What a difference 2 years can make

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FormerlyST1100
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by FormerlyST1100 » Wed Oct 11, 2017 9:45 am
Some of you may remember (or I have gone on about it :( ) that my IVA came to an end with Stepchange 2 year ago Aug gone, the CC arriving within around 6 weeks and it dropping off the Register 3 months to the day.

Around 4 months before the end of my IVA I was in a position that I needed to replace my car so, with the permission of my IP, obtained a loan with Moneybarn (the only lenders that would lend to someone in an IVA).
This was at an interest rate of 49.9% ... yep its high.

Well was looking into replacing that car and what my options would be on this... saw a car I liked and crossed my fingers that I would be accepted for a loan at a rate I could afford the replayments ... the garage came back within a couple of hours .. loan accepted at a rate of 4.3%

Just shows what a difference 2 years can make .. I got a Credit card just after the 6 yr after start of IVA with a low credit allowance of £1000 .. this was increased earlier this year to £2000 by the card company but I have it set up that it is paid off in full each time ... with the way it works it means can get 0% credit for up to 6 weeks and usually just use it for fuel or a weekend away, etc.

Those of you still in your IVA there is light at the end of the tunnel, sometimes it is hard and you need support which this forum is fantastic at, but once through it and out the other side look ahead to things being better.
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kallis3
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by kallis3 » Wed Oct 11, 2017 9:49 am
Great news and an inspiration for others to see that life does go on.
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Foggy
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by Foggy » Wed Oct 11, 2017 9:50 am
Great post ST .. well done on the car front, this is a worry for many and it's good to see a result :-)
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Michael Peoples
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by Michael Peoples » Wed Oct 11, 2017 10:28 am
That is some turnaround! Best of luck with the new vehicle and definitely your post will show others that insolvency does not mean your financial life is over.
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