Help with Personal Statement for an IVA

MeestaDimples

Hi,

I'm applying for an IVA with the help of Payplan. They've asked me to provide some background information and personal statement explaining how I got into debt and what the money was spent on.

I subsidised my living as a student with credit cards, plus took student loans out every year and a postgraduate loan to do an MA. I then consolidated 3 times, each time adding interest to what I owed. I bought a car and I'm ashamed to say I spent some of the money wrecklessly. I suffer depression and low self esteem in my appearance so spent a small fortune on clothes and would always use shopping as a way to alleviate my depressed state, when in truth this made things worse.

Should I write this in my statement - how honest should one be? I totally accept now that I have been foolish with money in the past but it has got to a state where I simply can't cope with repayments. I see an IVA or DMP the only way for me to change my spending habits.

Any advice?

rayday2

I think everything you said up to the "I am ashamed to say bit" sounds fine.

Finance companies have to take some responsiblity in these matters and it is not all your fault, you said you consolidated 3 times there records would have seen that but they just saw you as a interest making machine. Thats the risk they take as a finance company.

I really don't feel you should have to tell them any more than that I only put one line basically saying we had had a baby and the number of jobs we had dropped. They never questioned what I had put.

Good luck with it all and I hope you can feel more positive about the future having come to a decision on what you are doing.