I am suprised you would put an IVA forward effectively preferring an unsecured creditor. I do hope that as a profession we do not encourage using those sort of tactics as this will see a general bun fight for all with even more rejections.
I personally am pleased to see that Northern Rock insisted on being included in the IVA, as at least this maintains the traditional and legal principle of pari passu distribution.
1st
Northern Rock didnt insist they were included.
2nd
There was extenuating circumstances as only one partner on the mortgage was in the IVA so the loan was jointly and severly involved.
3rd
The issue is: no mater what NR dont vote for an IVA and if you have inside conections it would be good to know who to talk to as so far NR have totally stone walled EVERY case.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
For further details contact me at
http://www.melaniegiles.com and view my IVA blog at:
http://melaniegiles.blogs.iva.co.uk
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