just been rejected for IVA by northern rock

[nicky_ch5]

has anyone been rejected for a iva through northern rock, we have and im just wondering if any one else have had problem with them
thanks nicky

[scaredkez]

i wasn't rejected by them but they set an unrealistic modification at my meeting to the sum of an extra 118 per month, however black horse rejected me outright so my iva was rejected. is your ip doing anything about it, is there anything that you feel as to why they may have rejected my loan was part of a together mortgage, keep us posted and let us know how you get on
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

[pnn]

they rejected us due to them thinking that we didnt have 15k equity when we do as we also have our mortage with them
melanie is hopefully going to help sort a new iva out for us.

[MelanieGiles]

Hi Nicky

Northern Rock have a minimum dividend criteria of 45p in the £ which is widely known in insolvency circles.

If your IVA was offering a lower return that this, and Northern Rock represented more than 25% of your overall debts, I am suprised your IP put it forward in the first place. If not, then do you know why it was rejected.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zoe]

Hi Melanie
Hope you are well
I am a little confused.
I have northern Rock as major creditor and i think my div will be 41/42p and from the comments i have had on the forum i thought this would be ok?
Zoe x

[MelanieGiles]

Hi Zoe

Northern Rock quote their minimum dividend to be 45p, but I do have instances where they have accepted less, I also have instances where they have rejected a higher offer. They can be turned, but they are very harsh on what is acceptable expenditure, particularly in the areas of housekeeping, mobile phones, clothing, Sky TV, health insurance, and anything which they feel is not essential.

Make sure that your IP buts the best offer forward for you - but importantly don't accept something that you know you are going to struggle with just to placate one unreasonable creditor.

Let us know how you get on in your particular case.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zoe]

Hi Melanie
I am going to be contacting Thomas Charles on Monday but am worrying now that they will not find an IP to take on my case if they feel i can go for an IVA.
I am in a tiz again now!!
x

[Skippy]

Hi Zoe, I know it's easy for me to say, but try not to worry. Thomas Charles will give you good advice, but as Melanie says, please don't agree to anything that you will struggle to afford. 5 years is a long time on a budget, and you need to make sure that you can cope.

Good luck x

Onwards and upwards!!!
View my blog at: http://skippy13.blogs.iva.co.uk/

[ivamole]

Thomas Charles are owned by Accuma who also own a firm of IPs as part of the group so they should be able to give you a speedy answer on this.

[MelanieGiles]

Hi Zoe

Thomas Charles work with a number of insolvency practitioners, so I am sure that they will be able to find someone to take your case on.

I find that these types of cases are immensly challenging, and personally we love a bit of a "scrap" with the creditors when they talk about only allowing £20 per month for clothing! Most of the time when they see a very reasoned argument, they will agree to be a bit more lenient.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

[zoe]

thanks Melanie

Hopefully if they accept me they will pass me to you!!!!!

Fingers crossed - wish me luck for tomorrow

x
ZOe

[DebtDummy]

My IVA didn't have a clothing allowance. I thought I would have to go to work naked! Imagine that....yuk and an eww! And my name would be NakedDummy too! Wait- I could work as a shop mannequin. Smile zoe .:)It does get better. It really does.

Good luck!

All I have left is my humour.