I'm taking the plunge....

emma-uk · 9 December 2009 at 5:21PM

.....and going for a F&F:T

I am due to return to work in January after having my beautiful son 7 months ago. I commensed my IVA in Sep 2005 so we're nearing the end (although payments are suspended due to my not being at work) I am reducing my hours by 80% when I return and factoring in childcare costs, living cost and the fact I am only entiltiled to £20pw CTC (Not WTC, not allowed them:rolleyes:) I am not going to be able to sustain the level of payment before I had my son. Adding the fact we are in a cramped 1 bed flat and should really put our son in his room beofre he starts bringing home ladies;) so a move in the immediate future is on the cards (private rental, council don't want to know as my son has both his mum and dad living together and I can be arsed to work:rotfl:Before you start, I had to have an IVA or loose my job)

Bless his heart, my OH has offered to give me some money to offer a F&F and give us as a family a fresh start I have just rung my IP, my case is strong so it's time to get the ball rolling! Its aroung 60% less than what the outstanding payments total if I maintained the amount I was paying before but that's not going to happen. I have already paid in a sustantial amount and BR now is not a practical option, for my creditors would get less than they are getting now.

Do I regret taking the IVA and not going the BR route originally and looking for another job? No. I regret getting into the mess I did but I am proud I nipped it in the bud when I did and making an effort to pay back some of what I owe. Never again will I be getting credit unless it's a Mortgage.

Wish me luck and I'll keep you all updated.

Charco_2 · 9 December 2009 at 5:28PM

Excellent Emma, I wish you luck!

You've a strong reason for wanting to offer a F&F so that's half the battle!

Im sure you'll be back to let us know how you got on.

(It's always nice to hear someone who isn't griping about thie IVA too)

emma-uk · 9 December 2009 at 5:57PM

Charco

Although BR was not an option due to my job (which I love and would not have given up!) it was not an option for me but I can see why it is for some. DMP would have taken me 12 years to clear the debt. Some may call me stupid but I could afford to make the repayments and I wanted to take some responsability for what I did and the mess I got myself into. My IVA has taught me the importance of budgeting and prioritising.

Nargleblast · 9 December 2009 at 9:29PM

Fingers crossed for you Emma. IVAs are not suitable for everyone but clearly it was right for you at the time you began it, and as you say you have learned how to stick to a budget. That will be a very handy skill when you are juggling the expenses of a young family!

emma-uk · 14 January 2010 at 6:33PM

OK update time.

Due to work being there ever so efficent selves I have only just finally received written confirmation of my new salary so I do not need to wait until my first pay slip at the end of the month. :rolleyes: I did an I&E with my IP today an it appears that I am left with -£114 every month so no surplus here. My IVA plan only has another 14 payments to go so I have gone in with an offer of 40% of the outstanding payments assuming I continued with what I was paying before I had my son. It's all sent via the miracle that is email so now its wait and see:o

eeeeeeeeeekkkkkkkkkkkkkkkkkkkk!!!!

Nargleblast · 14 January 2010 at 7:57PM

Will keep everything crossed for you emma!

emma-uk · 14 January 2010 at 8:22PM

Nargleblast wrote: »

Will keep everything crossed for you emma!

Thank you. I am really hoping that it gets the OK. I don't want to go the DMP or BR route. I am going to try and make some token payments although my IP said that it was fine to not pay given I technically have more going out than in.

