A Free Bankruptcy, IVA And Simple IVA, Insolvency Advice Forum

[hiho]

We hear a lot about people in the process of going through the IVA process and each case is individual. We hear about the stress and worry it causes as well as the practicalities and form filling which has to be done. On top of that there's creditors meetings to be had along with the stress of waiting to find out if your IVA has been accepted.

What we don't hear much about (or enough about) is what life is like after the event. How do you feel? Has you attitude towards debt, IVA's and lending changed? Are your emotions all over the place or are you now leading a happy and comfortable stress free life? How have you managed since being in your IVA? Have you told many people? Are you nearing the end of your 5 year agreement? Are you relieved? Are you back on the credit ladder?

Please share your stories with us and help give others an insight to what happens next.

Thanks

[lulu27]

HI I have been in an IVA for over a year now.
On the positive side there are no more phone calls and letters I don't have to be afraid to open my bank statements.

The negative sides are living within a strict budget feeling guilty every time you spend any money. It feels like it is never ending facing another 4 years of having to account for every penny.

For us bankruptcy was not an option I didn't want to lose my home but there are days when you wonder if you have done the right thing.

The compnay we have gone with are not very efficient for example my husband had a payrise that worked out about an extra £120 per month. I informed them of his payrise and gave them details of the payments that had increased. They wrote back telling me they had decided to increase our payments by £340 per month it took several weeks of phonecalls to sort that out.

So for anyone thinking of going into an IVA I have some tips:
1. It is not an easy way out you are in for a difficult few years although you will have more money than you do now you will still have a restricted amount to spend.
2. Go with a decent company the company I am with is one I found on the internet and I don't think they are that great. I would also be distrustful of those that advertise on telly my friend is with one of them and they have treated her very badly.

[tracyc]

Hi,

I entered into an IVA in 2004, I was around £36k in debt and a council tenant. I used a company called Freeman Jones who have been so helpful and supportive. Around 3 months ago my ex husband (who was the main reason for my debt) managed to have his maintenance payments to me reduced by around £300 per month which meant I was unable to make payments into the IVA at a reasonable rate. After my initial panic I contacted the practitioner to ask for a settlement figure, my father paid this and I went into the month long wait to see if the creditors would accept it. Thankfully they did, I am now the proud owner of a certificate stating I owe nothing to anybody. However, my circumstances have since changed - I have had a promotion at work which has doubled my salary, my ex is back to paying reasonable maintenance and overall I am currently reasonably well off financially. However, I now want a loan for a new car (mine has died today). I can't imagine who will provide me with finance at a realistic rate. Does anyone know who I should approach?

[fred333]

I would just call around and see what is out there for you.