i never said they had relaxed the rules on freezing interest as they continued to add this whilst we were on dmp -they have now voted for my iva-having the majority vote-if thats not a u-turn then i dont know what is-they could have said no and recouped all the money we owed with interest-which is considerably more than what they are going to receive in six years(less than a third of our original loan)I didnt go into dmp or iva without fully researching what it all entails.I have prevously worked in the credit industry for many years and do believe i am with a reputable company-which i do not wish to name.
Last edited by andrea1968 on Fri Oct 22, 2010 5:46 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
My husband and I are just in the middle of setting up an IVA proposal with Mel company. After visiting this forum Mel seems to have amazing commitment to helping clients and knows NR's criteria extremly well. I have every faith that Mel's comany is the right route to go down.
I myself was on a DMP with CCCS for over 12 months and they have only now dropped a bomb shell on me saying that the unsecured element of our together mortgage was to be added to the plan. It made us jump from £24k to £49k frightening. I am really intrigued as to how much your totl debt was if you don't mind me asking. I'm putting a proposal forward for approx £202 but every 3 months 50% of my bonus in my job is going towards the iva too which will be approx £400 every 3 monhs.
Northern rock is the big deciding factor for us too !!!
hiya-the amount we owed to northern rock was 22000 (without interest)which was over 50% of the amount owed to creditors, so obviously we needed there approval.This was part of my together mortgage and there was over 20 years left on the loan-so we are going to save a fortune in interest.We already had a secured loan on our property so i think maybe northern rocks downfall was there lending criteria-ie lending us 125% of the value of our property knowing we had a secured loan on it(which at the time was 15,000). At the time we could easily afford it-but i have had to give up a well paid job due to ill health.The lesson i learned was we overcommited and should have ensured all our outgoings could be covered on one income-obviously i never expected to not be able to carry on working-we remorgaged to northern rock and were offered the extra-could afford it at the time so we took it.The only thing northern rock asked for was that we pay for 6 years instead of five on the iva-we probably wont have to re-mortgage towards the end of the iva because we have the secured loan and will have little or no equity in our home-which also puts my mind at rest.The ironic thing is we probably wouldnt have been approved for the iva if northern rock hadnt been so relaxed about their lending.Luckily we spent the money on our home-rewiring-new central heating etc so we have a property that shouldnt need any work for a good few years.Hope this helps-andrea
Last edited by andrea1968 on Fri Oct 22, 2010 5:18 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
my total debt for the iva was just under 40,000 and we are paying 310 a month for 6 years=22320. If we had been in a position to carry on paying our debts we would have paid out over 60,000[:0].What i cant understand is why so many people on the forum are happy to stay on dmp forever when the iva route is so much simpler and you know exactly when your debt is cleared.It is almost impossible to calculate how long your dmp will last due to refusals to freeze interest-rate changes on the variable interest-we can see a light at the end of a very frightening tunnel-with no uncertainty.
Last edited by andrea1968 on Fri Oct 22, 2010 5:53 pm, edited 1 time in total.
full and final accepted January 2015
iva agreed; August 2010
iva would have completed; August 2017
extra year thank's to NRAM
IVAs often look better on paper than DMPs if you just compare on timelines, but often there are other reasons why a DMP may be more favourable - high property equity, refusal to include partner's salary details, or simply wanting to r4epay all debts in full - which we come across on a daily basis from people seeking advice as to the options open to them.
