9/5/2006 IVA Approved, I can now stop worrying

angelstar25

Hi everyone
Just to let you know I had my IVA approved today all my creditors voted in favour of it, for those of you who don't know I have 27'000 worth of debt, and I am only earning £14000 a year so it was quite hard and difficult to meet my repayments. I got in touch with payplan who took me through my options and I opted for the IVA, as its done and dusted after 5 years. My payment will be £206.00 a month, I will pay back 30p in the pound so they will write off 70% of my debt, the only conditions there were was obviously annual reviews, must keep up the £206 for the first two years, and if I win the lottery I need to put what I owe back into my IVA.
I must say that this is a big relief for me to get this now sorted, its hard to do but at least I can now get on with my life.
Payplan also say they give you help and support throughout, and that I will ever get hassled again off creditors if I do I just tell them I have an IVA, it's nothing to be ashamed of, I'm proud I admitted I had a problem when I did, cause I think if I left it any longer I would be declaring myself bankrupt, which is what I didn't want at least I am paying back what I can through this, and all I can say to everyone who has debt problems like myself is to say that their is light at the end of the tunnel, and I highly recommend payplan for help.
Anyone who would like any help or advice please get in touch
Laura

donnalove

hi laura yes i had a iva and it is a relief i hope it works out for you
just for the record about 8-9000 of what you are paying into the iva is actually going to your ip not the creditors. the creditors will be lucky to see 4000 if that is all you have to pay.
have you any equity to put in ??
what is happening to your payments after 2 years are they going up or down

rootofallevil

Congratulations, you must be really pleased, we are in the early stages of a debt management plan being handled by payplan...they are excellent!! its still a bit unnerving but we are assured that things will get better...here's hoping...and again, congrats, hope it all works out!!!:beer:

Glass_Half_Empty??

Good luck I hope everything works out for you :beer:

piggybank1

Well done for getting it all sorted!!
I am entering the 4th year of my IVA, and I can see the light at the end of the tunnel. It's hard for me to imagine now all the hassel I went through before I got the IVA sorted. It seems a long time ago!!
Keep it up, and you will soon have savings and a life back!!

Addicted2Chocolate

congratu;ations. just to point out that a bankrupt pays back what they can too! Under an income Payments Arrangement for 3 years!

System

Superb. The only way is up.

ajay_3

I just completed my iva but not in the same circumstances as you.I was a sole trader in construction and had debts in the region of 99000.00 mostly to the bank and irs.I was put in touch with grant thornton and they agreed to act for me.I was owed about 65000.00 by contractors and had to fight hard to get it paid and in one case had to resort to solicitors and that cost me 8000.00 but was eventually paid 32000.00 out of 51000.00 so 24000.00 went into my pot.My iva was completed in feb this year having started everything rolling in september 2003.All my creditors recieved about 6 pence in the pound.I dont know anything about having to be checked out every year or being reviewed all I know is that my iva is complete and that is the end of the matter unless of course I win the lottery..:j :j :j

angelstar25

donnalove wrote:

hi laura yes i had a iva and it is a relief i hope it works out for you
just for the record about 8-9000 of what you are paying into the iva is actually going to your ip not the creditors. the creditors will be lucky to see 4000 if that is all you have to pay.
have you any equity to put in ??
what is happening to your payments after 2 years are they going up or down

hi thanks gets reviewed after two years, £206 for the first two years and then its subject to income and incomings and outgoings they said, I imagine it will be around the figure i'm paying, but not too worried about that, yeah got my share money in as equity, £1300, no real hardship though there as I'm still getting a lot wrote off.

fatbelly

donnalove wrote:

just for the record about 8-9000 of what you are paying into the iva is actually going to your ip not the creditors.

From the figures she's given it looks more like £4000, but then I would have expected payplan to find an IP that didn't rip her off. You're right - some do charge double that.