An IVA is so much fun….. Kinda

Hello dear reader,

I didn’t realise it had been so long since my last update, June 2011 seems a long time ago, almost a lifetime.

So, what’s happened in that time in my world of IVA?  You know what – not a great deal.  It’s not all been plain sailing, but I rarely think about it anymore. It’s like the end of a relationship….

After the initial euphoria, the excitement of being accepted, and the thought that in five (or six) short years I’ll be debt free, there is an element of realisation.  The realisation that I am officially insolvent.  And that credit, which for so long as a part of my life, had left me without as much as a “goodbye”.  All I had left were the memories, and that entry with my name on it in the insolvency register.

The months have progressed, and when things are going well, you forget about the good times you and credit had.  But you’ve moved on, your happy now.  But every now and again something will make you think about the good old days.  Something in the sales which is a bargain (relatively speaking), but I’ve not got the cash.  Where’s my credit card?  Oh yes, we split in June.  Keep on walking soft lad.

Anyway, I digress….

Things aren’t the same as before – Christmas was a challenge, but with some saving everyone had a great one.  There was no difference.  Kids school trips have to be paid for, and you manage one way or another.

And of course there has been the car emergency that seems to blight every IVA – but my firm were accommodating, and allowed me a payment break.  Any advice I would give is just to talk to your IP or firm.  They’re usually a decent bunch!

So the gist of what I’m saying – it’s not all awful being in an IVA.  It’s hard (sometimes).  You forget about it (sometimes).  And planning prior and during is a must.  Don’t undersell or underestimate your figures.  They have to be realistic to your individual circumstances.  And that makes life just a little easier….

I’ll not leave it as long next time…


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So, I am now officially insolvent.  After four days of being on edge, we (the royal “we”) are now in an IVA.

The meeting was scheduled for Monday, and all the votes were in.  Unfortunately (is that the right word), there were some modifications requested.  £20 reduction on phones – I could live with that.  However the £70 reduction in fuel – computer says no.

So I rejected, and I was asked to prove my expenditure on petrol, which I did.  A post-it note, google maps and a spread sheet were all required!

A basis combined mileage of over 350 miles a week should see them off.  But I had to wait until the Wednesday for the right person to negotiate to come in.

Tuesday passed.  Wednesday passed.

Thursday dragged, then the email came through – SUCCESS!  They (the creditors) had agreed that I did actually need the petrol I had claimed for.

So today, Friday, my meeting was closed.  A call to confirm the final T’s and C’s was held, and twenty minutes later, I was in an IVA.

So where do we go from now?  No idea – but roll on Friday – it’s payday!!!

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Well well well!!

A brief update – and it is mixed news.  Everyone voted, and everyone voted yes!  “Hurrah” I hear you cry.

But not too soon, for there be modifications to take into account.  So we are in the planet of negotiation.  Petrol can be such an emotive subject!!

So we much wait till Wednesday, and maybe a couple of days more after that.  Nerves all over again.

And I made it through the Summer Fair, downpour and all!

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tick tock goes the clock.

So here we are.  Standing on the edge of the solvent cliff, preparing to dive into the sea of IVA and official insolvency.

Dramatic opening, I’m sure you’ll agree!!

Or, in simple terms – creditors meeting tomorrow.  11am.  Oh my……

The last two weeks since I got informed about the date have flown by.  Although it is constantly on my mind (well, that and who the new Chelsea manager / signings should be).

Phone calls from creditors have stopped, but I’ve also had some expenses which have eaten into the pre-iva contingency already.  My car had it’s service, and then a tooth decided it no longer wanted to be a part of my mouth family.  But I paid for it all with “cash”.  An unusual feeling, as expenses like that would have invariably ended up on one of my flexible friends.

But of course, thoughts also go onto how this will impact of the family, even the cat.  But I have to take the pragmatic approach when thinking about this.  Without this course of action, financial disaster was imminent.  This approach, although with the potential to be tough, is still manageable.

