How did it come to this??

Hi All 

Well, its been a while since I last posted but thought it was about time I did!! 

To get you up to date with life…I have now made 2 payments into my IVA…2 down, 70 to go…and I love the fact that I am still completely in control of my finances and although there’s never much left at the end of the month…the fact that there is always some type of credit balance in my bank is a much nicer feeling than looking at my £2,000 overdraft and it all been eaten into!! Wow – that is a feeling I still aren’t used to yet!! 

As people say things are sent to try us…and I had car trouble, so its off the road at the minute until I can find the funds to pay for this – I’ve applied to Northern Rock for one month payment reduction on my mortgage and arrange to pay back over the next year using the maintenance car allowance in my IVA to cover this…as I’m only in my 2^nd month of my IVA, the amount I had put away for car contingency just wouldn’t cover it…so, am just waiting for the decision from Northern Rock for that!! 

I didn’t want to apply for a payment holiday from my IVA with only having paid 2 months…hence why I contacted Northern Rock about a payment break instead! 

I have just had a leak at home that I discovered today – so have just contacted my insurers…basically my radiator in the living room has rotted away and leaked all over the carpet and back of settee….! Luckily my excess is £50 so I should be able to scrape that up by not having a social life or a haircut this month – and use that bit of allowance for it!! 

Wow, reading this back the way I manage my money has really changed…I’m always looking for ways to pay/make my money go further and it’s a great feeling being in control… 

I aren’t disheartened by the two probs I’ve had above…worst things happen – and its always the same isn’t it? Things always come together…! 

On the personal life front, things have really turned around…my ex and I finally came to a truce and we are now happily looking forward to our wedding. We have spent many a day and night chatting and its made us closer than ever…we now have nothing that the other doesn’t know about….. 

Him being a typical bloke hadn’t gotten around to cancelling anything to do with the wedding (you’ll know what I’m talking about if you’ve read any of my previous posts)….I couldn’t believe when he said he literally hadn’t cancelled anything as he’d had typical bloke-itis (head buried in the sand syndrome)!!  

So basically, we had paid for a wedding ceremony in Cyprus…we had everything bought and paid for down to the rings, shoes, accessories…a lot of the things were left in the shops ready for collection and I assumed he would just go along and cancel all but he never…so, guess what…I get married in Cyprus in less than 3 weeks! I am so excited and especially after this tough year financially and emotionally I couldn’t be happier!! 

He has not yet moved back in as he took on a flat (thin the lease is either for 6 months or a year)…we have decided to be traditional and so he won’t be moving in until after the wedding!! 

I’ve contacted Payplan to keep them in the loop and they’ve simply said to contact them once my circumstances have changed and he has moved in…. 

Not really sure how this will affect my IVA payments as I understand they could increase due to his expected contributions to the bills however he is currently unemployed and is only being paid the basic Job-Seekers allowance…however once he has paid out his own commitments he has £15 per week left to buy himself some food…which he will give across to me to do the food shopping which will obviously increase now I am shopping for two…. 

So am thinking in the short-term my IVA payment shouldn’t change but expect it could go up once fiancé./hubby gets a job… 

But he’s totally aware of that and I think now he knows the trust is there and he can believe every word I say then, things are good!! 

So, as you can imagine..I’m on cloud 9!! And about to be a Mrs!!!! 

Anyway – that’s about it for my update – hope it hasn’t send you to sleep…..thanks for taking the time to look and please let me know what you think of my posts. 

Debt Attack xx

Hi All

Well, I apologise for not updating my blog especially as there was my all-important “D-Day” creditor meeting!! Anyway, I’ll start from there and get you all updated!!

So, the morning of my creditors meeting came…Thurs 4^th March at 11.40am..I was sat at work feeling sick and wishing the morning away……I had booked a couple of hours out of work to be around for the “dreaded” phonecall from my IP!!!

Anyway I shot out of work at 11.30am…by 11.45am I was home (no, I don’t like this close to work – I’m convinced I must’ve broken a few limits wanting to get home!

Anyway, as I sat tentatively waiting, and waiting and waiting for the phone to ring I was feeling more and more sick…one moment convincing myself that no news is good news the next thinking that the reason it was taking so long was because the creditors were arguing the toss or not all voting…

Anyway I make it sound like I was waiting forever when in actual fact it was 1 hour…yes just one hour.

