has learned me how to budget within my means. A valuable lesson learnt I think.

Good luck for the future

sosilly



[quote="abbiesmum2003"]Good evening

Select Partnership are a company which Creditfix referred us to towards the end of our iva.
They went through our income and outgoings. house value, outstanding mortgage, Age of children and probably fee other bits and pieces.
I was very cautious as CF had referred us to them and I had little trust at first for how legitimate it was but they knew the criteria that had to be met such as anything we agreed to had to be 50% of the current iva payment.
They offered us remortgage or a secured loan.
We are on the old T&C's so it only states remortgage. we didnt HAVE to consider a secured loan. However after looking into things we decided a SL seemed the better option. This was because we would need to pay upfront costs and lose a very good high street deal with current mortgage provider. The SL has had fees included in the full amount, our mortgage has stayed the same on low rate and will be paid off when we sell the house.
We had equity in the house (about £30k) so yes we used a portion of the equity to end the IVA.
We had paid all 60'payments but because we own a home we had to do the equity release thing. We had over the required value and there were lenders able to help us remortgage or offer a loan. Had that not been the case we would have been tied into the IVA for at least another year.

We wanted out. We had done our 5 years. We are in a position to work more hours as all kids at school now, but if remained in IVA any increase would get taken by iva so getting out with a loan was what we wanted to do. It sounds odd to close iva with a loan but its just a small portion of our equity to sacrifice to get out of the iva now.

We havent lost all the equity. Theres still sufficient if prices remain static. The monthly cost is half what out iva was so should be affordable and we will have a little bit more for us plus any extra we earn now.
We wont be monitored and checked and have to send statements anymore.
We didnt have to take the loan but the remortgage didnt look very attractive for the long term and the stay in an iva for another year just filled us with dread.

I have been dealing with Select since Feb 2018 and they have been outstanding.
Communication, explanation, reassurance, clairfication, responsive, honest.
Have dealt with half a dozen people and there has been no query or doubt about their ability to communicate. Each one knew what had happened and what was going to happen. They were consistent and maintained contact as agreed. They produced a few options from various lenders and sent me each illustration for me to look at, read and consider. The decision was ours as to which one we went with and reassured me that neither CF/creditors would know the deals we declined so length of plan and monthly payment were our decision based with in the guidelines. theres been no pressure or push to one deal over another.

We just have a loan secured against the house....when we come to sell the loan will grt paid off. It cannot be carried over. Just have to hope prices remain as they are!

Hope that helps!
User avatar
bethany
Posts: 53
by bethany » Fri Aug 31, 2018 10:59 am
abbiesmum2003 wrote:
So we had creditors meeting scheduled for Tues 28th Aug.
I havent heard officially from Creditfix (i mean its not like its important or anything....eyes roll!)
But Select rang today to confirm final documents hey need from us to complete the release of the funds-which means the creditors have accepted our equity release funds to complete and end our IVA!

So thats it! Its over! All 60 payments made with the only break being the one written into our plan for my maternity leave in 2013.

I cannot thank this forum enough.

It was a godsend at the start before we decided what to do. A godsend during the journey and a godsend now!

Thank you to each and everyone of you who has helped advise along the way. I would love to thank Mel who set things up from the start to be realistic and liveable. I will never forget crying down the phone at her when she asked about how much i spend on having my hair done and I confessed to not going to a hair dresser for 2 years as couldnt afford treats like that. We had bills of over £1200 a month minimum payments on loans credits cards store cards etc! It was crazy! Mel saved us. Life was miserable and scary.

We had our third child within months of starting and her arrival was what forced us to look at a debt plan. Iva was best thing we did. It has given us a life back. Helped us learn to budget. Plan for future events. Advise the children about managing their finances and spending. Gain control on our spending. Learnt to save, spend only what we can afford and be savvy!

i guess we wait to hear from
Creditfix now and get the much desired completion certificate now!

OMG! Its done!



Congratulations!! this is fantastic news, I hope your certificate is sent in lighting speed :)
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luluj
Forum Expert
Posts: 10271
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by luluj » Fri Aug 31, 2018 1:01 pm
Really pleased for you abbiesmum ... its been a long journiey but you have done it ..well done xx
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recovering
Posts: 1580
by recovering » Fri Aug 31, 2018 4:04 pm
Congratulations. It is a weird feeling being free! I was unsure whether I could handle it as I had a pretty smooth run in the IVA and was able to earn a bit more throughout it. But I have had what would’ve been my IVA payment left most months so maybe I have! I emailed Mel to thank her again for her help and she replied!
Well done and enjoy!!’
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recovering
Posts: 1580
by recovering » Fri Aug 31, 2018 4:06 pm
recovering wrote:
Congratulations. It is a weird feeling being free! I was unsure whether I could handle it as I had a pretty smooth run in the IVA and was able to earn a bit more throughout it. But I have had what would’ve been my IVA payment left most months so maybe I have! I emailed Mel to thank her again for her help and she replied!
Well done and enjoy!!’

Oh snd closures seem to be CF’s strong point! 2 weeks and a bit for mine after chasing!
User avatar
abbiesmum2003
Posts: 734
by abbiesmum2003 » Fri Aug 31, 2018 7:08 pm
recovering wrote:
recovering wrote:
Congratulations. It is a weird feeling being free! I was unsure whether I could handle it as I had a pretty smooth run in the IVA and was able to earn a bit more throughout it. But I have had what would’ve been my IVA payment left most months so maybe I have! I emailed Mel to thank her again for her help and she replied!
Well done and enjoy!!’

Oh snd closures seem to be CF’s strong point! 2 weeks and a bit for mine after chasing!



Recovering....
ive tried to contact mel a few times over the years and never had a reply. Even phoned the office but no callback.
Wish we coukd let her know and you could share her email address youve used here but i dont think you can
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