Yes NR would call the shots in an IVA but whatever advice Dave Goddard gave you will be right. Good luck.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
They are all pretty supportive of voluntary arrangements, but Northern Rock have the key vote and will need to be convinced that your offer represents the best way forward.
My wife and I have disscussed going B/C and were prepared to do it to get our lives back (this is more than just the money I will explain on another post) We still might if our parents offer does not work. Would we be able to tell Northern Rock this at the creditors meeting as they have our Mortgage to with a big chunk of negitive equity they would loose out across the board. Dont want it to sound like Blackmail but can things like that be put across
They don't actually attend in person at the creditors meeting. But all of your circumstances should be given to your chosen advisor/provider and leave it to him to get your crediors to accept.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I am sure that I have read in a recent thread that it is not recommended to do this.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The full story :My wife and I work a 3days on 3days off 12hr shift pattern we are on different shifts so for the past 10years we have seen each other from 8pm until bedtime (early when your on 12hr shifts)and then 1 of us wakes up alone again for another 12hrs no weekends or b/holidays together as a family only got xmas off for first time this year. Being on the same shift is impossible nobody will mind our 2 girls all day sat and sun B/holiday etc and not fare to ask as these people will have worked all week. So we decided we need to save our marraige and family before its to late but the debt stops us and we cant see away out.
Bankruptcy would not necessarily affect Northern Rock from a mortgage perspective, as presumably you would just carry on making your mortgage payments in the usual manner, but they would definately get a lower return if the lump sum were not made available which it would not under bankruptcy proceedings.
If your house is in negative equity, then you probably wouldn't lose it. You would just have to make sure you could keep up the mortgage payments.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Me neither just a bit worried though as we have a car4*4 which is a good one that was given to us by in-laws so we only pay out tax service ect and after reading a few notes we would probably lose it and in-laws would go MAD.
When you are made bankrupt, the only part of your house which is at risk is the bit that you actually own. In a negative equity scenario, the house is fully secured to the mortgage company, and the Trustee will therefore have little interest in it. So long as you can find a friend or family member to buy your beneficial interest for a nominal sum - usually £1 plus the costs of the transaction which are about £200 - then the property will be taken out of the bankruptcy and then you will just have to keep up with the mortgage payments.