Ted, the IP from Payplan called and as he asked how I was and I said “a gibbering wreck” he said “no need to be”…and there was my lifeline, my glimmer of home…..followed by the words if “well, I am pleased to tell you that your creditors voted in favour of your IVA…albeit with some modifications”….

I didn’t quite hear his next few lines as the news sunk in, euphoria took over and I felt like someone had just told me I’d won the lottery!!

All of a sudden I realised I’d taken control of my financial stresses and I had managed to get ahead of things and for once it was a good day for me in terms of money!!!!

Anyway, basically my moderations were that N Rock requested the IVA be over 6 years (instead of 5)…which is what I expected anyway as I had read a lot of other people’s story on the forum and it seems the norm for NRock to do…secondly my equity valuation would now be in month 66 instead of month 54…which makes sense seeing that the IVA is a year longer….all the other modifications were to do with Payplan fees etc that they had to negotiate with the creditors.

Then, the better news that I didn’t have to set up the payment for that date…and I could wait until my payday!!

I tell you I think I spent the weekend feeling a vast array of; relief, happiness, freedom, the end is in sight, control, pride and most of all a sense of “you’ve done it girl”…

The last couple of weeks have flown by as I have been spending my time trying to cost-cut and looking at ways I can save money in all areas of expenditure to make sure I can manage everything in my IVA and…so far, so good!

I started to feel less concerned about “I’m in an IVA I don’t want people to know”. I told my family and close friends and they were all fab about it and were more angry that I’d felt I had to deal with it all on my own in the first place…..I haven’t told work colleagues as I wouldn’t feel comfortable doing that.

I have managed to celebrate a little with friends and they are all so concerned for me after finding out there’s been a few great “free” drink sessions……!!

Anyway life seems to be on the up and the only thing I can say now is..”I wish I’d found this website and I wish I’d faced up to things and I wish I’d started an IVA sooner”

In terms of my personal life, as you’ll know if you’ve read my following posts…..the whole reason I started with IVA is because my partner lost his job and I had never told him about my debts and had to confess up to this when he came out of work as my wage wasn’t covering everything..and basically the lies that I had told about the debt and the fact that I had hidden it from him made him really hurt and after a bad time we separated and were both really heartbroken as we had our wedding booked and paid for in
Cyprus in May..we had everything organised and ready to do…he moved out…luckily we hadn’t lived together that long and the house is mine so there was nothing financial to split….He agreed he would sort out the cancellation of the wedding etc…

Anyway I don’t want to get too over-excited but we are actually now on really good talking terms again…I’ve told him all about the IVA and what I’ve done and how it all works…the 6 year repayment plan, equity review in the house etc…he is really pleased for me and says he is just really sad I felt I couldn’t talk to him about it and maybe gotten help sooner..

Anyway – we have been spending quite a bit of time together again….not like we were obviously but it has kind of made us take a step back and think about what we both really want…..and I’m not counting my chickens and neither is he but who knows where this could lead….

So, life seems to be on the up….

I know an IVA is not an “easy route” and I know life really is about budgeting and planning and actually living to ones means…but it is the road to financial freedom and I am looking forward to the drive down it.

My payday is 28^th of every month (but tomorrow as it is falling over a weekend), and I tell you – the fact that I look in my bank and the balance is £6 in credit…a lot of people would say “ooh, you’re skint” and I think…ooh wow I’m £6 in credit the day before payday instead of being over my £2k overdraft!!!

And wow – what a feeling that is….

Also – my first payment to IVA goes out on the 28^th. So, soon it will be 1 down, 71 to go…and am looking forward to counting down every last payment!!

Anyway guys I best stop wearing the keyboard out and leave this as my latest post.

Hope things interest you but as I say if not – just tell me to shut up!! I’ll soon get the message!!

Take care all and keep blogging/posting! It’s you who makes this site!!

Debt Attack xx

…well, just another short update (I said this on the last one and it wasn’t)!!

Well, creditors meeting is on Thursday, so only 3 more sleeps (or sleepless) nights to go and D Day will arrive!!

 I am getting more and more concerned as the time draws nearer…not for one minute do I doubt that I’m doing the right thing….but just feel so worried if they reject it…..

