Going BR.....thanks NR!

[glen1971]

Hi all,

Just thought i would let you know that Northern Crock objected to both my wife,s and my trust deed from becoming protected. Fortunately for me NR did not have enough clout to reach the 33% required to fail my TD application. But my wife only had 2 creditors and NR held 90% of the value so this made her TD fail to become protected. My IP has apparently contacted NR to se if they will change their mind but have not had a reply so i was advised today that she will become sequestrated (Scottish term for bankrupcy)

She is really upset and i am very angry with the situation i was really hopeful that NR would see that they would get less in BR. But i guess this is why they are in this financial mess.

All the best to those with proposals relying on NR, i genuinely hope you have a better outcome than us.

Glen

[Viki.W]

Ah Glen, really sorry for you both. I hope you get some answers. You tried your best. Good luck, Viki X

[glen1971]

We could easily have taken the "easy way out" and gone for bankrupcy as we have no equity / major assets etc...and neither of our jobs would have been effected by BR. But we genuinely wanted to pay back as much as possible as we know we were to blame as much as the banks for the mess we got ourselves into. We are now in probably the worst case scenario now as i have a PTD and my wife will be sequestrated we would have prefered to have both been in a PTD. It still smarts with me over NR's attitude as their have needed to be bailed out so many time's themselves recently...with tax payers money. Shame they cant practice what they preach.

[kallis3]

Glen,

Sorry to hear your bad news. NR seem to change the goalposts with each individual. There seems to be no consistency in the amounts they agree to.

I am so thankful that they were not one of my creditors.

I hope you manage to get yourselves sorted out.

[MelanieGiles]

Glen

We are awaiting a response from Northern Rock about the reasons for the rejection of your wife's proposals, and we hope to be able to speak to you about this soon. It does seem odd that they would reject a TD when the alternative appears to provide a much reduced dividend, but I need to understand more about their overall strategy with regard to Trust Deeds before commenting further.

[Soulgrowth]

What a pain for you ... I really don't know why they do that ... perhaps Melanie will be able to shed more light for us when she has had chance to look at the strategy.

Debbie

[glen1971]

Thanks for the reply Melanie. I think NR have another company (Kroll's) which vote on their behalf for all Scottish Trust deed's.

[MelanieGiles]

Yes - we know them very well, in fact they are insolvency practitioners as well, but the directions come straight from Northern Rock.

[onlyhere1nce]

Glen,

As a fellow Scottish resident (Scot)& NR creditor, I have been watching your PSTD application with interest.
I am gutted for you & your wife following the latest NR voting. (A wee dram to toast you both & curse the NR)
Hopefully, Melanie can turn this around and make NR see the light.
Best of luck, no matter the final decision.

[onlyhere1nce]

Hi,

Just wondering if Melanie & her team are any clearer as to NR's "overall strategy" as regards Trust deeds in light of glen1971's experience?

regards

[MelanieGiles]

Not really - to be honest we are finding it difficult to make contact with the people concerned who vote for them on Scottish cases. But we will certainly not be giving up on this point, as it is important that we all understand specific creditor criteria.