I wish the cats had eaten my credit cards years ago! The end of a six year IVA Diary.

Lincsdebt

I notice that some people post to their diaries a few times a week. My life isn't that interesting! At the moment anyway, work is quiet and I am spending a lot of days just doing odd jobs. I am in a staff job, unusual in the media, so not being busy is boring, not worrying. One thing to be grateful for at least!
Now have three payments to make. It will make so much difference to my life, not having to pay out over £1k a month. I'm sure you can imagine.
It feels like a new chapter of life will start in September. I hope I can heal my relationship with money, it's gone to the other extreme where I beat myself up for spending a couple of quid on a tea for my train in the morning, when I'm thirsty and have an hour's journey.
Getting into an IVA is very stressful, but I didn't have an alternative. Debt is like a creeper, it grows without you realising until it covers all your thoughts. There is relief when you get the IVA approved, it seems a long time ago now and I think I am a stronger person for the experience.
Still sharing a car with my husband, hoping this will be solved soon. Having to get up even earlier because of this is a pain, it also makes me think that, as we get older, the lack of public transport and even a small shop where we live will become an issue if one or both of us can't drive anymore.
I feel a bit like I'm wishing my life away to September! The year is going fast enough as it is, even though the spring has hardly started yet.

Lincsdebt

I haven't posted for a while, been just getting on with life. Though every day I think about the fact that I now have two more monthly payments to make, counting the days now.


The level of my debts was scary, but now I'm in the position of having paid more than the final total (including all the debt management expenses) on the IVA paperwork, with two more payments still. Had a few good PPI payments that went into the account, including one I initiated myself before the IVA, which was treated as a windfall. But I can't get it out of my head that they will come back at me for even more money. I'm literally scared at this thought, I have never missed a monthly payment, never taken a payment break for the whole six years since this IVA started. So why would they do that and why do I feel they could?


I guess I feel they see me as a soft touch for these reasons, managing my IVA has been very straightforward for them. I've done everything they told me, sent all the paperwork they requested, paid extra bonus when I had some in previous years. We couldn't release equity on our house, so I have paid another 12 months, which finishes in August. I am a serious over-thinker, not rational at all.


Psychologically I think it would break me to have to pay even more money. I am waiting for my life to re-start properly, it is hard for those who haven't had this problem to understand what a strain an IVA is, and how you feel any plans you have are put on hold.


If I sound like I am whingeing, I'm not. I messed up royally, though the slippery slope got much steeper when my husband's work dried up and I had to pay all the bills and the mortgage. There but for the grace of God go a lot of people and I offer my sympathy and support to everyone starting out on this journey.


Onwards and upwards!

Lincsdebt

Payments I mean.


Today is the first 22nd of a month for the last six years that I have not had an IVA payment taken out of my bank account.


It's over .. sigh of relief that can be heard in space!


Now to enjoy my life more, be the person I used to be. Bought myself a bunch of flowers (£4 from Morrisons - old habits die hard) to celebrate.


Already transferred some of this month's spare cash to a savings account, will try and do that most months (OK maybe not at Christmas) so I actually have some rainy day funds.


Ladies and gentlemen, it can be done. Even when you are over £100k in debt .. Keep the faith.

enthusiasticsaver

Excellent. Well done at the end of a difficult journey. I am a massive fan of savings pots and emergency funds so I would suggest that you use at least some of the money you will no longer have to pay to your IVA to savings.

I have lots of savings pots in high interest current accounts which are all earmarked.
Christmas and birthdays,
home repair and maintenance(including white goods and boiler replacement),
Holiday fund
Car fund.
Long term savings in stocks and shares isa.

doingitanyway

Well done. You got there.

mikelstanis

I have been told to for a 6th year, do I have to wait until the end of the 7th year before I can get any windfall ? my mother wants to give me some money but won't until the IVA has no claim to it.

[Deleted User]

Congratulations! Fantastic news!

EssexHebridean

Well done and MASSIVE congratulations Lincsdebt - you did it!

We find ourselves in a similar situation having made our final mortgage payment at the end of last month. Our aim now is to rebuild savings for the future. We've allocated ourselves each a small increase in spending money (when I say small, I mean literally £25 per month) and a small increase in the account we use for general joint expenditure - the occasional day out etc. We're also increasing our food budget a little bit - up from £150 to £175 per month, the first increase in about 12 years I think!

We came to conclusion that we were happy to still continue living as though we were ploughing every penny into the mortgage, because now we're not, the money will be sitting in OUR savings accounts, working for us, not a faceless bank. It makes all the difference.