 The idea of going bankrupt doesn’t phase me, I know there’s a stigma attached to it but its a step to financial freedom isn’t it?? The BIG reason I can’t go bankrupt is my job…2 exams left to being a fully qualified accountant is just too much to throw away…I would lose my job/career/house/car/qualifications…basically everything I’ve ever worked for….

 So, as you can see…that’s what is flashing through my mind at the moment…especially as in my “story/statement” included in my IVA it doesn’t say anything about what I do for a living/how this will affect my job….so, does anyone out there know if the creditors will have any other info given to them other than the IVA proposal which would inform them what I do for a living? Comments gratefully appreciated??

 I know its my fault for getting into this mess and I just hope the creditors will accept my proposal of getting out of it with the IVA…..I just keep constantly worrying about the Northern Rock unsecured loan because of it being in joint names with my dad even though he’s never contributed……

 I know I am souding a bit like a broken record, but thats how things feel at the minute….round and round we go again until you come back to square one!!!

 Anyway, the  non-financial orientated parts of my life are just as dull at the moment..I am begrudging to spend any money as am so concerned about what I will/won’t need come Thursday for my creditor payments if the proposal gets accepted that I think I just need to drink a big bottle of wine and chill!! Things still shaky with the ex, but we are on talking terms and he’s been really supportive/helpful to me whilst am going through this IVA process…its nice to see he can do that and we can be civil at the moment as it was such a sad reason that we separated anyway…..but as you all know from my previous posts its thanks to him that I faced up to reality and decided the IVA route was the best option…..sadly though as the door to financial sensibility opened, the door on our relationship closed (that sounds very philosophical, I know – but thats my life)!!

Anyway – just counting down these last few days now hoping and wishing that the creditors are in a good mood on Thursday and that they will say yes to my proposal…..!!

 Anyway – this is the last blog I’ll do until D Day…so, will update you once I’ve had the decision folks….cross everything for me please!! And good luck to everyone else who are at any stage of the process….!

 This forum is fab!!

DA

Hi All

 Well, just a short update to say – nothing really to update other than I am starting to feel more and more panicky as we loom closer to Thurs 4th March…its now only 8 sleeps away but I am wishing those days away…

 I am trying to remain positive and I know PayPlan wouldn’t be putting forward the proposal if they weren’t confident it would be accepted….but I can’t help but think that knowing my luck then it will probably get rejected….maybe this is just the cynicist in me (glass half-empty)!!

I don’t think I mentioned in the first blog that I am actually studying to be an accountant (I know how ironic that sounds given my financial situation)…but, believe me..I am so organised, methodical and pay a lot of attention to detail..the accounts I look after are in fine order and to be fair my home finances always have been in terms of who I owe what, when’s the payment due etc……unfortuntely the debts just mounted…and as you know they’re from my younger days when naively you don’t realise what effect the spending you’re doing at that point in time will mean for your future in every sense (ability to purchase cars, move home, threats to job, health issues, stress, relationships..)…

Obviously this is why the IVA is key for me….Bankruptcy would see me lose everything I’ve ever worked for over the past 7 years and I would lose job, therefore home, car…to no benefit to the creditors….

I am now panicking as the bit about me being an accountant is not included in my statement of cirumstances in my IVA report and am wishing it had been..I’d asked PayPlan and they didn’t think it necessary…but now I’m wondering what a difference it would have made had it been included, and wondering if the creditors will know from any other way/source that it could have an adverse impact on my job….if anyone can add comment/advice about this I’d greatly appreciate it??!

 I keep asking myself….will it be more likely to be approved if they know about my job and the threats it holds, are they less likely to approve because of the Northern Rock joint loan with my father, will my dividend of 25p in the £ be enough, are some of my creditors tougher than others at agreeing, is there a website or any statistics anywhere which shows; of the IVA’s submitted how many are accepted/rejected and is this available on a company-by-company basis, what will happen to me if they reject the IVA – what is the next step…can I choose an alternative IP and try and do anything before the next IVA submission that will make a difference, and in fact can I even submit another IVA or once it is rejected is that the answer for good…never to request an IVA again.

