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    • Lincsdebt
    • By Lincsdebt 15th Mar 16, 3:24 PM
    • 75Posts
    • 63Thanks
    I wish the cats had eaten my credit cards years ago! The end of a six year IVA Diary.
    • #1
    • 15th Mar 16, 3:24 PM
    I wish the cats had eaten my credit cards years ago! The end of a six year IVA Diary. 15th Mar 16 at 3:24 PM
    I have six more payments to make to finish my IVA. Six years long it's been and it isn't wrong to say I've hated every moment.

    My debts went out of control, my partner didn't work enough, I ended up using a card to pay the mortgage. OK I know I over-spent too but you always think there's a chink of light around the corner. When it doesn't come, that's when the problems mount up. I was no stranger to lying awake at night in a panic, using one card and then another. Getting a loan to pay the cards, getting a new card and not cutting up the old ones.

    Ended up in an IVA, and paying over £1k a month to clear my debt. OK, you will say, you must've been earning it to have to pay that much.

    The five years were up last September, but I was also caught by the equity clause. Many people disregard this, I had thought that, with some large PPI payments from before the IVA, I wouldn't have to pay much. But they got for me another year, even though my final IVA amount had long been paid.

    That was six months ago. Six more payments and I'm free. My monthly salary will be mine, all mine. But I have become so conditioned by this situation, I don't think I will ever enjoy spending money again. This has destroyed my relationship with money and, at 61 years of age, I doubt it will ever be healed.

    My diary is going to be the last six months of this "journey" (oh how I hate that word in this context). But in this case it's the right word to use. I feel I have a certain amount of experience to qualify my statement of "Don't do it, unless you have absolutely no alternative".

    It has been the most difficult thing I've ever done. Yes, there's a relief when it starts but after a while, I resented every penny that went to the IVA. I've become an expert in managing my money, can usually tell you exactly how much I do or don't have in the bank and how long it is before I get paid. I've resented all the PPI they claimed back, and how little saw its way into my IVA account after the claims company had creamed it off. I've resented my friends' and colleagues' holidays, new cars, new furniture, when we can't have any of these. I've even resented having to make my own lunch!

    I've beat myself up mentally for being so stupid, but it's a slippery slope when the debts start to climb. And don't the credit card companies just love to put your interest rates up when you get in that situation!

    OK, let's try and end on a positive note here. When you can't afford to buy new clothes, you don't put weight on! Today that's as good as it gets, it will get better I tell myself, especially on days when the sun shines, the trains run on time and I can treat myself to a free Waitrose coffee!
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    • parsniphead
    • By parsniphead 22nd Apr 16, 2:33 PM
    • 1,527 Posts
    • 10,460 Thanks
    I've just read your diary lincsdebt and wanted to say well done. Four more and life wlll change. Keep going and inspiring others who read.
    Small little achievements make you feel good, and they add up to big achievements. Leo Babauta

    One debt v's 100 days 35/£921.84 - 3.79%
    • Lincsdebt
    • By Lincsdebt 23rd May 16, 11:47 AM
    • 75 Posts
    • 63 Thanks
    Another month gone by
    I notice that some people post to their diaries a few times a week. My life isn't that interesting! At the moment anyway, work is quiet and I am spending a lot of days just doing odd jobs. I am in a staff job, unusual in the media, so not being busy is boring, not worrying. One thing to be grateful for at least!
    Now have three payments to make. It will make so much difference to my life, not having to pay out over £1k a month. I'm sure you can imagine.
    It feels like a new chapter of life will start in September. I hope I can heal my relationship with money, it's gone to the other extreme where I beat myself up for spending a couple of quid on a tea for my train in the morning, when I'm thirsty and have an hour's journey.
    Getting into an IVA is very stressful, but I didn't have an alternative. Debt is like a creeper, it grows without you realising until it covers all your thoughts. There is relief when you get the IVA approved, it seems a long time ago now and I think I am a stronger person for the experience.
    Still sharing a car with my husband, hoping this will be solved soon. Having to get up even earlier because of this is a pain, it also makes me think that, as we get older, the lack of public transport and even a small shop where we live will become an issue if one or both of us can't drive anymore.
    I feel a bit like I'm wishing my life away to September! The year is going fast enough as it is, even though the spring has hardly started yet.
    • Lincsdebt
    • By Lincsdebt 6th Jul 16, 12:29 PM
    • 75 Posts
    • 63 Thanks
    The end in sight (with binoculars!)
    I haven't posted for a while, been just getting on with life. Though every day I think about the fact that I now have two more monthly payments to make, counting the days now.