So, tomorrow looms.  But now I have a school summer fair to go to.  Wish me luck…

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So you do actually listen!!

I was surprised.  Why oh why, I hear you cry!  (This could be an opportune time to say I’m “a poet, but don’t even know it”, but I’ll not start this entry on that awful footing)

Anyhow, I spoke to some creditors.  After weeks of numerous calls which I have skillfully dodged (putting phone on silent / answering by putting the handset next to the radio), I decided to actually speak to these people, who in all honesty are just trying to do their job.  I was also very bored…..

I expected quite a hard ride.  I expected relentless pursuit of the money I owed.  I expected an Indian call centre.

What I got was understanding.  I explained the situation, they listened, took me off their lists, and would give me a call after the creditors meeting.  The closest I got to an off shore call centre was speaking to an Irish fella.

So dear reader, it’s not always as bad as you expect.  Even banks have feelings.  Sometimes.  But whisper it….

Til the next time!!

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Where is that squeak coming from?

Not to put a finer point on it – that squeak is coming from my bottom……

The reason for this unseemly turn of events is that my proposal has arrived, and I have a date.  “D-Day” is now scheduled for 13th June.  Two weeks.  You’ll have to excuse me, I’m squeaking again…..

Like many, the feeling when the proposal arrived was mixed.  Seeing the words saying that you’ll be insolvent “officially” took some taking in.  Reading that my creditors would be getting under 20p took some taking in.  But then the realisation that my debt problems would be gone also (you’ve guessed it) took some taking in….!!

I’ve also quite grateful in that I’ll not be in as quite a difficult situation as others.  Having a partner who is not in the IVA, and works in the Health Service, means that she gets enhancements etc which do not get taking into account.  So at least we have some breathing space.  And with two children, a lot of breathing space is needed.

So, for the next two weeks, it will be a preoccupied with thoughts of the meeting.  And avoiding calls on my mobile from irate people I owe money to.  Which to be honest have not been too bad thus far, and hopefully they’ll get the hint when they get the paperwork.  We live in hope anyway………

Till the next time…..!!

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Part Uno

Hello world, or at least, hello dear reader.

This is my first attempt at writing something for the world to see, apart from the odd posting on internet forums when the working day is dragging along.  Or when I can’t be bothered with the working day.  Or some other reason I can’t quite think of  at the moment.

I guess why I am here is the same as most other people on here (unless they have a more warped sense of humor than I).  I have debt.  Once I thought it was manageable, but after a while, you realise that although there is a quality of life, it only lasts for the first two weeks of the month.  The next two weeks are spent nervously looking at the bank, using trusty old credit card to maintain thinks for the next two.  But then the good period was lasting only for a week.  And then not all all.  Houston, we have a problem….

So how, what and why?  How – a number of reasons really.  What – credit cards, a loan and a couple of overdrafts.  About £40k in total.  Why – I’m not too sure.  Again, like the “how” answer, too many to name.

To talk a bit more about me, I’m married, have two kids, and a cat who might just have fallen on her head when she was a kitten.  Football is my passion, outside of the family unit, and May to August is the bleakest time of year.

So why am I on here?  Of course, I’m starting one of these IVA’s.  And I thought I might as well share my jibber jabber with the world!  To be honest, I should have done this sooner.

The story so far…………

Got Debt.

Paid Debt

Paid Debt with other credit


Phoned IVA firms

Picked IVA firm

Stopped direct debts

Collated paperwork.

Hiding from phone calls.

At the moment, waiting for my proposal, but the gist of it is that it’ll be about £300 per month, for five years.  Mr. Peoples, who is looking after my case, not only seems to know what he is doing, but also seems to have a fair bit of banter as well.  I thought I knew a lot about stuff, but this man puts me to shame.  Please accept this as the DK guarantee…!!

So anyhow, if anyone finds this interesting, I’ll continue.  It’ll not be very serious, that’s not me.  But I’ll let people know what the hell is going on.

Until next time…..

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