Then there’s the side of me that thinks hell, there are plenty of people who take the p* and know they are racking up credit and go ahead and get an IVA/Bankruptcy like it is water off a ducks back, then there’s us on here who are the genuine strugglers who so want to get along and be approved and I just think please please, let mine be!!

 Oh, so many questions…..I think we rush into these IVA things so quickly as we’re feeling so under pressure to sort anything to do with the finances that we don’t always ask all the questions we need to…I know finding this forum was great…if only I’d found it earlier in the process I could have been that bit more prepared and asked a few more questions than I did without feeling the “gotta get it done this minute” rush/panic!!

 Anyway, thats my update done and dusted…please do comment/feedback as I am hoping my thoughts/feelings/fears will help others….but obvioulsy if its not an interesting read then I won’t keep filling up the blog space….

 So, opinions appreciated folks!!

Take Care and TTFN

 DA

Hi All

 Well..I will tell you about my journey in a mo’, but I just want to firstly credit every single poster on this iva.co.uk forum…you may not think you add much but each and everyone of you really really counts and makes a difference.

And the inspiration for starting my blog comes from me sitting here over the past few nights reading Julies Blog (hubbyhasdebts)…from day one of your journey to now….

 So, I decided it may help me with my journey to start blogging and hopefully it won’t send anyone to sleep (and if it does…please feel free to let me know and I will give up my blogging)!!!! Lol!

 So, where to start, where I am and what does the future hold??

 Well, I am 29 years old….and live on my own…and my debt story goes a little like this….

 When I was 24 I bought a house with my boyfriend of six-years…..we were both on moderately low incomes and were buying at the time when house prices were increasing like never before…so we struggled to get somewhere but in the end we managed to find what to this day is still called home……

 Anyway, all went well for about four months…and then I discovered he’d been cheating..long before we’d bought the house (which begs the question why did he agree to buy)…but anyway, thats by-the-by..!!!

 So, as as result, we separated and decided to sell the house…..so I went home to discuss this with my parents….who supported my decision 100%….but then I decided something….at the time of all this happening, my mum had been battling with cancer for 18 months…..and I took the decision of staying in the house and keeping it on my own..I knew it would be a struggle, but thought it was a better option than uprooting my things/turning my mum’s home a little bit upside down and living with my parents and struggling with the emotions of a breakup would be an added pressure on my mum when she was going through enough already with operations, chemo and almost what felt like daily hospital visits…

 So, at the time we had the now very well-known/documented Northern Rock Together Mortgage…..and the only way I could take over the mortgage and take the ex off was to have it as a joint mortgage with my father instead. Which is how we applied for it and this was all successful….although my dad was literally just a name on the piece of paper….he never financially contributed to the mortgage at all and never ever will…

 So, as you can imagine I was 25, newly single, living in my own place and finding it quite lonely and difficult…I was barely earning enough wages to cover all the outgoings of the house…but convinced myself that eventually I’d get payrises and all would be fine….but in the meantime it was a case of “reach for the plastic”….even for the most basic of things I would be using cards to pay (utility bills, petrol, shopping etc…) always avoiding the fact that the debts would mount up and believing that “one day when am older and have met someone else…it’ll be fine”…I think the biggest thing lacking here was maturity…but hell we can all be a little guilty of that however old we are!!

 Anyway to fast-forward a few years…I sadly lost my mum after a three-year battle with cancer, bless her and it is something that changed me forever…..mostly for the positive but we all have our down days…what happens just made me realise how short and precious life really is!!

 Anyway, I met my new partner shortly after my mum died and knew I’d found “the one” corny, I know … but there was just something telling me this was going to be forever…..

 He moved into my house and within a year of being together we were engaged…and very very happy. I still had the card-debts that I was struggling to keep repaying and was managing to cover the minimum payments but not much else….

 For some (now I know, very stupid) reason I decided to keep this “issue” to myself and I just felt that as long as I was paying then there was no problem…..strange because we could talk about absolutely anything else and didn’t have one single secret from each other…its just the way it was!!

 Anyway, in June last year my job was under threat so I decided to “jump ship before it sank” and found a new job which unfortunately meant a slight drop in wages…but at the time we’d just decided to book the wedding and discussed putting all our earnings into one bank account and me managing everything (because I am actually very good at managing the money and paying payments on time…)…and my other half was more than happy that I had taken a pay cut…..he said it would be easier for me to look after all the outgoings as I would be managing/sorting the wedding savings….so all was well…all the bills were being paid, we were running two cars, I was managing to pay the minimum payments off the cards and we were putting savings away for our wedding….

