Hi, newbe here. Have been going through the IVA

[noddy53]

Hi, newbe here.
Have been going through the IVA process by myself up till now and as My IVA got accepted today, thought I would join forum for support through the coming years.

As I said creditors meeting today, all voted yes with only one company not voting, so majority ruled.
Northern Rock where only sticking point and asked for an extra £36.00 per month and for the IVA to run for 6 years not 5.
Have had to agree to this as only option to get me out of the mess I created.
Has anybody else had this recommendation from Northern Rock???

Anyway only 72 months to go!!!!

[kallis3]

Hi Noddy and welcome to the forum.

Congratulations on having your IVA approved today. You say that you have had to agree to this modification, but I hope you haven't left yourself short by having to pay over this extra amount. If you have, you may find you have problems in a few months time.

Are you aware that you could have taken 14 days to decide whether this was ok for you?

It's not totally unusual for NR to ask for an extra 12 months.

[noddy53]

Hi Kallis3,

Thanks for the warm welcome, yes I was advised I had 14 days to make my choice but I made this mess, so I have to get out of it, if this was the only way to get approval and not have to go BR then so be it.
Just need to keep cutting back!!!

[plasticdaft]

Welcome to the world of budgeting and penny pinching. Doesnt sound like fun to start with but it is amazing how addicted one can be to saving money!! Coupons,discount shops,online purchasing, etc etc. 72 months seems like an age but just imagine how long you would have been paying back your debts had you not decided to sort yourself out!!!

[Lisa2009]

Very well done for having your IVA approved. Enjoy your road to debt freedom xxx

[debtmountain]

Hi noddy53 and welcome from me too.[:)]..Congratulations with the IVA approval,we too have an IVA running for 72 months as recommended by Northern Rock and we now have only 69 months left to go,still very early days for us but those 3 months have gone fairly quick[:0]..anyway,hope you have a lovely evening celebrating your good news and please keep posting as you will get a lot of help,good advice and support from everyone on here!!...take care..xx[:)]

[Beans on Toast]

Hi Noddy, congratulations [:D] I wouldn't worry too much about the 72 month thing, it seems to be quite common this year.
A lot of us doing 60 month IVA's who only started last year, will more than likely have to contribute an extra year due to no equity in our property, if that's the case, so be it. It would probably have been 72 YEARS otherwise [;)]

[Skippy]

Congratulations on getting your IVA approved Noddy, and I hope the increased payment doesn't cause you any problems.

[David Mond]

It does appear that Northern Rock ask for an additional 12 months. It depends on working out what would be your position in a DMP with interest over 5 or 6 years compared to an IVA. It is pourely a mathematical calculation. The extra 12 months is probably fair in relation to the cases that my firm has put forward where it has been requested.

[kallis3]

I think we will be one of those having to continue on for another 12 months, even though I am being a bit optomist with my figures in my avatar!

[David Mond]

Why Kallis3 if your original proposal is for 60 months why do you think you'll need to do another 12 months?

[kallis3]

Because I doubt we will get a remortgage, and we have to carry on for a further twelve months if not.