Last 12 months of IVA

FocusQueen12

Hi folks

I'm now in my last year of my IVA. Review completed with no changes and ppi claims are sorted as far as I know. House in deep negative equity so do not expect an extension of payments.

Does anyone have any pointers to help me through the gruelling last few months?

Thanks

Foxy-Stoat_3

Well done and keep going...are you in year 4 or 5?

Please do be too anxious to get back into debt again !

FiatFan_2

Congrats on getting this far, here's hoping the last 11months fly-by without too much trouble

cheesedoffwithdebt

I do envy you being so close to the end, I still have just less than 3 years and I am so ready for it to be over.

I guess that the issue I anticipate the most is just not knowing what to do as I'll have over £500 spare every month. I want to save it, and not get carried away with the fact that I can afford things I've gone without for so many years.

I think its like an athlete getting the strength to finish the race, this is only a matter of time now for you.

I'd say pace yourself, as foxy said, don't be tempted back into debt, and perhaps plan what you are going to do with that extra income you have.

But I entirely know what you are saying, I've found this "middle" year really hard but come 1 Jan as far as I am concerned its the start of the homeward run for me, albeit I am not finished until July 2015 and will then have to do another year as I doubt I'll have enough equity in my house either.

Anyone with tips on motivation your skills are needed here!

cheesedoffwithdebt

Just remember – right, left, right, left....repeat."
Jordan F

there you go I've found you a motivational quote!!

Just keep going, it will end, and for you quite soon!

FocusQueen12

Thanks :-) believe me the time will pass more quickly than you think.

Btw if you have no equity i think it should only run for 60 months. Check you contract paperwork :-)

cheesedoffwithdebt

thanks- I just re-read my proposal. At the end of the 60 months, well before that, I have to get the house revalued. If the equity in the property is less than £5000, I just have to pay what equity there is, over a 12 month period, as an extension. I'd thought I had to continue with the current payments so thanks for making me read that.

Hard to say, I doubt interest rates will move before 2015, I had £1200 of equity at the start of the IVA and have an interest only mortgage.

Once the IVA is over I will be overpaying the mortgage but for now it is as it is.

as I say- thanks, because I don't think I'd understood the terms before, well actually 5 years seemed like a long time so I read them and then forgot. oops!