in dmp but really wanted to apply for an IVA

[sonia_k]

I am in a debt management program but really wanted to apply for an IVA. I have a total debt of over £40k and can only afford to pay about 200 a month. The co i am dealing with said that as £14k of my total debt is owed to Northern Rock I cannot apply for an IVA. However have Northern Rock's position on accepting IVAs changed? Without an IVA I don't see how I'm going to pay off my total debt. Any advise much appreciated.

[debbiw]

Hi Sonia, I think you should speak to an IP, who will advise you if an IVA is the correct route for you. Melanie Giles and Ian Millington who post on this forum come highly recommended.

[ladyc]

I'm sure one of the experts will be on to advise you any moment now.
I can only suggest that you contact another company for advice.
You won't go far wrong if you contact on of the experts on here. Melanie Giles has tremendous feedback.

[sonia_k]

Thanks for your replies! [:)]

I'm new to this forum so would you be able to tell me how i can contact Melanie Giles?

Thanks!

[iva.com]

Hi Sonia,

It is possible to have an IVA approved when a large portion of your debts are with NR. However, they have rejected a large number of applications in the past.

I'm sure that Melanie will be on here soon. Failing that her previous posts will show how you can reach her.

Kind regards,
Terry Balfour
IVA.com

[size5]

NR have historically been reluctant to accept IVA's but I have certainly noticed a softening recently.

To give you an example, I have recently successfully proposed an IVA proposal for a client with total debts of £45k, £35k of which were to NR so it is possible. I suggest you go to www.iva.com and have a look round, make sure to speak to 2 or 3 different people to get a balanced view and then make your own mind up from there.

Regards.

[kal]

I have just had my IVA accepted and NR were one of my main creditors - I also have a mortgage with them, and they accepted and have been really helpful.
k.

[MelanieGiles]

Hi Sonia

The majority of the cases I put before Northern Rock are actually approved, but it does depend upon circumstances. Your ability to fund an IVA at only £200 is rather low, and will not produce a very good dividend for creditors. If you have no assets of material value, have you also considered whether bankruptcy proceedings would be more appropriate?

[sonia_k]

Thanks for all your advise.

I have considered bankruptcy but now sure of whats involved. I had a joint property and recently changed it into my dad's name as I couldn't even afford the ground rent and maintenance charges! Would this be questions? There is no equity in the property but as i couldn't afford to keep it and selling it would incur penalties and costs not to mention no equity i chose to transfer it.

[MelanieGiles]

So long as the asset had no value at the time of transfer, this should not cause you any problems Sonia.