i want to cry please help

[zoe]

Hi there
I have a loan with Northern Rock. I have recently contacted all creditors and when Egg did a credit search it said that the loan was for £22000, i only took it out in September last year for £16500 and have made payments every month since. I am presuming that this amount is for the whole terms interest too.
If i go into an IVA how much would they claim can they claim the full interest too for the whole 9 years?
thanks
Zoe

UPDATE
I am really really worried now!
I have been talking to an online debt advisor with thomas charles as i was having a panic, i owe £52000 and £17000 with n/rock, she thinks i cannot go for an IVA because of this i want to cry please help

[coco]

Hi Zoe,

I had a loan with NR for 25000, when the case went to the IVA due to a clause in the NR agreement they added just over 10000 on to of what i owed, check your agreements carefully to see if there is a clause in there. I owed a total of 64000 and NR was my bigest creditor after they rejected the first proposal i had to then raise it to 42p diviend which they accepted it also depend on what diviend you can offord to pay.



51 payments to go

[zoe]

HI Coco
I think the div will be about 41p
Which company did you go to for IVA?
Zoe

[coco]

Hi Zoe,

I am with synergi though not very good, my original proposal was 27p and to be honest the IVA is propably going to fail. when NR wanted 45p in the pound i offered the 42p and said if that is not accepted then they were to make me BR i am now struggling to keep the payments up i have another 4.5 years left so not sure what the future holds.

51 payments to go

[zoe]

OMG i was thinking eveything would be ok until today. i can't cope with this anymore, i really thought i would be ok i dont know what to do.
I cannot go bankrupt or will loose my job, my house and everything.
i dont know what to do
z

[neverending]

Hi
Do not go with synergi,they have had a poor write up on this forum and are painfully slow.Look at other companies on this site.Your 41p dividend is a fair offer and as long as you have been realistic with your expenditure needs then an IVA could be a way forward.It is not easy and choosing the correct IP for you is hard.Stick at it and keep asking questions.
Coco shows the dark side of this industry,IPs proposing unrealistic payments that are sure to fail.The creditors get zero and the debtor loses all payments made.The IP ??? Well they will keep all payments[if the IVA is less than 24 months old,generally] to cover their fees.. Be positive

[zoe]

THanks
I just need help!
i just cant cope with it all i really thought it would all be ok, Oliver was brilliant from Thomas Charles with his advice but i like normal had a panic and went on the online chat service with the forum, the lady there told me she didn't think it was a possibilty i am so confused
z

[neverending]

Go back and speak to Oliver,Thomas Charles are a bona fide company.
Regards

[zoe]

I think i need to he was fantastic. He really put my mind at ease.
Z

[Skippy]

Zoe, sorry to hear that things aren't going well for you. As Neverending says, don't use Synergi. There are plenty of companies on this site who can help you. I used Thomas Charles, and they were excellent. I would go with their advice, they sorted everything out for me really quickly.

Good luck, and look after yourself x

Three down, fifty seven to go until freedom!

[zoe]

Sorry everyone
i dont mean to go on just having a really bad time of it (like every1 else i know!!)
Zoe

[MelanieGiles]

Hi zoe

Northern Rock are not the easiest creditor to deal with at the moment, and a lot of IP companies are saying that they will not take cases on where they are owed money.

Do not let this put you off. Find an IP who is willing to look at your case. From my experience, so long as there is a dividend of at least 35p in the £, Northern Rock can be negotiated with, although they do quote a 45p minimum. I have only lost one case to Northern Rock in the last 8 years, but my gut feeling is that it's getting tougher. Some of these banks should look at their lending policies in the first place!

In proposing an IVA, you must be absolutely sure without any doubt that you can afford the payments, and do not be persuaded to accept one more penny than you know you can afford.

Whilst a lot of the creditors are giving adverse comment to IVA's at the moment, this does not mean that they are not the right option for a lot of people - and if the bank's do not want to recover their money they will have their shareholders to answer to in the event that more money is written off to bankruptcies.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
View my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zoe]

Thanks Melanie
I think i will speak to Oliver again, he seemed to think everything was ok
If you are reading this Oliver do Thomas Charles no longer take on people with N/Rock
Zoe

[neverending]

I have a feeling that creditors are getting tired of the companies that are mis-selling IVAs and think that they will look not only at the IVA proposal but the IP proposing it.Good IPs will continue to be successful with aplications and the poor ones will find it harder and harder to get IVAs accepted and may resort to unrealistic proposals.
Quality and service from your IP are more important than costs.

[coco]

Hi Zoe,

As Melanie has said you would need to be realistic with your expediture if you rush into the IVA just to get it approved or it is going to fail 5 years is a long time, I did just that and paniced and offered more which is now leaving me struggling.

Keep your hopes up Zoe we are always here.

x

51 payments to go