Charco_2 · 15 January 2010 at 1:24PM

If i was you i'd be fairly confident. You're definitely doing the right thing and seem to have gone about it the right way too. Your situation is like a text book case of why people would attempt a full and final from within their IVA

I look forward to hearing how you are getting on.

magicbunn2106 · 16 January 2010 at 11:42PM

please , please , i feel like reading your post emma, is like reading the post i wanted to put on her....to a degree !!
Firstly , I hope things are ok for you.
I am a new mum to an 8 month and 2 day old baby girl. I live with my partner in a private rent flat for the same reason as you....local council dont deem us worthy clients as we are at work all the time (well me usually and soon will be!!) and wont be lazing around all day !
My partner took an iva over 12 months ago as he had ALOT of debt that he obtained from a previous and messy past life !! over £30k !!!
anyway we were making payments ok, until i went on maternity pay and my salary dropped by 60%. we received a letter this week from them as we had took a payment holiday break of 7 months and are due the first payment next month as I return to work. The only problem being is that I am going back to work ....but p/t. we have the added cost of my dd childcare and my wage is teh same roughly as what her chilcare is going to be costing. so technically only making around £50 by going. we get ctx but only for a few more months, and not sure about wtx as they cant say until i return to work. my partner cant declare bankrupt as his job dose not allow people who have been declared bankrupt.its a goverment job. so he cant lose his job.
i have done the sums for this month and we have £155 spare after the bills have gone out this month. this is for petrol, food and maybe more gas and electric if i havent budgeted enough ( on a pre pay meter). I do the shopping for teh family on £30 a week budget. so for 4 weeks is £120. leaving around £40 left. this may have to buy more nappies or food for baby if we run out. she needs new vests this month as growing so quick. managed to get one pack from sainsburys as they have a 1/3 off this week , maybe get one next week out of that weeks food money. but its just such a horrible situation to eb in. We have wrote them a letter saying that we cant make the same payments as before. they rang the other day but we missed them. my partner has to ring and speak .... but to be honest I know he is scared as he doesnt know what they will say... but knows one thing that we have no money and he cant go bankrupt. if anyone has any words of wisdom then i would read them with eager eyes.
thanks.

emma-uk · 17 January 2010 at 4:36PM

magicbunn2106 wrote: »

please , please , i feel like reading your post emma, is like reading the post i wanted to put on her....to a degree !!
Firstly , I hope things are ok for you.
I am a new mum to an 8 month and 2 day old baby girl. I live with my partner in a private rent flat for the same reason as you....local council dont deem us worthy clients as we are at work all the time (well me usually and soon will be!!) and wont be lazing around all day !
My partner took an iva over 12 months ago as he had ALOT of debt that he obtained from a previous and messy past life !! over £30k !!!
anyway we were making payments ok, until i went on maternity pay and my salary dropped by 60%. we received a letter this week from them as we had took a payment holiday break of 7 months and are due the first payment next month as I return to work. The only problem being is that I am going back to work ....but p/t. we have the added cost of my dd childcare and my wage is teh same roughly as what her chilcare is going to be costing. so technically only making around £50 by going. we get ctx but only for a few more months, and not sure about wtx as they cant say until i return to work. my partner cant declare bankrupt as his job dose not allow people who have been declared bankrupt.its a goverment job. so he cant lose his job.
i have done the sums for this month and we have £155 spare after the bills have gone out this month. this is for petrol, food and maybe more gas and electric if i havent budgeted enough ( on a pre pay meter). I do the shopping for teh family on £30 a week budget. so for 4 weeks is £120. leaving around £40 left. this may have to buy more nappies or food for baby if we run out. she needs new vests this month as growing so quick. managed to get one pack from sainsburys as they have a 1/3 off this week , maybe get one next week out of that weeks food money. but its just such a horrible situation to eb in. We have wrote them a letter saying that we cant make the same payments as before. they rang the other day but we missed them. my partner has to ring and speak .... but to be honest I know he is scared as he doesnt know what they will say... but knows one thing that we have no money and he cant go bankrupt. if anyone has any words of wisdom then i would read them with eager eyes.
thanks.

I am sorry to hear you are in this situation. Did the IP mention other options such as DMP? Is there anyone in your family that can lend you money to make a F&F offer?

magicbunn2106 · 17 January 2010 at 4:55PM

WHATS F&F? SORRY for being stupid??

I'm taking the plunge....

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