Long time Listener, first time caller

MrOrchard

Hi All,

I've just joined this site after many months as a lurker, I've gained so much from it and felt that it was time to raise my flag and say hi. I'm not sure that this is the right board to post to, but it's where I spend most of my time, looking at the challenges, tips and support.

A little about me, I entered an IVA in April 2005, with £36,000 debt and a better understanding of the world. The debt came from leaving University and spending 3 years 'keeping up with the Jonses' (all more solvent than me), and a final year, after realising that I needed to sort myself out, paying loans with credit, and overdrafts, and generally increasing the level of debt whilst shifting it between creditors.

I wish I had found MSE back then, when I first realised that I had a problem. It took a counsellor visiting me after a self inflicted hospital visit to recommend me to (and forgive my memory if it is inaccurate) CCCS, who talked me through the options, and put me in touch with PayPlan (who were something different back then, again the name escapes me).

The day I left my creditors meeting; which was essentially attended by Me, my IP and a fax machine; with my agreement signed was the best day of my life. A weight lifted, I managed to come off of anti-depressants and begin to get the rest of my life, neglector for so long, in order.

We're approaching the end of 2008 now, just 18 months on the IVA left and I'm proud of myself for making it this far, I have a partner now and together we're planning weddings, babies, mortgages and a future together. I've been lucky I know; I work in an industry that rewards hard work handsomely, and my salary has almost doubled since I entered the IVA and bonuses have been at least annual, though each year my payments have remained static making it far more manageable than it was when I started. Additionaly, for reasons unknown to me, the clause in the IVA agreement which stated that I had to hand over windfalls was amended to "windfalls over £5000", which has meant that I have been able to keep any bonuses.

I count myself as a success story for surviving debt. I have a far clearer view of the world and of the value of each and every penny I earn, or spend. I avidly follow all the engaging challenges posed by these forums, my £2 jar needs work admittedly, I have only received one £2 recently.

This rather long winded and self-absorbed post is essentially a thank you to the MSE's, all of you. It's probably in the wrong topic, but I wanted to share my story, and thank you for the daily motivation reading your posts galvanises me with.

boredofbeingathome

Welcome to the boards..Mr.Orchard. You are definately not on your own and isn't it amazing how your debt starts to turn around once you face up to it? Keep up the good work and keep posting as many are just starting out on the IVA journey and would appreciate your advice.

MrOrchard

I found advice on forums invaluable, it was somewhere else on another site I was a member of. It was non-finance related (motorcycles actually), but allowed anonymous posting. It was then that I realised that the regular "bully boy" posters weren't all exhaust pipes and screens, but a large percentage had experienced problems akin to mine.; This level of honesty in others helped, I wasn't alone. Realising that was a very big step.

GeorgeUK

Congrats on what you've achieved so far MO and i hope the success continues. I think your post will be helpful to many as it is often only problems that get posted. Posts like yours showing that there is light at the end of the tunnel are rare but just as valuable.

Keep up the good work - you never know, you may get a dodgy hug out of it

frazzmunch

glad to hear you are on a happier path:D keep up all your good work!!:A

MrOrchard

I only accept dodgy hugs, so that's fine.

I'm also saving money now, which is one benefit of not having to worry about imposing debt, my monthly payment to PayPlan is the only payment that I have to make a month. Of course I'm not allowed my own savings account, but I have a very understanding brother who runs it for me, I just transfer money to him monthly.

After two years Natwest kept bugging me to "upgrade" my step account to a normal current account with them. I did this (it's fine to do if you don't use any of the credit facilitites), and it has actually given me two years "early" credit rating re-building. i'd recommend this if possible. I now run the accounts together. The Step account recevies my salary and has all of the Standing orders and direct debits running on it, and my current account (with the more widely accepted debit card) has money transfered into it for my day to day spending.

Lelc

Thank you for sharing your story MrOrchard.

I've been in my dmp for nearly 3 years and probably have another 3-4 years to go. Sometimes it feels like I've been in this situation forever. It was this website and the dfw forum that helped me realise that I was in debt and then gave me the advice to help me deal with it. And it's the people on here that keep me motivated. Reading your story has just reminded me that I will get there in the end.

Dodgy hug warning.............:grouphug:

ally_bally_3

Really inspiring post Mr O. Sometimes reading these forums I really think of the support that people gain. You have been lurking and gaining help from other people's posts and I think its lovely that people will gain inspiration from yours.

Really nice that you are now on a happy path - shows it can be done.

MrOrchard

Knowing three things really helped me

1) I wasn't alone
2) I'm not stupid, other intelligent people get into this situation
3) The tunnel is long and dark, but there's always someone ahead of you shouting that they can see light

MrOrchard

I've just re-found this post so thought I'd update!

I got married in March and the IVA was completed in April, everything is looking rosy for the future. Also, the IVA isn't on my credit report, I kept the IP 100% informed of house moves, along with all bank accounts and so on, but the benefit of my nomadic lifestyle means that the IVA stopped following me a few houses ago. I've raised this issue with the IP and they've essentially said that if it doesn't appear on there by April 2011, then it never will - I will also never with-hold information about it if asked directly (for example by a mortgage broker). I know I've been lucky. We're meeting an IFA this week to talk about the best savings product available to us and the plan is now to get a deposit for a house saved within 24 months, to start a pension, to get some 10 year savings plans along with some Cash ISAs and regular savings.

If you'd have asked me where I thought I'd have been now 6 years ago when I was in my deepest depression, I would have a pretty macabre answer, at that point i'd already tried once. No matter how hard it seems, don't give up, stick with it out there if you're still struggling through an IVA, debt, a DMP or banckruptcy. It really does only get better.

looktothefuture

Well done MrOrchard! Great words of advice from an "oldtimer" (not meant as in age, but in wisdom!)