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Post by aquamarina » Thu Aug 12, 2010 3:39 pm
hello all

you seem like a supportive kind of bunch. i'm just about to embark on an iva - just had my appointment over the phone, just have to send all the paperwork back and wait for the creditors meeting. the DMP wasn't deemed viable for me as it would mean 13 years to pay it all off.

the thing is, i'm feeling really low about it for some reason. i feel relieved and fortunate that there is help, but i also feel almost resentful that the iva will actually wipe off a large chunk of my debt - i want to be able to pay it all.

i feel ashamed and embarrassed about the whole thing as i'm the one who got me into this fine mess and i can't seem to let go of it. i've never missed a payment or been late, even to this date, but i'm dreading the phonecalls from my creditors next month when i won't be paying the full amount for the first time.

any positive stories will help i think if you don't mind sharing. also any advice too will be welcome, be as harsh or blunt as you like.

thanks for letting me vent... [:)][:(]


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Post by FormerlyST1100 » Thu Aug 12, 2010 3:49 pm
I know how you feel, my IVA has just recently been approved and the first payment is due soon.

They do seem a great bunch on here, very friendly and great advice from all, especially the IP's for whom it must be hard to get time to post advice as well as their normal work, but post it they do.

You are not alone in having to deal with these issues for whatever reason they occured, for myself I had a 30 year good credit history, never been refused a loan or credit of any kind until changes in personal circumstances brought it to an abrupt halt.

Good luck with the IVA application.


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Post by carole2662 » Thu Aug 12, 2010 3:50 pm
I think we all feel the same that we would like to be able to pay back all we owe. Unfortunatly for most of us that was not possable due to a number of reasons mine being I just couldnt make the payments without borrowing more money each month and my health was suffering, not sleeping and getting really stressed every time the postman arrived. An IVA was our only hope of at least paying something back and our payback is estimated to be around 41p in the pound. I know that the situation we are in will make us stronger people and 100% better with our money post IVA so we will not find ourselves in the same position again.

Michael Peoples

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Post by Michael Peoples » Thu Aug 12, 2010 3:53 pm
Do not feel guilty that a percentage of your debt will be written off. Look at the positive side and see that you will be returning a percentage of money to your creditors that they would not get had you opted for bankruptcy.

Your IVA is a perfect compromise from creditors getting nothing in bankruptcy to all of it back over 13 years.
Michael Peoples | McCambridge Duffy Insolvency Practitioners
If you would like to talk to me about proposing an IVA or have any questions at all please visit

Tina Shortland

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Post by Tina Shortland » Thu Aug 12, 2010 4:16 pm
Hi aquamarina,

It is perfectly normal and common for your emotions to come up like this when you finally deal with the real issue. Most people who have been trapped by debt have suppressed their feelings along the way and learned to live with that niggly sick feeling every day. Even if they have made every paymnet, usually by Robbing Peter to Pay Paul. Once you finally face up to things and start the wheels in motion it frees you up to start feeling again and thats when the guilt, shame, fear, resentment etc bubble up.

Yes, you took on the debt for whatever reasons you did at the time, and you maintained it, but along the way the creditors do end up keeping you trapped as interest rates rise and what money you had to pay them isn't enough so you have to use credit to maintain living costs, and so the cycle goes.

All the experts on here deal with this with their clients day in day out and all the posters in the same position will have felt some or all of what is happening to you now.

We're all here for you - the best thing you can do is share it and the feelings will subside and you will realise what a positve step you are taking.

I hope you carry on posting to let us know how you get on along the way.

Best wishes,
Regards, Tina Shortland, Debt Advisory Manager for Melanie Giles at Debt Advice TV.

If you’re looking for effective debt related information, articles and news, then go now to our on-line advice service at

If you’re ready to ask us for specific advice or help, then get in touch at so you can start to free yourself from the stress and anxiety of overwhelming debt.


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Post by Mattybaldy » Thu Aug 12, 2010 4:16 pm
I know exactly how you feel Aquamarina.

Only a few days ago I took issue with a poster who stated that they didn't give a hoot about how much money their creditors recovered. Thankfully, you don't see comments like that very often on this forum and, as you say, the posters here are a really helpful bunch. I would have been lost without this forum to be honest.

The thing is that none of us here got ourselves into financial difficulty deliberately. Some of us got into difficulty through unforseen circumstances and I'm sure some of us are perhaps guilty of having made a few bad decisions. But the fact remains that, unlike some, we have ALL addressed our debt problem by entering into an IVA or DMP and our creditors will recover a fair percentage of the money owed to them.

Above all, speaking for myself, I have learnt some very valuable lessons during the whole process and have a very different attitude to credit and money in general as a result. That in itself is at least one positive to come out of what has been a very difficult experience.


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Post by animaleyes76 » Thu Aug 12, 2010 4:38 pm
Don't worry Aquamarina

At least you are doing something positive and addressing the problem.

My problems were due to me being a complete idiot and making a fair few stupid consolidation decisions.

Just pay what you can, knowing that you are trying to do the best you can. It's not like you deliberately ran up debt, then wanted to avoid repaying it.

I thought my dad would call me all the names under the sun when i told him i'd gone into an iva and told him i had run up £38k of debt. He still wonders how i managed it ;)

Later on he came out and said "It's probably one of the best decisions you've ever made.

At least you will be sorted and have a clean slate, rather than fighting minimum payment "fires" and wondering who is calling you all the time and where the money is going to come from. That kind of pressure isn't good for anyone.

I kind of thought my dad would think that i was a bit of a failure to have done what i did, but i guess it's how you react to bad situations that really counts. It shows a bit of character to make hard decisions and follow them through.

He now says that he's proud that i've stuck to it and now i have just over 1 year until i complete.

You'll get over the guilt thing soon enough, you'll realise it's all for the best.

Then with each payment you'll slowly start to feel a bit better about things.

Good luck
Last edited by animaleyes76 on Thu Aug 12, 2010 4:39 pm, edited 1 time in total.


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Post by karen » Thu Aug 12, 2010 4:49 pm
What you are feeling is perfectly normal, we have certainly all been there.Please dont feel ashamed or embarrassed our lives are one huge learning curve and hopefully we have all learned from this lesson that we are taking. It is a positive step, you are actively addressing your situation and doing the best you can for your creditors that can only be a good thing, so try not to beat yourself up about this you are at the beginning of an interesting and challenging journey there will be ups and downs and we will be with you all the way.. Good luck
Karen [:p]


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Post by Shining » Thu Aug 12, 2010 5:57 pm
Hi there welcome to the forum and I can understand your emotion, I'm sure you'll experience varied emotions throughout the run up to the IVA acceptance.

You'll be having your best offer on the table and be paying as much as possible from your debt, if for some reason good luck shines on you with a lottery win then you'll be able to hopefully pay your debts off 100% during the IVA.

Good luck with the meeting and do keep posting as we really are a friendly bunch in similar situations and support each other. x
IVA final payment left the bank on the 26th January 2013...looking forward to a debt free future.


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Post by MelanieGiles » Thu Aug 12, 2010 11:24 pm
So long as it is the right solution for your own circumstances, and you are committed to seeing creditors paid to the best of your ability over the set time period, and IVA is a really good method of addressing unaffordable debt.

Take time to consider the decisions you make now, and ensure that they reprsent the very best way forward for yourself and your family.
Regards, Melanie Giles, Insolvency Practitioner
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