IVA and debt management coming to an end

Hi all

So a few years ago I found myself in a debt management plan. I got to the point when I was sat in my bedroom crying uncontrollably as there was no end to the debt I was in, ( from an ex who talked me into getting cards and loans in my name then he left- my stupid fault I know)... I got talking to a girl at work who was part of debt management Gregory Pennington, I rang them and broke down to the poor guy on the phone who reassured me I was doing the right thing. After a long chat and various letters back and forth they gave me my life back even though I was signed in for roughly 26 years with the length of debt I had.
Then a few years in I got a call from them to offer me an IVA with sister company freeman Jones. I was scared and very dubious but the thought of shaving 20 + years off my debt payment time seemed appealing. I took the plunge and was accepted on the IVA.
I won't lie, it was frustrating at first having to send pay slips and basically have to explain and justify every single penny I was a spending ( not so strict on debt management ) I slowly accepted that this is for 5 years and it's for the best.
Well,. I am pleased to finally say that on the 4th July will be my last payment with freeman Jones and I will be at the end of my IVA. I remember sat on my bed all those years ago reading the Internet forums of people approaching the closure of their IVA and thinking I'd never get to this point,
Both freeman Jones and Gregory Pennington were very professional and understanding companies to be with, and would highly recommend them. :beer:
If anyone is at that point I was all those years ago, I know there's not much I can't say to help, but even if it's just a friendly reassurance, please message me :)

Comments

  • Fabulous post, and well done to you for getting to the end of your journey.

    IVA's are not easy, and they do get a bad press on here sometimes, for reasons I have never quite understood. They are certainly not for everyone, but are very attractive when compared to never ending DMP's. Martin's own guide to them is unfortunately laughable in its inaccuracies and obsolescence. Laughable to the point of potentially carrying a risk of serious detriment to anyone foolish enough to take it as gospel, which is a more serious point. He really should give some serious thought of either taking it down or making major changes to it in order to bring it up to date.

    I am sure there will be those who question your decision, especially choosing a fee charger for your DMP, but if it was your choice and you are happy with it then that is the end of the matter. All IVA's carry fees, and all IVA providers are commercial entities, so there is less to query there.

    Well done again.
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