I'd like to know if anyone has any info on co.

[ianmillington]

Yes, a very interesting point - I'll join in the debate tonight as well

[Reviva UK]

Andy

absolutely agree with you the person should get the very best advice irrespective of whether it is a solution that you yourself offer.

it is the only way to sleep at night.

[kirsty1]

Further to my earlier posts, now I really dont know what to do. I've phoned National Debt Line and was told I do have to include the unsecured bit of the mortgage in DMP. Northern Rock will then probably pursue my boyfriend for my bit of the payment (which he cant afford), and then we'll both be in the mess I'm already in. I cant do an IVA cos most of my creditors will turn it down, and there's no chance on earth I want to go bankrupt because we'd have to sell the house that we have worked all hours on for the last six months. Is a secured loan really so bad?

[MelanieGiles]

Why do you say that you cannot propose an IVA? Have you taken professional advice from an Insolvency Practitioner on this point? And is the Northern Rock loan the only debt that your partner is responsible for?

[kirsty1]

Hi - Yes I have spoken to an IP who told me that Black Horse wont allow an IVA because the loan is under 12 months old and then neither will Student Loans, who hold 26% of the debt. The only debts my partner has is half the mortgage, £800 credit card and a loan of £1k.

[MelanieGiles]

How much are your total debts and how much do you owe to Black Horse? And have you also started paying your student loans or are you still earning under the threshold?

[kirsty1]

25k total debt. black horse= 1500, and yes am paying student loan (since last year)

[MelanieGiles]

I think that you do have grounds for an IVA, with some special caveats relating to the student loan.

How much is your disposable income after the student loan payment has been deducted from your salary, and how much is the amount being deducted and paid to the SLC each month?

[kirsty1]

hi - its on http://www.iva.co.uk/forum/topic.asp?TOPIC_ID=9553

[kirsty1]

I would have around 210 left after the student loan payment of £100(its a pre-1998 loan so its a direct debit, not a salary deduction). Possibly more if I get a payrise this year. Apparently though Black horse would turn down the IVA, being a debt less than one year old. That would leave halifax credit card (14k), halifax overdraft (2k), and next store card £150.00

[MelanieGiles]

But Black Horse are owed less than 25% of your aggregate creditors aren't they?

[kirsty1]

yes i think i owe them 1500. what would the chances of halifax and next both agreeing to an iva?

[MelanieGiles]

Pretty good in my experience!

[kirsty1]

I've sent this question as another post but I also have a Northern Rock unsecured part of the mortgage, which is joint with my boyfriend. Payplan and other companies are advising that NR can be left out of a DMP due to their refusing to allow reduced payments and subsequent charging orders. also, they would just chase my partner for the payments as its joint liability. would they have to be included in an iva?

[MelanieGiles]

Northern Rock can only be left out of an IVA with their agreement and the agreement of all of your other creditors. I would certainly seek to include them in your IVA, and regularly deal with IVA proposals with this type of loan which are accepted. If your boyfriend is not insolvent himself, is he in a position to carry on paying the Northern Rock loan instalments?