My IVA is now complete

doelani

Just some background...........

We realised in January 2005 we were in trouble when after trying to consolidate some loans we were turned down, we were withdrawing cash form credit cards to pay bills and buy food. We earned good money but also lived good lives. We were in trouble.

After finding this board and another we contacted payplan and cccs who both suggested IVA or DMP which would take forever to pay. We decided on IVA for a number of reasons...........

We had small mortgage but large family and needed to keep our house as to rent somewhere big enough would have been more expensive than our mortgage.

I worked for a bank in a call centre and an IVA woudl not effect my employment as I was in a unregulated position. Bankruptsy would have ment leaving this job.

We got into this mess and wanted to pay back as much as we could afford.


Our IVA was accepted for debts of £110k :eek: with a return of 51p in £. this was to include equity release in year 5 and 50% of all bonus. Standard stuff. All went well for first 6 months then disaster struck.............I got sick. My income dropped and we had a very understand IP who let us use the overtime to make up my lost wages as hubby earnt good overtime so we were able to keep payment up for the near future.

Then this time last year reality sank in , I was still ill and children leaving school so income dropping again with CB and CSA payments and we decided to look at finishing IVA early with F&F from remortgage.

This was not easey but eventually after many tears and panics got it sorted and in may 2008 it completed and IP got the funds to finish the IVA. It has taken 8 months to get everything sorted and some creditors just did not want their money , in the end all paid except one who have forfited their claim and have been excluded.

It has been a long road and now we are at the end of it, we have learnt a lot, our house is not a show house with latest things but it is our home, we enjoy our holidays more because we saved and paid for them from our "allowances " in IVA and appreciated them more than when we just added them to CC.

I see so many people posting because their IVA are failing, I guess we were lucky, very lucky. Without the support of a great IP ours may have headed that way too. So now we are offically debt free apart from our mortgage of £80k and I once again have a credit card with small limit which gets paid in full each month. We also have a proper current account with full facilities although we turned down overdraft. We also have savings :T

Sorry for long post , if I can be of any help to anyone please ask or pm

Doe

trudij

well done you!! I like the sound of your IP - who was it?? mine are really good too - (well,they havent let me down yet!) its nice to know there are others out there!!

(im due to finish mine in 19 months - hurrah!!)

mother_hen_2

wow, makes good reading well done....
and thankyou for sharing that with us.

doelani

thanks for replies :j

fnc6810

Well done and enjoy the rest of your life (fingers crossed debt free)
My IVA is also completed but did not go aswell as yours but rather than go into it keep your eye out within the next week to see my complete story word for word from every letter and document of the IVA

But the one thing we have in common we're both Debt Freeeeeeeeeeeeee
fnc6810

spenderblender

Congratulations on getting to tje end of a very long road. Enjoy your life and may you benefit from what you have learnt.

kathspaceman

well done wish i could get out of debt. i only owe about 6,000 but when you are on your own on a low paid job about 800 a month then you just have to cope. i am with the cccs but they give you a budget to follow which is impossible some months.