Burying my head in the sand

[daisy may]

Hi all,

This is my first post on the forum, I have been reading everyone elses for a couple of weeks now and it has given me great strength in the fact that i am not alone, I am 26 Years Old and I owe around 17,000 and have applied for an IVA with Accuma, I filled in all of the paperwork and hopefully everything is being processed at the moment, I have spent the last couple of years burying my head in the sand hoping that everything will go away and of course it has got gradually worse to the point that I can no longer keep up with my payments and I have Creditors ringing up on a daily basis and even occasionally knocking on the door, I still live my parents and to sy that they are getting fed up wit this is a huge understatement, I can't help feeling that if i was a little more organised then perhaps I wouldn't have found myself in this situation but there is nothing I can do about that now, I would really appreciate a little support from people who know what I am going through and I will do the same for everyone else, I am particularly nervous as my main Creditor is Northern Rock and from reading other post I understand that they are one of the worst, sorry that this post is very long, It feels good to be able to talk to people who understand.

[coco]

Hi Daisy May,

Welcome to the forum it too took me a while until i made my first post and the support i have received has been great, it seems that more and more people are finding themselves in this situation and to have someone to talk too has been fantastic. I owed 64k and now BR and about to move out of my house in 6 weeks time i have only really had this forum to be able to off load my problems too and i have received some great advice. Northern rock was my main creditor and has been the reason i petitioned BR but everybodys circumstances are different and i am sure that they look at everr one case as an individual so you may be ok, i know that they do look for a dividend of at least 45p what is your offer going to be.



(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[daisy may]

Hi Coco,

My proposal will be a dividend of 45p, My IP has told me that Northern Rock will not accept anything less, if they don't accept my proposal my only other option will be to petition for Bankruptcy as I have let everything get too far out of hand to keep up with the payments in any other way.

[Adam Davies]

Hi and welcome.
Well on this forum you will find people who are in the same boat as you and no on on here will judge you.
Northern Rock are a creditor that like to achieve a minimum return of 40p in the £,can I ask what dividend your IP is proposing.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[BECKY]

Hi im 26 too and still livin at home( its cheaper!!) i was in the same boat 46000 debt phone constantly ringing ive been in my iva for 10 months now and things have definately changed for the better. My iva has just been transferred to accuma as my old company closed down its not been long enough for me to give u any opinion on them but i have looked at some reviews and all were good so fingers crossed

[daisy may]

Hi Andy

My IP is proposing to offer 45p in the £,

[coco]

Hi Daisy May,

I would say that with 45p return to northern rock you should be ok, your almost there now

Good Luck

(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[finebridge]

Hi Daisy May,

Welcome to the forum! I hope you have found comfort in reading the postings. It would seem form what you have said your IVA stands a good chance of going through at 45p. Good luck and keep posting.

Kind Regards

Nicola

Finebridge Ltd
22 Laud Street, Croydon, CR0 1SU
0800 180 4212
www.finebridge.co.uk

[chilli20]

Hi all,

This is my first post and I thought I should let you know the problems I'm having with my IVA proposal because of Northern Rock. I have debts of £80k, and I submitted a proposal of 38p/£ which was rejected. The proposal was then increased to give a return of 45p/£. Initially, this was accepted by NR but my IP said to wait until we had it in writing before breathing a sigh of relief. NR have now changed their mind and are rejecting the proposal. They have not given any reasons for this. My IP has writeen to them asking what it is exactly they want and why they are behaving as they are - still waiting for a response. Creditors' meeting adjourned till Thurs. I had been warned that NR play hardball but this seems ridculous to me. My IP has said that if this fails I will have a case to take to the Financial Ombudsman who also are snowed under!! What do I do in the meanwhile?
I know this isn't necessarily what you want to hear but be warned that NR will not make things easy for you.

[stam]

Hi All
Re Chilli20's NR problem. We are also in the process of trying for IVA but have been advised that Northern Rock are now voting NO on all IVA's.
We have been advised to enter into DM for the same amount that we were to pay under IVA as a holding position, with a view to applying for IVA when either NR change their policy or new IVA legislation alters the % of yes votes needed and therefore takes NR out of the process for more of us?
We understand the new legislation should happen this year - does anybody have any further information or links?

regards
STAM

[MelanieGiles]

The SIVA legislation to which you refer is expected to be in place by April 2008.

I too, for the first time in 10 years, am sadly seeing all of my cases with Northern Rock being rejected at the moment, and am trying to establish their actual criteria, so as to be able to advise prospective clients appropriately.

I personally feel that they typically lend high sums over a relatively long period of time - ie over 5 years - and are concerned that customers are then asking for support towards a much shorter five year IVA. I can understand that point, but bankrupty will always offer a lower return.

A DMP may be your only option if you wish to avoid bankruptcy proceedings.

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

[Adam Davies]

Hi
Is this the case for people with property or are they refusing IVAs for everyone,regardless of assets ??
Do banks not work to a protocol ?? A clear refusal regardless of the case is just not right and will lead to unnecesary hardship and uncertainty for many.
We have creditors accepting a 17p dividend [last week] and now Northern Rock rejecting all IVAs[it seems] One end of the spectrum to the other.
What is going on ? and who is going to step in and sort this out ?
Please lets have a set criterea so that debtor,IVA provider and creditor can all work closely together, raising the standards,understanding and ultimately the dividend paid to all creditors in an IVA.
regards


Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

This is for property owners and tenants alike. Banks do not have to work to a protocal, although the BBS are currently working on guidance policies which most lenders are expected to follow with regard to insolvent customers. It is expected that these will be made available over the next month or so.

I hear what you say about not being right, but we cannot dictate to a particular lender what they should or should not be accepting. That is down to individual choice and commercial judgement. The frustrating thing for the insolvency profession, is that there does not appear to be any criteria being followed, and I am trying to get to the bottom of this in order to be able to give appropriate advice as to options.

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

[Adam Davies]

Hi
To have a blanket refusal of IVAs is just not acceptable,what will happen to the IVA industry if more creditors follow this lead.?
It can,t be a commercial decision to refuse all IVAs because there must be many proposals that will simply turn into bankruptcy and offer a far lower dividend,if any.
Seems a political decision to me.
Has someone upset them ??
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[MelanieGiles]

Yes - I think the heavily advertised "We can help you to write off up to 90% of your debts - sign here" debt management mentality has a lot to do with it Andy, as well as creditors not seeing full value for money from the IVA product - due to IP costs and the delay in repatriating funds to them.

Things will undoubtedly settle down in time, and lenders will hopefully remember that IVA's do have a part to play in the consumer debt marketplace, but we have to restore that professional confidence at the moment so that banks do not feel that their customers are being railroaded into IVAs without having taken proper, professional advice as to all options available.

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