IVA has just been approved!!!!!!!!!!!!!

[Nemo1977]

Just wanted to share. Dont know if anyone remembers but we have been having horrendous debt problems. In November we started to apply for an IVA as we were sinking so low we were either going to do that or go bankrupt!! Well it has finally all been approved this morning. The relief is tremendous and just had to tell someone.

[noddyholder]

Well done!I remember your thread but what does an IVA mean?

[Nemo1977]

IVA is an independent voluntary agreement and it means we only have to pay back 26p in the £ of what we owe and it is only over 5yrs. It is a step up from bankrupcy as we get to keep our house but it affects our credit rating for the next 5 yrs which is fair enough.

[doormat]

Nemo, glad you are so relieved:)

[heavenis]

I'm gald you have it sorted. Me and dh went bankrupt on the 16th,and it's a relief it's hard to explain. Good luck.

[Nemo1977]

thanks doormat
heavenis its fab isnt it. I said to dh before I never thought I would be relieved to be in this situation.