IVA meeting 26th June, NR rejected...I'm gutted

[westonr]

I have no equity in the property and it was a single IVA. My car is worth approx £1500. I am going to sleep on it, if I can, and see what is said tommorrow by my IP. Bankruptcy was never my preffered option, my intention was always to pay as much as I cou DMP ld back but a DMP would take so many years, i don't think I could live with that for so long, i need to take some advice.

[jue]

so sorry that your iva was rejected.good luck with the appeal! my meeting is on monday NR will probably play hard ball with me as well!

[catullus]

Northern Rock have an appalling track record in voting negatively in IVA's and there are a growing number of IVA companies who advise clients that so long as NR remain a dominant creditor you won't get an IVA approved (or the chances are minimal)
Their Together mortgage is also a pretty effective method of turning unsecured lending in to secured lending and really causes problems in IVA's.
I think that the first lesson to learn from all this is that if you're thinking about consolidating your loans don't go to NR.
If you are one of the unfortunate people who have been rejected by NR (and can't see any real prospect of the situation changing)bankruptcy has to be considered carefully.
Northern Rock's voting tactics make the assumption that most people won't have the courage to enter bankruptcy and will stay in debt management plans for years and years. That way NR doesn't have to write the debt off and the poor old debtor lives the life of the living dead!!
So if you are in this situation you can either hope that NR change their policy or you can carefully consider exactly why Bankruptcy would be so unappealing. It may be the best solution, after all.

[aguise]

Catullus do you think the siva will help with northern rock as they wll then not be able to outvote unless they have 50% or mor.

Ang

[zoe]

Hi there
I couldn't agree more. Hopefully people will have the courage to do what i have done and they will start to realise what they are doing.
To be honest i am better off. I will probably get a BRU/BRO but i dont want credit again anyway!
My mum will be buying my share of the house as well.
These people need to see that people are trying and if they dont start changing their stance they will loose alot!!
Z
x

Zoe
x
Keep your chin up - everything happens for a reason!

[catullus]

Helloa Aguise

Yes, I do think that SIVA's will help push through IVA's assuming that the final form of a SIVA is pretty much as set out in the DTI's consultative document.
However, before then we have to await the results of the various working parties set up by the industry earlier this year which I'm told may be out in July. You can bet that creditor groups will be doing their level best to try to influence the final format of SIVA's and we'll have to see what the final outcome will be.
Then there has to be the political will to push through the changes quickly.

[Adam Davies]

Hi westonr
You were offering over 50p dividend to Northern Rock through an IVA and in bankruptcy[if you decide to]they will get next to nothing.
Catullus is spot on when he states that NR assume that you will not go bankrupt and the more people that do following a rejected IVA proposal the sooner they will change their harsh stance.
I an no expert on company accounts but I guess that a debt in a DMP has less impact on the companies bottom line than an IVA would have.
I accept that some IVAs are proposed when a DMP would be better for everyone and these should be rejected swiftly.However genuine people like yourself,with no equity should not be stopped from trying to pay as much of their debt as possible and forced into a neverending DMP or bankruptcy.
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

[catullus]

The good news today is that NR have just announced a poor set of results and, in reaction, their chairman has said that they will "no longer keep high risk lending on their balance sheet"
This could mean a number of things but I read it that they are more likely to sell on impaired debt meaning that someone else will vote in any subsequent IVA. Hopefully. they will have a more enlightened approach than NR

[ivoriva]

That is good news... it has always baffled me why creditors sell on debts when they are being offered a much better return in a IVA than what they receive from selling it on. But it does have the advantage the new owner of the debt doesnt need anywhere near the full return to make a tidy profit... which can only work in the debtors favour!

[westonr]

Thanks everyone - just a quick update. NR have asked for an adjournment until next Tuesday. They want to review the appeal my IP has made which is very much inline with what you have said Andy - my IP is playing hard ball back and is stating that I will go to bankruptcy if the IVA is not accepted - I feel much better, I still have a mountain ( or Rock) to climb, but lets see which way they go especially if your comments re: DMP are right. It ain't over yet!

thanks again, I will keep you posted.

[aguise]

Thats better news than a straightforward no, good luck, hopefully all will go well, chin up

Ang

[ivoriva]

Good luck with the adjournment westonr - at least the IP is fighting your corner which is always helpful. Adjournment is common, and so you shouldnt be too worried at this stage. Hopefully its a good sign NR are 'considering' the appeal rather than just saying no or nothing at all!

[zoe]

Good luck with everything


Zoe
x
Keep your chin up - everything happens for a reason!
View my blog http://zoes.blogs.iva.co.uk/

[onlypassion]

Good luck with the adjournment Westonr, got my fingers crossed for you

Andrea

[westonr]

Many thanks, another wait but like you say, its not a no so fingers crossed