IVA here I come!!!!

cutemum

It is now 2.40 in the morning and I have just completed a questionnaire for an IVA. I have gathered together all of the requested paperwork and it just needs to be put in a very large envelope and posted tomorrow.

As I have recently separated and am responsible for the majority of debt (as it is in my name) I have been struggling greatly. I have been talking to so many companies looking for advice as to how I should deal with my £37000 debt. Every day I changed my mind as to what I should do from DMP to BR. I cannot believe I have actually got to this point and will only really feel relief when/ if an IVA is set up.

It has been great to read the advice in this forum. I have been able to find the answers to so many questions. I will probably be looking for support during the next few months. As very few people know my financial difficulies it is lovely to talk freely here to people who are not judging but are going through the same- or better still who have come out the other side.

I am looking forward to a time when I am invited out by friends for a meal and a few drinks and am not filled with dread as to how I will fund the evening. Please tell me life gets better!! Life after marriage can be fun!!!!

adfax

Hi Cutemum

My IVA was approved in January, and the relief of getting my creditors off my back has been immense; I no longer dread the postman coming or the phone ringing, and I actually am able to get money worries out of my mind!

It is true that you do have to get used to living on a somewhat tight budget, but that in itself can be very rewarding - knowing that what you are spending is your money and that you won't have to pay it back sometime is a good feeling.

Whilst an IVA is not necessarily the right option for everyone, it was for me and I only wish I had sorted things out a lot sooner.

Good luck - I am sure it will all work out great for you.

trudij

Hi cutemum - well done ! its a big thing admitting that you need to go into an IVA (or any kind of debt management plan!), but I can almost guarantee you that once its all set up, you will feel so much better.... just the knowledge that creditors arent allowed to hassle you, and if they do you can just set your company on them....

very very good luck, I promise you it goes quite quickly - and playing the budget game with things is fun after a while - theres LOADS of advice for things on MSE - and lots of lovely people to help you out with practically everything !!

xx

losethedebtlou

Hi, I am in an IVA and mine is due to finish next year THANK GOD! I have hated every minute of it, every time i got a promotion and pay rise they took half, every time i got a bonus for being in afghanistan they took half! Every year they wanted my bank statments and questioned me about EVERYTHING that was coming out of my bank. They really do take your freedom. The only good thing is that I am now having a baby and they have said they will drop the payments down to the minimum so I can actually afford to buy nappies . The chunk of money they take every month is the same as a mortage payment at the moment and I am convinced that I wouldnt have been paying as much out if I had just come up with my own payment plan for the debts. Anyway, its over next year and it is a good thing I guess because I will be debt free then. All Im saying is just dont expect an easy ride with an IVA, you wont be able to just go and buy something from Topshop for example cos the supervisor will be like 'well how did you afford that??' and make you feel like you cant buy ANYTHING . They were questioning me for the amount of petrol I use, its not my fault I have to travel 200 miles every week for my job!

Good luck in your IVA though, least you'll be debt free at the end!

Baggiebird1nil

We completed our IVA on the 28th June and the feeling is FANTASTIC. Losethedebtlou don't forget that your debt was of your making for whatever reason and you can't expect your creditors to not want to claw back as much money as they can. Don't forget they are the losers in this at the end of the day. The past 5 years have been tough at times for us but they have taught us some important lessons: if you can't afford it, don't buy it, if you don't need it; don't buy it, if you can't save for it, don't borrow to get it.
I don't judge anyone on this forum but you do have to take ownership and not expect to get away scot free. Good luck for the next 12 months it really does go so fast.