Found this forum doing a search for iva information
and found it very useful so a good idea to join.
I'm now in an IVA with PayPlan and have made 3 so far
a very nervous process but simple also
my debt was mainly credit cards & overdrafts from 3 banks and totaled nearly 25k
amazing really as i went into my main bank Natwest and said i'm having money problems and walked out with a new credit card for 7.5k and then they wonder why ppl get into financial difficulties
I had 5 accounts with them in total
4 personal and 1 business, and 3 credit cards
2 accounts had OD's and was told by them that the joint & savings would still be ok to keep, but 3 months down the line they are now saying as communication with me has broken down they are closing those accounts lol.
I am now with nationwide and so far they have been brilliant, don't ever bank with Barclays (that another story)
at the minute i have to pay £173 pcm which seems a lot but i was paying £1500 on debts before so it's a major relief not having to use 1 card to pay another etc, we have actually been able to have a chinese and my 50th birthday we went for a quick weekend break.
whereas in July we struggled just to get my wife a second hand phone for her birthday present. talk about a weight off our shoulders.
I am a bit worried reading on here how some ppl have had their IVA's extended etc as i thought 5 years was a long time and can't wait to the end date.
Aldo as i'm self employed my money goes up & down all the time so not looking forward to having reviews etc as don't want to get a huge bill if I have a good few months previous to the review and then it goes quiet again.
anyways i'm rambling as usual as i'm now 50 and like to talk to ppl lol
Hi from me anyway
Have a chat with Payplan regarding the fluctuating wages, before the event, and set up some formula / agreement ( you will also need this sorted so that they can sort out overtime -- or the self employed version .. a good week).
The IVA will only be extended if you hit problems and need some breathing space or greatly reduced payments. Or, of course, if you are a home owner then it could be extended in lieu of equity release. But, although 5 or 6 years seems like a life sentence looking forwards, as you progress and can look back, it is the blink of an eye in the grand scheme of things. Five years ago the Queen celebrated 60 years on the throne (no senakot jokes!), Obama was re-elected and Whitney Houston passed away. Not so long ago, really.
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