I am looking at an IVA - just a quick question to the forum . I appreciate that speaking directly to an IP is the best route and I will be doing this but just wanted to throw this question out .
Out of my 10 or so creditors NR have 30% of the debt in an unsecured loan - ( together mortgage ) so they will have to be on board . One of the issues is that I have only started this with them 18 months ago ( no arrears ) I have heard that as I have had the debt for such a short time it will cause some probs with NR when looking at an IVA - I would be I think looking at above 40% dividend
The best thing I can suggest is phoning an IP for advice. One or two of them do get NR to accept IVA's and have a good record.
The experts who post on here, who are all recommended, can be found under the experts link on the left hand side of the page. Give one or two of them a ring and see wat they say.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
Not so - they have revisited that policy recently and will now look at each case on an individual basis, and if they feel that an IVA is the right way forward for them will usually accept.
Northern Rock have restructured the way that they look at IVA's now. They will look at each case on an individual basis, and the fact that you have no arrears with them with bode well with them.
Your IP should have looked at the figures before discussing that option with you, so see what they have to say.
Good luck
NR will now be passing through a substantial number of IVA's now that their criteria has been updated. So don't worry. Your IP should know about this.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
Best of luck gord, and let us know how you get on.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