    The level of my debts was scary, but now I'm in the position of having paid more than the final total (including all the debt management expenses) on the IVA paperwork, with two more payments still. Had a few good PPI payments that went into the account, including one I initiated myself before the IVA, which was treated as a windfall. But I can't get it out of my head that they will come back at me for even more money. I'm literally scared at this thought, I have never missed a monthly payment, never taken a payment break for the whole six years since this IVA started. So why would they do that and why do I feel they could?

    I guess I feel they see me as a soft touch for these reasons, managing my IVA has been very straightforward for them. I've done everything they told me, sent all the paperwork they requested, paid extra bonus when I had some in previous years. We couldn't release equity on our house, so I have paid another 12 months, which finishes in August. I am a serious over-thinker, not rational at all.

    Psychologically I think it would break me to have to pay even more money. I am waiting for my life to re-start properly, it is hard for those who haven't had this problem to understand what a strain an IVA is, and how you feel any plans you have are put on hold.

    If I sound like I am whingeing, I'm not. I messed up royally, though the slippery slope got much steeper when my husband's work dried up and I had to pay all the bills and the mortgage. There but for the grace of God go a lot of people and I offer my sympathy and support to everyone starting out on this journey.

    Onwards and upwards!
    • Lincsdebt
    • By Lincsdebt 22nd Sep 16, 3:55 PM
    • 75 Posts
    • 63 Thanks
    And then there were none ...
    Payments I mean.

    Today is the first 22nd of a month for the last six years that I have not had an IVA payment taken out of my bank account.

    It's over .. sigh of relief that can be heard in space!

    Now to enjoy my life more, be the person I used to be. Bought myself a bunch of flowers (£4 from Morrisons - old habits die hard) to celebrate.

    Already transferred some of this month's spare cash to a savings account, will try and do that most months (OK maybe not at Christmas) so I actually have some rainy day funds.

    Ladies and gentlemen, it can be done. Even when you are over £100k in debt .. Keep the faith.
    • enthusiasticsaver
    • By enthusiasticsaver 22nd Sep 16, 4:20 PM
    • 2,325 Posts
    • 4,007 Thanks
    Excellent. Well done at the end of a difficult journey. I am a massive fan of savings pots and emergency funds so I would suggest that you use at least some of the money you will no longer have to pay to your IVA to savings.

    I have lots of savings pots in high interest current accounts which are all earmarked.
    Christmas and birthdays,
    home repair and maintenance(including white goods and boiler replacement),
    Holiday fund
    Car fund.
    Long term savings in stocks and shares isa.
    Save £12k in 2016 #46 £13600/£12,000
    Debt and mortgage free and saving for early retirement
    • doingitanyway
    • By doingitanyway 23rd Sep 16, 8:33 AM
    • 849 Posts
    • 3,504 Thanks
    Well done. You got there.
    JANUARY 2016/SECURED DEBT=23,322/SEPTEMBER 2016=16,304 or 31% PAID
    MORTGAGE FREE 25/07/16
    • mikelstanis
    • By mikelstanis 11th Oct 16, 1:11 PM
    • 1 Posts
    • 2 Thanks
    I have been told to for a 6th year, do I have to wait until the end of the 7th year before I can get any windfall ? my mother wants to give me some money but won't until the IVA has no claim to it.
    • Purplemumof2
    • By Purplemumof2 11th Oct 16, 1:29 PM
    • 3,715 Posts
    • 10,895 Thanks
    Congratulations! Fantastic news!
    Official DFW Nerd Club - Member no. 791 - Proud to be dealing with my debts
    BC: £9050.00 Overdraft: £2750.00

    15-20 NSD - 8/20, 10 LSD - 5/10, 15 AFD - 0/15, Lunches to work 9/20 LAD - 4/10

    20p Savers 2016 £2 Savers 2016 50p Savers 2016 SPC 9 2016 #003
    • EssexHebridean
    • By EssexHebridean 11th Oct 16, 2:44 PM
    • 5,896 Posts
    • 33,554 Thanks
    Well done and MASSIVE congratulations Lincsdebt - you did it!

    We find ourselves in a similar situation having made our final mortgage payment at the end of last month. Our aim now is to rebuild savings for the future. We've allocated ourselves each a small increase in spending money (when I say small, I mean literally £25 per month) and a small increase in the account we use for general joint expenditure - the occasional day out etc. We're also increasing our food budget a little bit - up from £150 to £175 per month, the first increase in about 12 years I think!

    We came to conclusion that we were happy to still continue living as though we were ploughing every penny into the mortgage, because now we're not, the money will be sitting in OUR savings accounts, working for us, not a faceless bank. It makes all the difference.
    MORTGAGE FREE 30/09/2016
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