It’s getting harder!

Hi All

It’s been a while since I last posted so just thought that I would share what was going on with you all.

I have been managing fairly well with the plan but have had some news recently which has knocked me for six and I am not sure where to go from here….

For many years prior to my IVA, I would help my daughter and son in law out with money etc for paying their mortgage and bills (one of the reasons why I got myself into debt in the first place)! My daughter then announced that she was pregnant with my first grandchild and I was over the moon. She worked until two weeks before she gave birth and then had the statutory year off work when she came to an agreement with the mortgage company to pay just the interest on her mortgage. She then went back to work and when the little one was 2 he went to nursery for two days per week and her husband worked for two days. The interest only agreement on the mortgage eventually came to an end and the repayments were too high for them to manage. Of course by this time I was in my IVA and unable to help. Cutting a long story short, their property was repossessed. My problem is that I was on the mortgage with my daughter and there is a £30,000 or so shortfall on the sale value and the mortgage amount which means that I am “jointly and severally liable” for the debt. As yet the mortgage company have not been in touch with my daughter to make arrangements for the repayment of this amount but of course neither of us are in a position to make any payments towards this debt. I think the only option for us both would be bankruptcy which I was trying to avoid but feel that I may not have a choice now.

I am coming to terms with the fact that this may be the only option but am waiting until the mortgage company contact us and will go from there.

In terms of the IVA though, I have £1.21 left in the bank at the end of this month (thankfully it is payday tomorrow) but it is going to be a lean Christmas again this year.

My advice to anyone in an IVA is that it doesn’t matter what you have left at the end of the month, it is better to have £1 left than minus £20,000 at the end of the month. It will come to an end and things will be better and you will have learned some valuable skills in money management along the way.

Whatever life throws at you, deal with it and move on. Never look back and always look forward to a positive future.

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First month out of the way

Well, I made my second payment today and that means one month down!

I have constantly checked my bank account throughout the month and have been really careful with spending and so far everything has gone according to plan. I did have to lend my daughter some money for her exhaust on her car as it had blown. She has a young baby and is the only breadwinner in her house. I am so conscious now that I don’t want her to end up in the same position as I have. I feel guilty that I can’t help her out more and that I can’t buy my precious grandson things that other Nanny’s do, but I will hold out and in five years he will be spoilt wrotten.

Well, nothing further to report and hope the next 59 months go as smoothly as this one.

Until next time!

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1 down, 59 to go!

Hi all

I made my first payment on Monday and I can’t tell you how good it feels. I know this is going to be a struggle but I am committed to seeing this through to the end. The OH had his court hearing today for maintenance payments. Long story but he pays through the Australian CSA who apparently are a law unto themselves. The hearing went really well and the Magistrates were 100% on our side. We now have to wait for a variation court hearing and that should all be sorted at a reasonable monthly payment rather than the 100’s of pounds they were expecting him to pay. So finally everything is getting sorted and we both feel much better about life. There is an end to all the worry and I would urge anyone in financial difficulty to take some good advice and sort yourselves out. It really does make a difference to your quality of life!

That’s all for now!!!!

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Hi All

Today my IVA was approved! After what I consider to be a relatively short time… beginning of May until end of June I received the news that all was approved at the estimated payment agreed by Cleardebt with no variations. Apparently MBNA wanted a variation but Cleardebt disputed it. Strange as MBNA were one of the lowest debts at only £500! Well, all’s well that ends well. I am now paying less than my highest previous debt payment and have now realised that the key word from now on is budget, budget, budget. A horrible way to learn a lesson, but lesson well and truly learnt! So no looking back, just looking forward. Looking forward to a debt free future. I’ll let you know how I get on along the way!

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Feeling sick…

Hi all

Just an update. The nearer the creditor’s meeting is, (Monday at 1.30pm) the sicker I feel. I woke up this morning with a sense of impending doom and low and behold the OH got a summons to go to court for maintenance arrears. To cut a long story short, he was paying through the Australian CSA as he is an aussie and they have sent his files to the UK now as we had no end of trouble with them. He has been on sickness benefit since 2009 at first receiving only £260 per month, then went on to ESA which is £420 per month with a stint in between of having all his benefits stopped. We then had to appeal against this which obviously made our financial situation worse and contributed in no small way to the mess that I am in now! They are asking that he pays £293 per month which we just cannot afford and with arrears of £4,500 which have arisen from the Australian CSA not believing that his benefits were the only source of income, I am beginning to wonder if someone out there is out to get us!!! So where do we go from here? I suppose I can hope that Monday brings good news and then worry about the court case in July after that.

