IVA approved!

notmyrealusername

Had my IVA creditors meeting today and it has been approved, it's such a huge weight of my shoulders as if I went bankrupt then I would lose my job and also my rented home which is linked to my job. I owed £42,000 and despite having a fulltime and part time job I could not meet the minimum payments.

I went through payplan and I will now pay £360 a month for five years and then I will be officially debt free. One thing I can say for certain is that other than perhaps a mortgage in the distant future I will never use credit EVER again.

Life for me begins at 33!

vodkabarbie

hoorah! glad it went smoothly

skylight

Nice one!

Glad it worked out okay!!!

SAP_Saver

I am not a fan of credit... I blame MTV

Verbatim

Glad that it's working out for you.

TallGirl

Well done for getting an IVA they are really good as they stop all hassle from creditors and being legally binding no one can touch you as long as you pay. It will be a long 5 years (assuming that is what you have got) but just think of the reward in the end.

Well done - keep up the good work.

james32_uk

Good stuff. Glad I helped you get on the right track!

taplady

Glad its all worked out ok for you! good luck with the IVA:D

Locana

Good Luck!!!

hardcore_since84

I Dont know what an IVA is but if it can cut your debt in half- I want one! on what grounds do you get approved. I owe £11,700 on a hsbc consolidation loan and £400 on an overdraught and pay back £277 a month. please can someone post details about IVAs. cheers

taplady

hardcore_since84 wrote:

I Dont know what an IVA is but if it can cut your debt in half- I want one! on what grounds do you get approved. I owe £11,700 on a hsbc consolidation loan and £400 on an overdraught and pay back £277 a month. please can someone post details about IVAs. cheers

James23_uk has lots of info on this subject and is a big help to those going through IVA. You could also ring payplan or CCCS or CAB who can give you the information.