creditors meeting nervous! monday 2nd july

[jue]

my IP said he will be in touch within 7 to 10 days to sort the DMP out.is this normal? ive also been issued with a default notice this morning from one of my creditors i told my IP about this but he told me not to worry as they will accept the DMP

[jue]

as anyone got any info whether i should go into a DMP or just go bankrupt? i dont really want to coz i dont want to lose my home and ive got a 3 year old to consider

[MelanieGiles]

I'm sure that I have already responded to this post - but here again!

What efforts has your IP made to try and renegotiate with NR? What length of time was the loan taken over? Have you thought about improving your offer by extending the IVA for a sixth year? It may be worth a try, and your IP can adjourn today's proceedings for up to 14 days to carry on negotiations on your behalf.

Also, I can't see why it takes 7 - 10 days to refer you to a Debt Management Company.

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

[jue]

i have 3 loans with them. one has 4 years left one 6 years and the last one 9 years

[jue]

and by the sounds of it my IP as not attempted to negotiate with them by the way im with payplan.please help me i dont know what to do

[jue]

the last loan i had with them was only for 4k but over 10 years

[MelanieGiles]

Jue

Without seeing your proposal documents, it would be difficult for me to advise further. It looks as if you have put all of your eggs in one basket with NR, who are generally not supporting the majority of IVA proposals at the moment.

I would certainly try to see if they would accept a further year's payments from you, see if Payplan are prepared to but this forward.

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

[jue]

just spoke to payplan they said they dont think NR would accept this and to just go along with the DMP for a few months and try again! he said at the moment NR are being very hard to deal with in IVA proposals.what surprises me as well is that sainsburys bank who is my second largest creditor didnt bother to vote!

[westonr]

hi Jue, I'm so sorry to hear about your meeting. NR rejected mine initially last week but they have adjourned until tommorrow to review and I will find out what they have decided - did your IP try not and renogotiate with them - mine has been very good and i am hopeful they will now accept. Try and stay calm, i felt exactly the same last week, but you will find a way, have faith.

[scaredkez]

jue so sorry to hear your news.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[MelanieGiles]

If you IP does not try to negotiate on your behalf, then they will never know whether they have been succssful or not.

PS I have already typed this reply twice today!!! Has anyone else been losing posts - Admin?? Andy??

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

[westonr]

Hi Melanie

My adjounment meeting is tommorrow and I was wondering in your experience if that is usually a good sign that the creditor may accept. imust say that NR have been really good throughout the whole process and I don't think they want to see me go bankrupt - its not as nerve racking this time round but still abit anxious.

thanks

[MelanieGiles]

Not alwasys weston, but if the creditor themselves have asked for an adjournment, then they are also not writing off your case without a second thought.

You will need to be offering a subtantial reduction of the debt to Northern Rock to persuade them to accept your IVA. I just got one through at 58p, largely because the clients had already paid four years worth of repayments, and I was able to show that NR got back all of their capital with a small contribution to interest.

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

[westonr]

Thats good to hear your success melanie. I too am offering 58p and this will pay the capital back to NR - they originally declined because they said i would be able to afford payments into a DMP but my IP appealed this as it would be over 15 years. They asked for an adjournment to review as bankruptcy may be an option and the payment back would be far less.

[MelanieGiles]

Keeping everything crossed for you tomorrow!!!

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