IVA completed on F&F - our story

stressedtothelimit

Hi guys,

No posted on here for a while but wanted to share our experience with our IVA.

We originally took out our IVA in April 2010 where we owed 48k between the 2 of us. We contacted the CCCS who suggested the IVA, had a creditors meeting and then the IVA was accepted! :j

We were paying £231 per month back and everything was finally manageable again. Things continued this way for the next 3 years. We had 3 annual reviews and al of them were fine, no changes to the repayments and no issues which was a great relief.

In match of this year and with 3 years left of the IVA my sister offered us £4500 to offer as a full and final settlement. Now we thought that this was way too little and so did the CCCSVA or Stepchange as they are now called. They advised that it wouldn't be accepted but there was no harm in trying.

At this point we owed them a further £8316!

Anyway, last week the offer was accepted and the IVA has been completed! We are awaiting the certificates so that we can start the credit file clean up even though we know it will still be there for 3 years!

Just wanted to share our story!

Anondebtadvisor

Thats great news and goes to show that the final decision is the creditors and with the IVA company, creditors prefer full and finals as they get their money quicker, your complete your IVA sooner and the IVA company can close your case earlier... everyones a winner

Good luck for the future x

debtfree2016

Hello Stressedtothelimit, thats great news for you both. Best of luck from now on. May I ask what gorunds you submitted and F&F on?

stressedtothelimit

The grounds were that we wanted to move to be closer to my mother (80 miles away) and that we wanted to start a family due to my husbands age (42).

UpToMyNeckInIt

...Great news: another example of common sense prevailing, despite the initial negative response from an IVA case worker.

Good for Stepchange's IP for putting your proposal to the creditors.

I think some of us forget sometimes that an IP is supposed to act as 'honest broker' after all, working for both the creditors AND the customer's best interests.

debtfree2016

Thanks Stressedtothelimit, nice to see common sense as per uptomyneckinit stated. When you put this forward did they not question that your proposal was circumstantial? Please don't think I'm being rude by asking.... I have seen many F&F threads each stating redundancy, reduced income or divorce etc. Did your creditors not require some form of evidence? Please feel free to PM me if you wish. I wish you both all the best for the future and your thread has been a great benefit to all of us currently taking the path of freedom from debt.

FiatFan_2

Definitely a feel good story, congratulations :T

I wonder if it'd be possible to use PPI money for this purpose, probably more wishful thinking on my part :rotfl:

stressedtothelimit

No they literally wrote 4 lines on the proposal, all the financial info and then arranged an MOC to vote. They didn't put any effort into it as they didn't think it would be accepted!

cheesedoffwithdebt

that is a really nice story and it must be such a relief to be free from the more formal process of an IVA- it's good to hear something like this once in a while, well done.