6 (maybe 7) year IVA

Notesman

Wow, although a huge weight has been removed from around my neck, my IVA is going to take at least 6 years for finish, maybe 7. This is due to having a second house rented to tenants, but the rent income does not cover the mortgage payments, so we have to make an additional payment each month.

We had our IVA accepted by all of our creditors, with the exception of American Express, but they were small creditors in the scheme of things. We had £65,500 of debt and were paying off more than £1550 per month in minimum payments, which have never cleared the debt.

My wife does not work and I had a pay cut of £150 per day, so a massive drop in salary. We are now paying £299 per month for the IVA, meaning we can now live out of overdraft and require no credit. the budget for our household is quite comfortable and it seems nice to always see our accounts in credit.

Now we are living within our means and enjoying sleeping at night. All of the worry has been taken away form us and our budgets have been set. Both my wife and I sit down each week to check the account balances and make sure we are within our planned limits and taking responsibility for our spending.

The IVA is the best thing we could have done. Roll on 6 years to be completely debt free.

FoggyBrain_2

Hello and welcome. Looking ahead does seem daunting, however, think of things that happened in the world, or in your life, 5 or 6 years ago ( the fall of Saddam Hussain, for instance) .... deosn't seem that long ago. In 6 years you will be looking abck to 2011 wondering where the time went .. but best of all, you will be debt free :-)