IF NR reject new offer

[coco]

Hi,

If Northern Rock reject the new proposal and start BR proceedings will it go more in their favour or would it best for me to petition the BR myself, the supervisor said it will take 2 weeks for a new meeting plus 28 days for them to respond ie voting. I would not be able to petition my BR until the end of Feb when i get paid as instead of paying my IVA i will be using these fees.

What do you think

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[MelanieGiles]

Coco

I do not think that Northern Rock will instigate bankruptcy proceedings against you, so if that is the option you choose it is probably better to do it yourself - remember the sooner is starts the sooner it finishes.

I don't understand the point about your Supervisor calling a new meeting. I think that you may mean an adjournment of the first meeting?

Who is your IP firm, and what dividend are you currently offering?

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

[coco]

Hi Melanie,

there is no way NR are going to accept the new proposal we have been in the IVA since Oct. we are currently paying £470 but the offer has to be £226 because of the childcare. I think it will cost NR more in fees to make me BR than what they will get as the equity is so low £4000 Synergi, Basically when i spoke to our supervisor he said he would have to arrange a creditor meeting to dicuss things as the IVA is failing this will take upto 2 weeks and then they have 28 days to agree to the changes if not then alternative is BR which i have prepared myself for.

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk

[MelanieGiles]

Oh sorry - I forgot you were proposing a variation to your original proposals. You may be pleasantly suprised - so keep positive on the basis that you are still offering your creditors a better option than bankruptcy. Make sure your Supervisor clearly explains the reasons for the reduction in your surplus income to the creditors.

I suspect that your IVA may have been "made to measure" current creditor criteria to get it accepted, without your expenditure fully thought through and provision made for contingencies. This is a dangerous thing to do, as it is only a matter of time before you start to struggle with your repayments. Everyone thinking of entering into an IVA, beware!!!

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

[coco]

Basically Melanie this is what has happened and after 4 months we are in situation where we can no longer carry on with the current IVA and i completely agree people should be aware as what will happen is the IP will make nearly 4000 and i will still probably have to go BR.

51 payments to go
(I apologise for my keyboards poor spelling and grammar)
http://coco.blogs.iva.co.uk