I’ll keep posting to let you know what happens…..

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Creditor’s Meeting date received

Well, I have finally received my creditor’s meeting date which has been set for 25th June. It seems ages away but I am not worrying about it. I am a great believer that things happen for a reason so if it is meant to be then it will.

Funnily enough, the day before I also had my first phone call from someone chasing money. It was NRAM and I was surprised how nice they were. I just explained that I was entering into an IVA and that I was waiting for my meeting date. They asked for my reference number and the company I was with and armed with that information said that they would put a note on my records and would stop any further phone calls! You see… things aren’t that bad!

Well that is all I have to report at the moment but will post again soon…

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One more step forward…

Today I posted all my signed documents off to Cleardebt so should very shortly hear about my creditors meeting. It still scares me to think that I am having to do this. It seems a bit surreal at the moment. Almost as though it isn’t really happening.

I am trying to budget from now to give myself some breathing space for the months to come. I check my bank account about three times a day just to make sure that I don’t go over my allowance and although I bought some desperately needed clothes for my partner, I still feel guilty about spending anything at all. Pity I didn’t put this attitude into practice years ago. Well, as they say, you live and learn!

I am surprised by the types of people in IVA’s. People from all walks of life and all ages. People with small and large incomes. Debt is certainly not selective! In a strange sort of way it makes me feel better about my situation. Can you relate to that?

I’m not sure what will happen from here but will let you know how it goes and when I get confirmation of my creditors meeting.

Until next time….

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A down day :-(

Today has not been a good day. I had to sell my car and it just seems that everything is getting on top of me. I have been putting off making the call to Cleardebt regarding my draft proposal as this would make it all real! I really felt like crying and I have been snapping at my poor man who is trying so hard to be supportive. It is my IVA but we are in this together. He has tried to shoulder the responsibility of budgeting for me but I hate to feel out of control. It is obvious that I can’t be trusted with money or I wouldn’t be in this mess but it all scares me so much.

Anyway, I made the call to Cleardebt and asked a few questions about things on the form and felt a bit better after that. Then I got a lovely email from Andy Davie who I have been asking advice from and that cheered me up no end. I feel a bit better about things now but my emotions are up and down like a yoyo at the moment. Is this normal? I am sure it must be… Next step is the full proposal and then the dreaded creditors meeting so fingers crossed it will all go without a hitch.

Until next time …..

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Decisions, decisions

Well, I have made a decision to go with Cleardebt. Having read reviews and comments from posters on here they seem to be really good. Paperwork has been collected and I am just awaiting my fate.

I have been sleeping better since the decision was made but I still have moments of feeling sick with worry. I really am ashamed of myself for letting things get this far. I had ostrich syndrome and now I have come back down to earth with a massive bang!!!

The best thing is that I have had to face my demons and take a hold of my budget, finances and with the help of my lovely partner, the future is now looking brighter than it did. I am so lucky to have such a fantastic support group and also so grateful to have found this site.

I don’t know how long the process is going to take from here but I will keep you updated. IVA is a scary thing but it certainly offers hope for the future and now with the help of all of you guys I can look forward to entering my retirement (14 years to go!!!) DEBT FREE!!! Without the IVA I would have been paying my credit cards off until the day I die!

I hope that anyone considering an IVA with realise just how lucky we all are to have this option open to us and it makes the hard times to come worthwhile considering the peace of mind we will all have at the end of our IVA’s.

Keep smiling everyone and good luck!

D x

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Going around in circles…

I have now contacted three companies and each one tells me something different. I spoke to a really nice guy at Cleardebt last night and he was very hopeful that I could enter into a single IVA without getting my partner involved. A huge weight off my mind. I am also talking to Andy who has also been very kind and helpful. I think I am almost ready to take the plunge and will let you know how I get on and who I finally decide to go with.

Keep smiling everyone x

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