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Original poster

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

5 replies

Nemo1977 · 27/02/2006 11:43

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.

OP posts:
noddyholder · 27/02/2006 11:45

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

Original poster
Nemo1977 · 27/02/2006 11:51

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.

OP posts:
doormat · 27/02/2006 11:56

Nemo, glad you are so relieved:)

heavenis · 27/02/2006 11:59

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.

Original poster
Nemo1977 · 27/02/2006 20:57

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

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