I am considering IVA and Bankruptcy. I would welcome comments on:
Received wisdom is that N Rock will not consider an IVA under any circmstances. Does anyone have experience of this?
Reading around suggest that as I have no equity in my home (OK rather -ve) that should I have to go the bankruptcy route, a lender is not likely to reposses unless I actually miss payments on the mortgage (I have no arrears). Again, any comments specifically fotr N Rock?
Absolutely not. The majority of the IVA proposals my firm put forward to Northern Rock are accepted, so I am not sure who has provided you with that advice.
Bankruptcy is also an option, and a chat with an insolvency practitioner would enable you to undertand the various options which are available to you and to learn more about the advantages, disadvantages and implications of each one.
NR voted yes to mine and they were my biggest creditor. I am with Mel and she has a good understanding of the way NR work, so trust what she is telling you. You could do a lot worse than contacting Melanie for good solid advice.
Carl.
If you think nobody cares whether you're alive or dead, try missing a couple of credit card payments!!!
It depends whether it is a Together Loan (unsecured element) or a Stand Alone unsecured loan. Also whether you have taken it out within the last 12 months. Also the extent to which their percentage of your total debt is. In general they will accept BUT not always. Visit www.iva.com for reviews from people in IVA's and the various practitioners.Good luck
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.
thanks for that reply and like everyone else seems to say, good news I am not alone. I rececived the 'no IVA with NR'advice from a charity - and have believed it ever since.
Melm, how do I best contact you to set up a conversation in which I can explain in details my situation?
I can echo what Melanie and David are saying. Whether NR are prepared to support your proposal will generally depend on whether it takes account of their interests. For example, they are prepared to write off debt, but not to write off the bulk of a 25 year loan on a 5 year IVA. As a result, a considerable amount of thought will need to go into your proposal, before it gets sent out to the creditors. Whether your proposal will meet the approval of NR will mainly depend upon your circumstances and debt history, and will need to be drafted by an expert.
Last edited by ianmillington on Wed Oct 15, 2008 5:25 pm, edited 1 time in total.
Ian Millington
Insolvency Director
PDHL Ltd (formerly Personal Debt Helpline Ltd) www.pdhl.co.uk
We have just recently had our IVA approved with Melanie's team and NR were our main creditor, we too had no equity but couldn't go bankrupt due to our employment status. It wasn't straightforward and everyone's case is different but I would definitely recommend getting advice from Melanie's team to help with your case. We too were told by a charity that NR would likely say no and our only option was a very long debt management plan but thankfully we found this forum and took advice from it. Wishing you the very best of luck.
