Could i have some advise please?

[zoe]

Hi there
I have read that there is new legislation coming in soon which advise that if you have less than £50000 of debt you can do a simple IVA with just votes for or against the proposals?

[zoe]

I have been reading everything on this site because i think that IVA is the only way forward for me. I have unsecured debt of £52000. I lost about 8000 gambling, and the rest is consolidating. I am really worried as i my major creditor is Northern ROck with a personal loan of 17500 left outstanding. i have about £8000 joint equity in my house.

I have written to my creditors offering reduced payments for the mean time as i was told thati could not do an IVA till i was about 6 months without gambling. I have gone 1 month so far - it is very very hard but i am working through it. Could i have some advise please?

[kezza]

Hang on in there, zoe, have a look at the postings on this site to get an idea of what northern rock are like.

Good luck on abstaining your no gambling policy, how do you prove that by the way?

[Oliver]

Hello Zoe

Having Northern Rock as a creditor and having accumulated some of your debts through gambling will not necessarily stop you from proposing a successful IVA. Northern Rock can be a problem in some cases but Northern Rock has stated that they are looking at each proposal on a case by case basis. If you have already discussed your debt difficulty with Northern Rock then this will definitely help if you propose an IVA as one of Northern Rock's biggest complaints is that the first thing they hear about one of their account holders being in debt difficulty is when the IVA proposal arrives, so it is good that you have already started a communication with them. As far as gambling debts go it is not necessarily true that you have to have not gambled for 6 months before proposing an IVA although it is very very important that you have stopped gambling. I would suggest that you discuss your case with 2-3 companies and devise a solution to move forward.


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[zoe]

Hi Again
I have not had the loan that long with Northern Rock. THis is really starting to worry me because all i can think of is them saying no based on all the posts on here. I have written to them to reduce payments but no reply yet. What should i do now?
In desperation
ZOe

[Oliver]

The best advice is to try to relax and trust your IP to do their job. They wouldn't of taken the case on if they had thought it would get rejected. You've contacted Northern Rock and let them know you have a problem paying them, you are proposing an IVA and as long as you are paying them to the best of your ability and you are putting them in a better position than if you were to be made bankrupt your case has every chance of being accepted.

In my experience the problem with Northern Rock seems to mainly stem from people that have taken an unsecured loan out alongside their mortgage. I think that Northern Rock are potentially exploiting the fact that they feel that these people won't resort to bankruptcy as an option as they fear losing their house and thus feel confident that if they decline IVAs these people will have to go into debt management plans.

Did you take your Northern Rock loan alongside a mortgage?


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[Oliver]

The best advice is to try to relax and trust your IP to do their job. They wouldn't of taken the case on if they had thought it would get rejected. You've contacted Northern Rock and let them know you have a problem paying them, you are proposing an IVA and as long as you are paying them to the best of your ability and you are putting them in a better position than if you were to be made bankrupt your case has every chance of being accepted.

In my experience the problem with Northern Rock seems to mainly stem from people that have taken an unsecured loan out alongside their mortgage. I think that Northern Rock are potentially exploiting the fact that they feel that these people won't resort to bankruptcy as an option as they fear losing their house and thus feel confident that if they decline IVAs these people will have to go into debt management plans.

Did you take your Northern Rock loan alongside a mortgage?


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[zoe]

Hi there
No the loan was not alongside the mortgage it was seperate.

I haven't approached an IP yet about an IVA as they have told me that i cannot do anything because of the gambling.

I also have MBNA as a creditor who have passed my details to global vantage who are really hassling me.
They have been even sending text messages to my husbands phone even though i have told them not to. THe only reason they have his number is he has a credit card with them,(Which is not in arrears) and they hhave got his number from there.

I was taken to the hospital about 3 weeks ago as i attempted suicide because of all this, and i am getting really depressed again!
ZOe

[Oliver]

Hi Zoe

I am so sorry that you are suffering so much becasue of your debt situation, nobody should be made to feel that there is no soltuion available to them.

I understand that some IPs require a 6 month gambling free period before they will propose an IVA but we have previously managed to propose succesful IVAs where people have only recently stopped gambling so I know that it can be done.

You need some help quickly so please contact a Company as soon as possible so they can assist you in finding a solution to your problems and offer you some light at the end of the tunnel.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[zoe]

Thank you Oliver
I am at the end of my tether!.
I have another appointmenet with the psychiatric nurse this week and i am trying to get myself on the straight and narrow but it is hard especially with these people keep calling me all the time. I have not had a reply from all of my creditors yet to my proposals, and as you say Northern Rock are not happy if they have a IVA as first notification i think that i should chase this up.
I have approched 4 IP's who have all told me that they cannot help me yet.

[Oliver]

You need to organise a solution as quickly as possible as this will be a huge weight off your shoulders.

I know that IVAs can be proposed with less than 6 months of being gambling free, as we have had clients who have recently stopped gambling whom have had their IVAs accepted. I would advise that you contact some more companies.



Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[zoe]

Hi
Can you recommend any - would this be something that Thomas Charles would take on?
Thanks for listening

[Oliver]

Your welcome Zoe, it's a pleasure to help.

Yes this is definately something that Thomas Charles would look to take on.

Feel free to browse our website and contact one of our Debt Experts.




Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

[zoe]

I am feeling relieved already
I will look at this tonight.
Could you also tell me what happens with my house, we have about £8000 joint equity in there - if iwas to go for an IVA what happens with it?

[Oliver]

In an IVA, unlike bankruptcy you will retain ownership of your house. You will potentially have to release your share of the equity (i.e. 50% of the total equity = £4,000), however, it is unlikely that you will find any secured lender that will be able to offer you a high enough Loan To Value (the percentage of the house value that they can lend you) to enable you to release this, so may not have to release any money from your house unless you either can find someone to lend it to you or your property increases in value.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp