IVA Failed!!!! -- Help

[martgoingmad]

After awaiting a phone call on Friday from Debt Free Direct, I decided to phone them today to see if my last remaining creditor - Northern Rock had agreed to my IVA.
Well they didn't. This is the 3rd time of trying to get NR to agree but they don't want to know.
My advisors at DFD have said that the proposal has failed and asked me what I wanted to do next!!!!
I don't know what to do next. I thought we had a pretty good proposal offering 73% return with equity at the end of the IVA. As NR are my main creditor they think that isn't good enough!!!!!

What do I do!!!

One of NR's reasons is that my account is too new!!!!!

I cannot find the 1st and only missed payment letter from them to phone them if anyone knows it I would be grateful.

I am contemplating giving Melanie a ring tomorrow to ask her advice!!!

Thanks to those that respond!!!

Oh no more hair just torn out!!!

Martyn

[pixie]

Hi Martyn and welcome, it seems a shame for this not to be approved with such a good return. I would definetly have a word with Melanie!

[martgoingmad]

Hello all again,

Forgot to add in the original mail that it was ajoint IVA (partner also) and that we both work. Surely I can now tell Northern Rock to accept it as a tax payer don't I now own them!!!

[emma_t]

Seems very unfair as you were offering such a good return, I would await further expert advice as they maybe able to offer further advice.

I think some creditors automatically reject proposals if the debt is under a certain age, but I am sure someone will confirm if this is correct.

Don't give up hope yet..
Emma x

[Soulgrowth]

What a crazy situation ... so they would rather get next to nothing (alternative BR) than a good 73% return?!!

Crazy ... I hope that you find a solution Martyn.

Debbie

[Shining]

It does seem crazy doesn't it? hang in there if anyone can help I'm sure it will be Melanie with some good advice.

[MelanieGiles]

I'd be happy to have a chat with you about this - but Northern Rock have a fairly firm policy of rejection if the debt is less than 12 months old or you have failed to pay at least 12 repayments. If you are offering such a high return, I would have thought that a DMP might be a better option for you which may take a little longer but would see your debts repaid in full. Worth a thought, and bound to be more acceptable to Northern Rock, so long as they could be persuaded to cease charging interest.

[Reviva UK]

Agree with Melanie

perhaps you should give Andrew Graveson a call @ Brightoak ( one of the forum experts) and he will review the viability of an ethocal debt management plan.

Option B is to enter a DM plan for 12 months and then review the IVA route or at the very least review it with Melanie incase NR change their policy.