Got that sinking feeling

[Funsize]

My husband and I have recently begun the process of entering into an IVA as we have the following debts

Northern Rock £30000 Joint
Egg £4500 Me
Egg £5500 Husband
MBNA £5000 Me
Tesco £10000 Husband
Capital One £2500 Husband
Barclays Loan £4700 Me
Barclays o/d £1700 Joint

Total £63900

Our IVA company is offering 17p in the pound and obviously double that to joint creditors however I do not think this is going to go through because of the Northern Rock part. This amount was additional borrowing on a mortgage as we needed £168k but could only get £138k secured on a mortgage so Northern Rock gave us the othe £30k unsecured. I did not really want this included in the IVA as we are totally upto date on our mortgage payments and this is not causing any additional problems like the credit cards are.

Does anyone have any suggestions. Also panicking as most peoples IVA's are over 30p in the pound and we are only jusy offering over half of that.

Any advice would be greatly appreciated.

Thanks

PS goes to meeting on 9th October at 2pm for me and 2.15pm for hubby-not very hopeful!!![V]

[pixie]

Hi Funsize
I can't help on how your creditors will vote but your ip would not put the proposal to them if they didn't think there would be a good chance of it being approved.
good luck

Pixie

[lily]

Hi

I hate to be the bearer of bad news but this is just not enough, you have to go for 25p in the pound minimum, I believe. without the northern rock issue. Who is your IP?? Hope it doesnt begin with S and that you havent made upfront payments.

I may be wrong I am only another person in debt and anything returned to the creditors is better than nothing.

Well now some good news, you are amongst friends her who know what youre going through, there is an answer to every problem, you are not alone.

Good luck

lily

[Adam Davies]

Hi
Firstly you have to include all unsecured debt and secondly I am surprised that you have found a company willing to propose an IVA where NR hold such a large share.
I would love to give you a positive response but I,m afraid that I can,t
Have you paid any money upfront ?
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]

Personally I think that this proposal is almost certainly going to fail - as Northern Rock are unlikely to accept 17p in the £ and write off a debt that was destined to run for probably 25 years earning them a goodly amount of interest along the way.

On the basis that you have probably not paid any money yet to your IP, I suppose you have nothing to lose, but please don't be disappointed if it is rejected.

Are you using a national firm of IP's or someone who just does the odd few cases each year. It strikes me that your IP is not really abreast of what is happening in the marketplace.

Do let us know how you get on - and I sincerely hope you get a positive result.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[tracy.h]

Hi funsize
hope all went will today please post and let us know.

Tracy