The end of my IVA

PaulinhoT

Well I've not posted much on this forum, but yesterday was my final payment to my IVA company. I went to the bank today to stop the standing orders as under recomendation of my IVA company.

Today I had a letter asking for some past wage slips, bank statements and my P60, which I have all photo copied and sent away today.

I have found it a struggle and changed my job 3 times within that 5 year stretch, but I've always managed to make the payments even if it meant going hungry for a few days or getting lifts to work due to not being able to afford petrol for my own car. The last year has been extremely hard, due to everything going up, including my medical costs, fuel costs, rent, and pretty much everything else.

Fingers crossed it's all sorted and dusted quickly, as the 5 years of stress has made me very ill to the point that I have to have 2-3 monthly check ups.. still I'm hoping once I have been set free I will become better.

Any advice on what to do after it is complete, other than smile ?

Future plans are to buy a house, and get out of the rently game.. and also to go on holiday, something at the age of 40 I have neve ever been able to afford. Oh and buy some shoes as mine are rather worn lol

Vikipollard

Congratulations PT!!! :beer:
I know what you mean about it being hard; the spiralling costs of, well everything, have made life so much more difficult, but the positive in this is that you've come out the other side WITHOUT DEBT, which so many other poor souls are still waiting for their LBM to face.

I think the next phase (after euphoria and new shoes ) is checking and cleaning up your credit file. Not there yet myself, but let us know how you get on :T

Enjoy the moment.

PaulinhoT

Just a little update, after completing my IVA my I.P said that I owed them a small amount of money due to my wages going up?
So I sat down for a day and put together a little information pack showing my wages had actually gone down in the last year of my IVA and my living costs had gone up by a massive amount.

After they looked it over and agreed with my findings, two days later (Thursday 16th, Feb) I had my completion certificate from the court that handled my case (via my I.P). I was actually shaking when I opened it.

So on Friday night I thought to myself I had better start rebuilding my credit record, so I have photo copied the paper work ready to send off to the companies that are used to check credit records (not sent them yet). I also filled in an online application for a credit card with a well known bank. On the Saturday morning they rang me to confirm my details, said they had looked at my credit history, and could see my IVA, and approved me for a credit card over the phone ?

The whole idea of me getting a card was simply to put about £25.00 a month on it, and pay it off 100% in full. I was going to do that for 3-6 months, then fingers crossed my credit score would be good enough for me to look into buying my own home in a years time.

I still wake up every day with a smile, and actually caught myself singing to myself in the car driving to work.. It all just seems UNREAL that it's all over and I can live my life. My shoulders feel light, and I can even breath better to..

FoggyBrain_2

EXCELLENT result ... well done :0)

Crisp_£_note

:beer: Good for you! I have a DRO due to clear at the end of next month and am dreading them revoking it for some unknown (as yet) reason. I dont know what I would do if they did and I dont know what I will do when they dont and its all over for me too!
Enjoy the freedom cautiously I say!

Thanks

digiqueen

Paid our last payment in march 2012 ,what a relief ,:jbut we have been told by the iva people that it could take upto 6 month before creditors are paid, is this normal and can we rebuild our credit history now. Helpand advice on this would be grateful .

Aidanb_2

Hi,

I paid my last payment in Feb this year and was told it would take 3 months for me to get my certificate of completion through, I have been checking every month on the status and was told nearly there will be end of this month, phoned up the other day and was told they can't give me a date I will get it as there is a problem with the tax on IVA, in that they don't have to pay it any more so they are getting the tax back and have posted the forms off once they get it the payments will go to the creditors and then the certificate will be done and sent.

I need to get my credit file sorted out and try and improve my rating as we are looking for a mortgage next year and the IVA will be off my credit file August this year as i started July 2006 and we will have 10k deposit.

I wouldn't have minded if i was told from the start about it but i just feel I can't move forward until i get that piece of paper to say I have finished.

So I think the answer is, it will take as long as it takes to get it back that's not what I wanted to hear but only answer I could get.

Regards

Aidan

Gimpsdad

Excellent news, well done.

IVA's tend to get a bad press on the forum as a whole, and I cannot understand why. They are not for everyone, but they carry guarantees that DMP's don't.

It would be interesting if you could let us know how much you paid into the IVA over the term, and how much your original debt was.

plymouthpafc

I dream of the day when there's no IVA!

We're only just over a quarter the way through ours but that still sounds like nice progress, that we're getting somewhere with this mess. God knows how we ditch the renting lark at the end of it all as rebuilding any viable credit rating seems a nightmare. Big thumbs up to CCCSVA who have been superb with us to date.
TIP : take advantage of the 15% allowable reduction before a variation meeting is required. Even then, if you can demonstrate real reduction in income or increased expenditure exceeding 15% may be possible.

Looking forward to escaping to a nice big caravan overlooking the sea somewhere!

Big, big thanks to Martin for all the help this site & forum have offered. We'd have been up the proverbial creek without it. The guy deserves a knighthood for services rendered to tens of thousands in our position.

Final thought : some guy on radio 5 recently reported the trend in personal insolvency to be down....to 35,000 in the last month! Scary but YOU'RE NOT ON YOUR OWN!