FinSu IVA

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An IVA Story

Completing an IVA is easy, however we get asked what happens after, we asked one of our past clients exactly this, and they have provided the following. Please note this is a unique experience and they have worked hard to take control. You too can be debt free within 5 years, but you need to take control today.

It all started after I split up with my girlfriend, I didn’t want to move back to my parents so I thought I could cope on my own. I took on our flat (rented) and paid the bills based on one wage.

I worked out that if I was careful then I could easily survive on my income, however Xmas was fast approaching and I didn’t like being in the flat on my own. So a few nights out with the lads and a few dates, I began using the credit card to subsidise my wage, once that was maxed out I carried on paying the minimum allowed and transferred the balances a few times.

Before I knew it Xmas had passed and I was in debt by a lot, to over 4 different companies. I was working overtime as much as I could and trying to pay the statements, then I missed one of the payments and went overdrawn, this quickly snowballed and I ended up after 10 months owing over £22,000, now I know that’s a lot, but I tried to rationalise it, I had 2 holiday’s and about a quarter of it was interest and late payments.

I was scared now, I spoke to my parents and my mom helped me to sort out a payment plan which budgeted my bills so I could try to pay them off. However I began getting reminders and red bills. After finding out about an IVA I quickly realised this was right for me, I understood the impact it would have on my credit rating (which was bad anyway) and what I would need to do. I arrange an IVA through FinSu and was contacted by an experienced specialist.

Now its 6 months on, I am still budgeting but the reminder letters have stopped, I am paying back only 45% of the debt and I am slowly taking control. It is a struggle, but it is my own fault. I am aiming to be debt free within the next 5 years, and then I will work hard to rebuild my credit history. It is not suited for everyone, but an IVA is better than bankruptcy and allows you to pay your debts within your limits.

Please fill out the enquiry form , if you need to learn more about an IVA.

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