My experience through an IVA.

babybakey

Hi everyone , im so glad this thread is now up and hopefully the taboo of IVA's will dissappear.

Back in 2003 we went into an IVA through debt free direct, we'd been taking on more and more credit to pay the loans we had then when we couldnt get a loan we used the over draft , you know the story im guessing most of you have done the same.
We had the IVA set up for 12mths instead of the normal 5yrs as they thought the housing market was boyant enough for us to gain enough equity to remortgage and pay off the debts after 12mths. however they forgot to put a clause in to say if we couldnt then we should extend the IVA for 5yrs. which went in our favour luckily.
after the 12mths id been unfortunate enough to end up with a really awful case of RSI ( repetative strain ) in my wrist and my then employer laid me off under the instruction of their occupational therpist. The silly man hadnt checked me over right and said i would never work again. ( when in fact it was just down to the inadequate desks and chairs they sat us at for 12hrs a day - as im now recovered and working again) Because they laid me off we were unable to remortgage and so our debts were written off. we had paid a huge chunk as by the time they got round to finishing it we'd been paying for over 2.5yrs ( dont expect it to stop on the last date of your contract as it rarely does)
we went through a hell of a lot of stress and i cant express enough how important it is to keep talking things through with your family/partner as you will have days where the barrage of calls from debt collectors and the piles of redletters will get you down . i had days where i just cried and cried. but as soon as the IVA was in place it was like a huge weight had been lifted. NO its not the easy option by no means but its sometimes the best when given the option of that or bankruptcy.

So whats happening for us now i guess your wondering ?..... Well, once the IVA had ended i took time to recover and then eventually got back into work part time then full time, my husband took a better job in a different town, weve managed to move house and get a new mortgage ( not the best rates available as the IVA is still on our records for a few years) and weve managed to afford 2 delightfull little boys :j
Basically were so happy and its all down to us swallowing our pride and going for an IVA , a lot of people did say " oh no you must have been spending on all sorts to get in that debt " or they gave us funny looks, but now were starting with a clean slate, i dont buy anything i cant afford out right and if we want something special we save. we only have minimal ammounts left over after the bills are paid now as im now on maternity leave but we get by and im no longer scared to answer the phone or read the post.

Those of you in debt problems if the IVA is the last option , take it its a good idea for those in the right position. it will hold you back for new mortgages etc a little but as you can see from my experience it can be a great thing. although i wouldnt recommend debt free direct as they were very slow sorting things out and ive heard other firms are quicker and more efficient.

best of luck to you all and i hope your all debt free soon xxx

skibadee

So pleased things turned out well for you eventually and you are now able to move forward.

lexie2005

So glad things worked out well for you. We are just starting year 3 of ours also with DFD, so far so good, we have certainly been taught the hard way how to budget.... Congratulations on your little boys, I am looking forward to ours being over so I can give our DS the brother or sister he keeps asking me for.....

Supertim_2

This is the most positive posting I have heard I am in a trust deed (Scottish IVA). I cannot get advice from anywhere on how I proceed and get back to normal. All I keep hearing is that I will never get a mortgage. Your story has helped to ease my fears Babybakey!

Thank you

Free_in_Three

Thanks for sharing your positive experience. I am about to enter an IVA and after reading many negative comments posted on MSE was starting to worry I had made the wrong decision. I contacted CCCS who confirmed that IVA is actually the best option for us.