I think that Northern Rock are now looking at some IVAs in a more favourable manner than over the last year, and are genuinely sympathetic with genuine cases, but they do feel that a lot of their customers are unecessarily over-extending their borrowings and then forcing an insolvency rather than taking a longer term repayment strategy.
I am told that they are accepting about 25% of all IVA cases put forward now - this percentage could have increased as some IPs will not do work where Northern Rock have an influencing vote. They would much rather their customers came to them for help in the first instance, rather than being attracted by a glossy ad to "write off debts", and this view is also shared by a number of other lenders we regularly deal with.
I would recommend to anyone considering entering into any form of insolvency repayment programme to initially seek the advice of their main creditors to see what they can suggest. You could be pleasantly suprised at how supportive they can be.
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
