Is Doing An Iva A Good Idea ?

Highland_Doll

doelani wrote:

CCCS recommeded a IVA for me £100k debt, payment are £565 for 36months then £875 for 24 months (when hp for car paid off ) and we have to release £24k from equity in houe.

Can honestly say it was the best thing we have ever done and wish I did it years ago.

CCCS did not recommed Debt Free Direct to me. I know a lot of people are recommend IVA's and they are expensive but if it is suitable why not? We have the presure of our heads and we will be payiing back at least 52% of what we owe and with paying 50% of overtime etc probally as high as 70%.

In the last 6 weeks alone we have about £600 extra to give our Supervisor towards IVA as hubby had bonus from work and plently of overtime.

Goodness me, those payments and the payment terms give me a headache! It's more than a mortgage! Wow..that's a serious amount of debt to get into.

I read these forums on debt occasionally and it gives me the strong message..don't spend what you can't afford and keeps me from going mad on my credit cards. Phew!

Admirable that you are paying so much of it back, good luck :T

doelani

Highland_Doll wrote:

Goodness me, those payments and the payment terms give me a headache! It's more than a mortgage! Wow..that's a serious amount of debt to get into.

I read these forums on debt occasionally and it gives me the strong message..don't spend what you can't afford and keeps me from going mad on my credit cards. Phew!

Admirable that you are paying so much of it back, good luck :T

Well the payments seems a lot but compared to the original payments, almost £2000.00 so a lot of juggling went on to pay debts. It is so easy to just keep getting more and more and thinking you can afford it. I have learnt the hard way and do not mind the fact I am paying so much back. I just keep thinking I will be debt free when I am 45 lol

Highland_Doll

doelani wrote:

Well the payments seems a lot but compared to the original payments, almost £2000.00 so a lot of juggling went on to pay debts. It is so easy to just keep getting more and more and thinking you can afford it. I have learnt the hard way and do not mind the fact I am paying so much back. I just keep thinking I will be debt free when I am 45 lol

Hi Doelani,

Well done on sorting it all out. I do agree that the payment you are now making is so much better than the original combined monthly payment of almost £2,000. I have done the 'get more and more' routine many years ago, but thankfully called a halt to it when my husband got made redundant. I managed to clear the 5 odd grand we owed out from the redundancy money and I am so pleased we didn't waste it rather than paying off our debts.

It is all too easy to spend more than you realise. We were on a good salary, we didn't understand about interest back then and all we looked at was the monthly payment etc. Now I have a limit of £500 we are allowed to owe on our credit cards. He has one he uses for himself, I have one I use for myself and we have lots of others that lay empty, though we do have some 'stooged' from his egg card, earning a nice wad in interest in my ING account. I have learnt how to 'make' money now, rather than just spend it.

45 is a great age to be debt free! Life begins at 40 you know, and just think, all that spare cash you will have to save, invest and occasionally treat yourself with. I think you have done remarkably well and have handled a difficult situation with a great deal of clear thinking and determination.
I wish you all the best....