It might be worth having a word with another IP - I know Melanie has a good relationship with Northern Rock.
If you do decide to opt for BR please don't pay anyone to complete the forms for you. I completed them online and although they look daunting they aren't as bad as you first think. Please post any questions on her and someone will be able to help you x
I agree with Skippy that you should perhaps give Melanie a ring and see what she has to say.
As to bankruptcy - I echo what the other posters have said. Do it yourself online and it will only cost you the court fee.
We are all here to help you with any problems you may have with that.
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
Your IP should have spotted the possibility of this and discussed this with you prior to the meeting. Northern Rock are well known for wanting the spouse's surplus as well, and if you are not happy to do this then the IVA should probably not have been put forward in the first place.
Melanie, I think NR are being very, very unreasonable. The debit to them was incurred before I even met my partner, she hasn't benefited from it at all so why should she be expected to pay for it, also how can anyone be expected to predict what will happen in 2 years time .. NR must know that IF the circumstances change for the better they will benefit from any increase in disposable income anyway. Where as if I do go the BR route the best they can hope for is for 3 years payments instead of 6 .. they lose out, and from the information I have seen they probably won't even get a single payment. I have no assets (apart from a car worth about £350) everything in the house I live in is owned by my partner .. this was all shown in the IVA proposal, to be honest I feel, as does my IP, that they are being completely unreasonable.
Why did your IP show you and your partner as living in a shared relationship? Why not just show you as flatmates? Do you have anything joint connected to your finances - any joint loans? Or do you have children together? If you are in a fairly new relationship, and there is a risk of creditors unfairly grabbing someone else's income, then I would plump for the flatmate scenario every time.
Fugazi - give Melanie or one of the other professionals on here a ring to see if they can help you out with another stab at an IVA. It does seem unfair that your partner is being punished.
Melanie has an excellent relationship with NR as has been previously stated.
It can't hurt, and you never know - you might be able to get something done!
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
Hi Fugazi, Sorry to hear of your story. I think NR are being totally unreasonable, they almost blocked my propsal by asking for more money and insisting on a six year deal. It was stupid as at the time of the proposal the extra money they wanted wasnt 100% certain, and if it did come along they they would have got it anyway but they were insistant that it was included in the initial IVA figure.
Similarly, they also wanted to include my wifes DI, even though debt was noting to do with her and other creditors accepted an proportional payment of shared expenses. Luckily, when we worked out a joint I&E it came out with the same figure for payment. However, my problem is that at review time if my wife gets any salary increase they may be looking to take this 'extra DI'.
No way..... It is actually in my interest for my wife get take out loans and run up her expenditure if she has a salary hike. There is no way NR are getting this.
We all want to pay back what we can, but with companies like NR you do feel like not giving them anything back at all when they won't lift a finger to help you.
I wonder just how much money has been lost by them as a result of people going bankrupt because they wouldn't agree to an IVA?
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
Agreed Jan, I really want to pay everything back (in fact if my IVA goes for 7 years, I will have paid a 100p dividend). But if my IVA fails it will be because of pressure put on by NR and I would genuinely feel sorry for my other creditors.
Swardean, I do not know how NR think but I really hope you win through. 100p in the pound - what an achievement - you have got tpo be proud of that! David
Thank you David, that is why it is so stupid of NR, they were getting a great return on the original proposal but still wanted to push and push for more. I don't mind them pushing for all I have but I won't have them pressuring my wife. The upshot really increases the risk on the IVA and if it fails, that will be £78k the creditors will have lost out on.
Back to the original point of Fuzagi, I feel so sorry for him, I know the situation when you are putting forward a good proposal in everyones interest and they just keep pushing and pushing. I admire he has taken the decision to say no, and NR get what they deserve, nothing.
If NR have 26% of debt would it be unethical to run up another 1% with another lender? Parents/friends?
Last edited by mole on Sun May 31, 2009 11:00 am, edited 1 time in total.
