My IVA journey

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Amiable

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Post by Amiable » Sat Jun 08, 2019 10:10 am
I finished mine two months ago, and have still heard nothing off the IVA practitioner that runs my IVA concerning my completion certificate apart from a rude phone call to advise that it can take '6 weeks to 6 months'.
I must say one of the most depressing things about the IVA is this final bit, where I wish they could annul it on the day of the last payment, rather than dragging it out for months and months in some sort of endless procedural nonsense.
I too think that the IVA of 5 years is too long, it's punitive, and excessive, and really we need a better way of resolving debt repayments than this. I do think the whole system is a sort of punishment for having got into debt in the first place. :D
As much as it has helped, it's also taken it's toll. And the 4 times my IVA was sold on to 4 different companies each year was dreadful, as I had to explain to each of the tediously incompetent companies that I had completed a whole 18 months of PPI recovery nonsense at the beginning. I would say to anyone wanting to enter into an IVA then be prepared for the long haul, and the possibility of the unnerving 'sell on' that your IVA can be a part of.
I know this might sound a bit miserable, but I think it' right for people to be aware that it's a bit of a punishing thing to enter into, even if you have paid every payment and done everything well like I did.
But the benefits are specifically being able to pay back a single amount, having no interest added, and being free of the stress and worry and having no one chasing you, ware the things that keep you going. I would advise to anyone taking one out to be honest, and to pay regularly, and try not to default. People who need these are generally poor with their finances like myself, so keep an eye on your historical bad habits. Believe me, it's better to pay this off than to convince yourself you need another treat or holiday instead, you can do that after you've finished your payments! :D
I think the last bit waiting for the completion certificate has been the most annoying, and as I really just want to flee all of it as soon as possible. :D

Amiable

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Post by Amiable » Sat Jun 08, 2019 10:16 am
Apologies if this post sounds a bit bitter, but I blame myself for getting into a financial mess in the first place, but I wanted to share my real feelings and get it off my chest so to speak. As good and helpful as the IVA has been, it's also been very stressful too and taught me to be completely competent in dealing with my finances, a tough lesson, but an important one to learn. :D

Foggy

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Post by Foggy » Sat Jun 08, 2019 10:51 am
Yes, an IVA can be a tedious shackle on life, but, at the end of the day, we got ourselves there and, as you suggest, there is a rehabilitation role to the IVA other than debt repayment, for which I am actually grateful. I had gotten out of touch with the realities of money .... plastic, 'magic', cards that I could mentally and emotionally divorce from real money and repayment. Confusing what I 'needed' with what I 'wanted' and buckling under the comsumerist advertising and pressure we are all still constantly subjected to.

Having spent a few years dealing with cash and accounting for every penny, I now, 6 years on, know the difference between 'want' and 'need' and still budget carefully. I manage to live reasonably well, and, yes, still have a few 'wants' fulfilled. I owe no-one a penny and have money in a savings account.

I imagine the 'powers that be' did intend a punishment element to the arrangement, at least subconsciously, too --- after all, a few centuries ago we would have been pilloried or even hanged for non-payment of debt ... so, I reckon, on balance, I prefer the IVA.

Definitely a lot of downsides to the process, but concentrate on those upsides you mention :-)
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Amiable

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Post by Amiable » Sat Jun 08, 2019 11:02 am
Thanks Foggy! I think I just wanted to share the reality of it with those who are beginning or mid way through the process. And to keep mindful of how we all got there, and what to learn from it. Yes, it's such a relief to enter an IVA, and to complete it and learn from it has been invaluable. But it's serious stuff, and I suppose I wanted to point out that as much as the rose of it's completion is the scent of financial freedom and responsibility, the thorn of how we got there and how we had to resolve our issues it still stings, and that in a way is not a bad thing to remember. :D

Foggy

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Post by Foggy » Sat Jun 08, 2019 11:17 am
Yes ... and there are a few firms that still 'sugar-coat' the process, leading people with unrealistic expectations to sign up and, ultimately, fall foul of the restrictions which were never explained. It is always better to go in with eyes wide open.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Amiable

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Post by Amiable » Sat Jun 08, 2019 5:24 pm
Indeed. You are quite correct. Did it really take you six months to receive your CC letter?

Foggy

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Post by Foggy » Sat Jun 08, 2019 5:41 pm
Sat Jun 08, 2019 5:24 pmAmiable wrote:
Indeed. You are quite correct. Did it really take you six months to receive your CC letter?
It did in my case -- but I was with a firm that historically viewed the 6 months admin period at that time as the norm, rather than the maximum period granted. Some firms manage the process in a few weeks, others a couple of months.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk

Amiable

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Post by Amiable » Sat Jun 08, 2019 6:32 pm
Sat Jun 08, 2019 5:41 pmFoggy wrote:
Sat Jun 08, 2019 5:24 pmAmiable wrote:
Indeed. You are quite correct. Did it really take you six months to receive your CC letter?
It did in my case -- but I was with a firm that historically viewed the 6 months admin period at that time as the norm, rather than the maximum period granted. Some firms manage the process in a few weeks, others a couple of months.
I've been told it will probably take another month, it's been 2 already, so I assume 3 months to be the norm. I have no choice but to wait. But I'm looking forward to receiving it.

luluj

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Post by luluj » Sun Jun 09, 2019 5:14 am
An iva is not an easy option; but is a great tool to learn from ... well done for reaching the end of your journey. The certificate will soon arrive and then your debt free life can begin.
Sharing from experiences of dealing with debt

There is a solution for everyone .... Just need to stay positive !

Look at my blog "All I wanted was a baby"
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