 And from June to now, we paid for the wedding…abroad, I bought my dress and bridesmaid dresses, booked an evening reception here…and all was looking good…

 We had a lovely Christmas and enjoyed spending lots of time with Family and Friends and life was really good….

 Then, the first week in January, fiance went back to work after the Christmas Break to the news that he was being made redundant…a huge blow for both of us…I decided now was the time for confessions and truth and to really take stock of my debt problems as I knew that on my wages alone we could not manage the house, two cars, wedding etc….and keep up with my card payments…..so I sat fiance down and told him the lot….I had £25k worth of debt on Credit cards..and how I’d arrived there etc etc…..

He didn’t react as badly as I thought and was almost too quiet and calm for my liking….anyway over that next week things deteriorated pretty quickly with us and we separated…he said it was the betrayal and the fact that I felt I couldn’t tell him that he couldn’t get over…..

 Anyway, that second weekend of January 2010, I sat lonely in my home and decided to face up to the fact that I really needed debt help…I’ve not even really spent on the cards that much over the last few years but just the interest mounting up versus the minimum payment I had been making basically doesn’t knock much off the balance that I’ve owed!

 So, I surfed the net and found PayPlan…I gave them a call to discuss a Debt Management Plan but decided that an IVA was more appropriate for my situation…I must comment that PayPlan have been excellent, not pushy and I’ve been very confident and comfortalbe with them.

So, far I’ve sent in my doc’s, done my I & E Statement, signed my IVA which was prep’d by PayPlan and received my creditors meeting for Thurs 4th March 2010 at 11.40am (to be precise)….all in all from the night I surfed the net, to picking up the phone the following day and speaking to PayPlan….to my creditors meeting will have been 5 weeks and 2 days…and believe me its passed by a lot quicker than I expected…..

 To be fair I feel like this present time now leading up to the Creditors meeting is the longest time as everything is in place and PayPlan have everything they need…its just a waiting game now until that Thurs 4th March (11 more sleeps)….

 Sadly there is still no reconciliation with my ex although I have told him about the IVA process and he is very pleased I’ve not only admitted to my self about the debt but have been construction and gotten help about it…I’ve left him to deal with everything to do with cancelling the wedding etc….as I have too much to think about with managing my financial situation which he is totally fine with….in the words of Cher “If I could turn back time”…well, then I’d certainly have confessed earlier and dealt with it earlier…but, these things are sent to try us and what doesn’t kill us makes us stronger…!

So, my IVA proposal…

Debts are more than realised as I was thinking I just had the credit cards but after speaking to PayPlan and discovering that basically anything unsecured goes into an IVA then it was surprising what is being added into her..so, here goes..

£25k Credit Card Debt (all in my name)

£8k Personal Loan (all in my name – this was for my car so in my eyes I see it as something to show for so not debt)

£25k Unsecured Loan, part of Together Mortgage (joint names with my dad).

The IVA proposal being put forward is a payment of 25p in the £ for the 5 years although I am aware N Rock could accept with the modification that I may need to have the IVA over 6 years instead….

 I discovered this forum and it has made me feel a lot more confident about the IVA process…but I am still not counting my chickens and have booked a 2-hour lunchbreak from work on the 4th March so I can leave the building and have my creditors meeting phonecall somewhere a little more private (probably a layby in my car)!!

 My only real worry is that N Rock could reject because of the dividend value and because of the fact that this is joint with my father….and this being the case, they hold more than 25% of the voting value so basically they could scupper it for me..

I am trying not to think too hard about this issue at the moment and trying to remain positive and get myself through these next few days and hoping that things work out….

 Anyway, I suppose I’d better get off this blog now as I am sure its long enough at present….but I promise to update…I’d be really grateful of comments/feedback and advice if anyone so wishes to share and I hope my experience will help others on the journey ahead….

 I am hoping to blog at least once a week in this beginning whilst there is so much going on…but only if you want to read…so please, keep commenting as all feedback is welcomed!!

 Take care all xx