new member here!

[anais743]

Hi

I have been researching an IVA as a solution to my current debt situation but need some help!!

1) I am a serving police officer and part of my employment contract is that i must lawfully discharge any debt! would an IVA contravene this and if it doesnt would my employer need to know im under an IVA? (they do an experian check on employees every 2 years)

2) If i could go down the road of an IVA can I still change my mortgage deal when the fixed rate period ends in two years?

3)If my IVA fails as the creditors dont agree it do I still have to pay a fee to the IP for the work done?

and lastly ....

4) my main credit is NR (60%) does anyone have any experience of dealing with norther rock and are they ameniable to this scheme?

many thanks

go to go to work now and do some protecting and serving!!

[MelanieGiles]

Hi anais and welcome to the forum

An IVA is fine for a serving police officer - I am already dealing with a lot of policemen and women. Your employer does not need to know about the IVA, but you may find it more comfortable to mention it to your Force's Welfare Officer - perhaps anonymously at first and different forces do have differing policies.

You ought to be able able to change your mortgage deal whilst in an IVA, so long as you are not needing to borrow more than 85% of the value of your property. Interest rates will probably be loaded, however, given the fact that you will have an IVA on your record.

Most IPs will work on a no-win no-fee basis for you, so shop around and find someone who operate in this manner to represent you.

Northern Rock have a fairly tight acceptance criteria for IVAs, and a lot will depend upon the amount you have borrowed, the number of repayments you have already made, and the return you are able to offer. Take advice on this specifically from the IP you choose to represent you.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[anais743]

thnaks for the reply

I have four creditors.NR £21000 over 15years and I have made payments for abour 3 years.Alliance and Leisecter credit card £6600.Lloyds TSB overdraft £6600 and barclaycard £1600.I think i could manage 45p in the pound basedon my own figures.Is the situation even worth looking at?

If the iva is not agreed and I continue as normal is anything left on my credit file that I attempted this?

[MelanieGiles]

There is no harm in trying - Northern Rock might ask you to pay for six years instead of five. Would this be something you would be prepared to consider?

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[anais743]

yes it would.At the end of the time I would be grateful for any reduction in my overall debt and six years is not along time. I would feel guilty about not repaying a debt in full but the time has come hwre family is more important! I am maintaing all my payments at the minute (minumum on credit card) but having no wages left over to cover sufficient food clothing allowance,travelling expenses.

[MelanieGiles]

Then it would be worth consulting an insolvency practitioner to run through all of the options with you and to assess your financial circumstnaces with a view to formulating an offer to make to creditors.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[size5]

Melanie, it sounds as if the NR u/s debt may be part of a Together Mortgage package? If so, does this make any IVA proposal more tricky? Will they go for the jugular via a charging order? I have seen many different opinions on this so I may as well ask your good self.
Thanks.

[MelanieGiles]

Not necessarily - as if the account has been maintained to date they would have no grounds to seek a charging order, but they will very closely review any proposals to ensure the best offer is being made, and that their customer is simply not trying to avoid paying a long-term commitment.

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

To have me propose an IVA for you, please visit:
http://www.melaniegiles.com/ivaEnquiry.asp

See customer feedback at:
http://www.iva.com/iva_companies/IVA_Advice_Bureau.asp

[anais743]

no,its just an unsecured loan,unrelated to my C&G mortgage.