6 years to go!

blacksheep1

Hi to everyone on this board.

I'm hoping to become a bit of a regular on this board over the coming weeks, months and maybe even years so thought I'd just say hello.

My partner and I are seven days away from finding out our fate in terms of our IVA application. CCCS have said we stand a good chance of it being accepted due to the amount we are proposing to pay back and the spread of debt across the creditors so we're very hopeful it will go through.

What a huge relief that would be if it were to go through! CCCS have been absolutely great up to now, very supportive and we never get the feeling we're being judged or anything.

So hopefully we'll be counting down the 6 years very soon :T

And the sun is out - double bubble!

Mr_Moosey

Good Luck. I have recently completed my IVA and the whole process is stressful. I was able to put a cash offer on the table after a year and it was accepted. I owed £32k and I offered £17.5k. I still have the same restrictions of poor credit (not that I want any!) for another 4.5 years, but in the end, it was worth it. I paid a total of £24k to clear £48k of debt (student loans, US tax bills and US medical bills). If you ever have any problems with the backroom staff handling your IVA, DEMAND to speak to the supervisor. After all, he is getting a nice amount of money for your services! I had problems with my agent and the supervisor sorted everything out and was brilliant. All the best and I hope your six years goes smoothly.

blacksheep1

Mr_Moosey wrote: »

Good Luck. I have recently completed my IVA and the whole process is stressful. I was able to put a cash offer on the table after a year and it was accepted. I owed £32k and I offered £17.5k. I still have the same restrictions of poor credit (not that I want any!) for another 4.5 years, but in the end, it was worth it. I paid a total of £24k to clear £48k of debt (student loans, US tax bills and US medical bills). If you ever have any problems with the backroom staff handling your IVA, DEMAND to speak to the supervisor. After all, he is getting a nice amount of money for your services! I had problems with my agent and the supervisor sorted everything out and was brilliant. All the best and I hope your six years goes smoothly.

Thank you for your reply.

And very interesting to hear your story. Yes, it's been incredibly stressful to this point, and we have spent an awfully long time going through the pro's and con's. Particularly, as we have 2 young children to consider as well.

But the decision is made, we're going for it and our chances seem good, so for the first time in about 5 years, I can see a very small light at the end of the tunnel!

FoggyBrain_2

HI Blacksheep. Well done on getting sorted and tackling the debt. Might I ask why you have a 6 year IVA ? The norm is 5 ( unless one of your creditors is Northern Rock).

Mr Moosey --- good to read your post. What reason did you give to your creditors for finishing early with a F&F ?

Mr_Moosey

I retired from the military after 30 years service and I had a tax free lump sum. I also had no job to go to and I would have struggled on my military pension to keep up the monthly payments. So, my creditors jumped at the chance of having cash now rather than having to wait for another 4.5 years to get the original agreed figure.

It is a good feeling to be free of debt!

Mr_Moosey

blacksheep1 wrote: »

Thank you for your reply.

And very interesting to hear your story. Yes, it's been incredibly stressful to this point, and we have spent an awfully long time going through the pro's and con's. Particularly, as we have 2 young children to consider as well.

But the decision is made, we're going for it and our chances seem good, so for the first time in about 5 years, I can see a very small light at the end of the tunnel!

I too thought things through very carefully. I also have two young children and the thought of having no money for several years, giving my crediors everything each month and the thought of not having any money to spend on my children was the tipping point.