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

Lincsdebt · 4 April 2016 at 12:20PM

So my car had a rattle, nothing major we thought so it went to the garage last week. Turns out to be terminal, the car is 15 years old. Who can get a newer car when you're in an IVA?!

I live in a village and there is no public transport, so I need a car to get to the nearest town and park up to get a train to work. My husband has a car, but he needs it when he's working as he usually is away. It is going to be a nightmare juggling with only one car, but I see no alternative as who is going to grant us a car loan?

And who has savings when you're in an IVA?

So those who asked what I will be doing when my IVA ends, I'll be saving for a car!

Life2short · 4 April 2016 at 12:37PM

Well done on what you have achieved so far. Yes you were in debt and yes you have nearly sorted it. Inspired I am, subscribed I have xx

pink68 · 4 April 2016 at 7:57PM

Hi Linda, life does have a tendency to catch you out just when you think you are sorted. Any chance you could manage with a second hand pushbike?!

Lincsdebt · 6 April 2016 at 11:19AM

Lol Pink, my commute to work via car and train is 2 hours, I have a bike but am a less than confident cyclist so would take me another half an hour and part of the journey is on the A1, so not advisable even though the weather is improving!

SnowL · 6 April 2016 at 4:04PM

Just want to offer some support - I think what you have achieved is amazing. You should be so proud of yourself. Shame about the car but these things are sent to test us.
Keep going!
Snow x

Lincsdebt · 12 April 2016 at 11:40AM

I haven't discussed my IVA with anyone, except my husband (and my cats). So writing about it in my diary is quite weird, but it is helpful to me. Except that thinking about it and how much it has cost me, makes me anxious. Weird isn't it?
I guess it's one of those things where you put it to the back of your mind and only deal with it when something needs attention. I read a post this week from someone in need of support, I realise finding MSE and writing this diary has made me feel more supported and I hope that others find that too.
My work colleagues don't know my situation, neither would I want them to. My job requires me to deal with budgets, sometimes several million pounds, and I wouldn't want anyone to feel I was a bad risk because of my IVA. I wonder if other people feel the same? I've been in the job for more than 15 years and have built up a reputation that I don't want to lose. Maybe they have noticed that I don't join them for lunch or drinks, or go to the theatre - something I used to love to do occasionally. And that I bring in my own lunch 99% of the time. I think if anyone asked, I would say I am trying to clear all my debts before I can think of retiring, which in a way is true .. not that I will be in a position to retire for a few years yet. Actually not that I can afford to.
Still without a car, have worked out a system with my husband as he isn't working, but it means I have to get up earlier. I couldn't face going to the debt management company and asking for a payment holiday, I'd rather walk!
They are in my phone as "bullyboys", says it all really.
In other news, I think we have finally sorted out our mortgage review. It's only taken us since May 2015 (well done Lloyds), caused me a number of sleepless nights and a few hours browsing the rental properties in our area (not many we could've ever afforded). When our finances grew difficult we were able to transfer to interest only, so there is an amount left to pay off. There have been various glitches along the way, not to do with my IVA interestingly, leading to a few dozen telephone calls and hours of listening to the "on hold" tone. At least I think we have sorted it, waiting for the completion letter to fall on the doormat now.
Onwards and upwards, today the sun shines and I treated myself to £1 worth of daffodils for my desk. Scandalous!

Moneywhizz · 12 April 2016 at 12:54PM

Just wanted to add some support. You are so close to the end of this journey and about to embark on a whole new one. I experienced years of debt and pressure many years ago and would never go down that road again. I have plenty of spare money now, but like you imagine, it is difficult to spend it at times. However, the main thing is that I no longer have to worry about money and have such peace of mind. That is worth more than anything I can buy. Good luck with the next few months, it will be over before you know it. X

Lincsdebt · 12 April 2016 at 1:29PM

Thanks Moneywhizz, I appreciate your support. Today I listened to a colleague arranging her third holiday in a week (having already been away this year) and had to leave the office before I lost it.
Being permanently broke is so hard sometimes, I know the end is in sight but today the tunnel seems pretty dark.

Lincsdebt · 22 April 2016 at 12:45PM

Another payment on my IVA has been made, leaving four. Beginning to feel that the end is almost in sight.
This month has been a difficult one, I've been in and out of the dark for one reason or another. I would say this final (extra) year is the most difficult one I've had. Five years is bad enough, but then to add another is like someone snatching a treat away as you reach for it.
When I was first told I needed to raid the equity in our house, I approached my bank. This coincided with our mortgage coming to an end. So we had to set up a review. It was unbelievable how difficult this proved, the bank just kept saying there was an issue, and we only managed to open the review in late January, having started the process in May 2015. It became a bit of a joke, and in fact we received compensation after a complaint was raised by the helpful advisor at our local branch. I think it's all done now, we have had a letter confirming everything. But what a mission it was and how much stress did it generate. I'm still almost expecting another call because there's an "issue"! I think that has been part of the problem, not knowing whether we can stay in the house or not, was very stressful.
After months - and some very frightening letters from the IVA company - they agreed we would not be able to raise the extra money and extended for another year. I really want people to realise this is what happens, it goes to the back of your mind when you first take out the IVA, but if you have a reasonable equity in your home, they will have set up this clause and you will have to abide by it. I can't understand why people don't realise this, although I can understand if, like me, you have exceeded the amount of your agreement after 5 years.
And we have to go through the review again next April, cos of the IVA the bank would only extend for a year. I suppose they want to get their hands on some of my IVA payment when I don't have to make them anymore. At least I would feel that money is helping us reduce the mortgage.
I would reiterate one of the things I originally said though - if you find yourself in this situation, go to a debt management charity and not a company, who are going to cream off some of your payments in fees. If the charity can't help, then is the time to go to a commercial set-up.
Am now hoping to feel more positive and looking forward to the autumn and more funds, and looking at setting up a savings plan!

parsniphead · 22 April 2016 at 2:33PM

I've just read your diary lincsdebt and wanted to say well done. Four more and life wlll change. Keep going and inspiring others who read.

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

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