iva rejected

[natasha.j]

hi i have only posted a couple of times but read a lot of your comments
our iva was rejected today because of NR we owe them half our debt
i have found it really hard to talk to our ip
the girl on the phone said they had re-scheduled a new meeting for the 7th august
is there any point in this?
has any body else had this and what was the outcome?
any help wouold be appreiciated.

[Andrew Graveson]

Hello Natasha,

Sorry to hear of the rejection. It sounds as though your case is going to be amended and then re-presented to your creditors.

If this isn't succesful you may wish to consider alternatives such as Bankruptcy or Debt Management Plans.

[chardonnay]

Hi Natash,
Sorry to hear your news I hope you are trying to stay positive and cheerful. One of the experts will be able to advise you about the re-scheduled meeting - I would assume they will make adjustments to your proposal to better suit your creditors and the try to get an agreement at the new meeting.
Chin up,
Thinking of you,
Hugs,
Chardonnay

[MelanieGiles]

Northern Rock are generally accepting a lot more IVAs these days than they were previously. Is this debt a Together loan linked to your mortgage or an ordinary unsecured loan? And what were the terms of the loan - ie what timescale was it taken out over, how much were the monthly repayments and how many payments have you already made?

[natasha.j]

thanks for all your replies
yes it was a together loan
it was taken over the life of the mortgage
our mortgage is interest only but the loan part is repayment
the mortgage is £650 ish and the loan is £190 ish we have onjly had it for 14 months but we did have a mortgage with them before for a more expensive property that we downgraded too

[tori]

hi natasha,so sorry to hear that your iva was rejected.hope they manage to get things sorted out for you.best wishes & good luck.x[:)]

[Viki.W]

Sorry to hear your news natasha, there is still hope yet. Hang in there and the experts will advise you. X

[cat 1]

Hi Natasha.My IVA was initially rejected due to NR and MBNA.When it was re submitted within 14 days they agreed,the payments go over 6 years though not the origionally proposed 5.Try not to worry too much.Cat

[natasha.j]

thanks for the posts
cat1 your comment really made me feel better
maybe there is still hope
thanks

[Mooey]

Natasha im in the same boat as you. I hope you can find a solution and if I hear of anything I will pass the knowledge your way.

[kallis3]

Natasha, sorry to hear your news. Hopefully they will agree the next time.

Fingers crossed.

[MelanieGiles]

How much were you proposing to pay each month Natasha?

[natasha.j]

hi melanie
the proposal was for £333 a month

[moretolife]

hang on in there natasha...it aint over till its over.!!!!

[madbobix]

hi natasha,first of all i'll take the oppertunity to thank all that replied to my post (iva failed please help)i asked my ip to re submit my proposal and was told there was no point as my main creditor will not move in the direction of iva.i would ask your ip if he thought nr would change thier minds before you waste more money.i have had time since tues when i was devastated, to talk to experts and weigh up the only 2 alternatives, br or dmp what i found is br would be very harsh on us as we would still have to pay our creditors and could lose our house if there is any equity in it at all up untill 3 years which i presume house prices will rise again, also bank accounts will be siezed and all cc statements analysed to see how we spent the money we could be made br for up to 15 years though we were told this would be very unlikley. so we,re gonna opt for the dmp we,ve been told that all interest and charges would be frozen on our 5 cc accounts and it will take us 7 years to pay the debts we can also re apply for the iva after a year as they reckon the debts could well be sold on,the iva would then have a chance of succeeding.it's worth a chance and if all else fails br would be our final option, if it did come to that at least they would see that we tried to pay our creditors.hope this helps.