Well I seem to have come a full circle. My credit files today are now clear – no bankruptcy, no defaults and no late payments. According to Experian I now have an excellent credit rating! It’s been a long time since I can say I don’t owe any money (probably since I got my first credit card when I was 18!) but it’s a nice feeling.
If I hadn’t made the decision to do something when I did I wouldn’t be in the situation I am in now as I would still be struggling to make payments and trying to keep my head above water. While I have always said in the past I wish my IVA had been successful I am now glad it failed when it did. If I’d been able to carry on I may have been caught up in the Grant Thornton closure fiasco as they took over Accuma IVAs. My IVA would have finished in October 2011 and I know some posters are still waiting for their certificate after two years. That in turn would have meant that the money my aunt left me last year would have been due to the IVA even though I’d finished paying – I would have fought tooth and nail to keep it as I would have complied with my side of the IVA but who knows what would have happened. I’m a great believer in everything happening for a reason even if it doesn’t seem obvious at the time and I think this proves my point.
I’ve learned a lot over the last few years. Although I still use a credit card as I am a named cardholder on my husband’s account but I now only spend what I know I can pay for. I prefer using cash but sometimes it’s easier (and safer) to pay by card but I like seeing the full payment go out of my bank account each month – I get a strange sense of satisfaction!
I have now upgraded my Nationwide bank account to a FlexPlus account and get travel and mobile phone insurance, breakdown cover, extended warranty cover and commission free cash withdrawals abroad. This costs £10 a month and, while I always said I wouldn’t pay for an account, I will be able to make use of everything this one offers and I’m actually getting something for my money. Obviously I hope I don’t need to claim on anything but you know what I mean!
I have also been accepted for a Nationwide Select credit card in my own name. This will mean I will also have commission free spending abroad which will come in handy when we go to Florida next month for our belated honeymoon. I have the money saved but it will mean we don’t have to worry about carrying cash. I’ve also applied for a joint account with my husband – I’m really grown up now!
There have been a some good things to come out of my IVA and bankruptcy. I have made some very good friends (I won’t embarrass you, you know who you are!) and my life has changed dramatically – I am now happily married, debt free and looking forward to the future. This will probably be my last blog entry as I think my story has now run its course. I would say to anyone who is struggling with debt – make the phone call. It’s a scary thought but speak to two or three companies and you will be on the road to sorting everything out. There is a solution whether it’s an IVA, bankruptcy, DMP or DRO – it’s just a case of finding it.
Good luck everyone to everyone who is BR or in an IVA, DMP or DRO – there might not seem as though it will end but it will do x