Hi, Thanks for all of the advice. A big part of resolving debt is accepting it – I have really had a problem with this since my original post. I have decided to aim for a short-term DMP, followed by an IVA, as Northern Rock is one of my creditors, and hopefully the IVA process will be easier next ye...

Just a quick update - If i multiply the remaining 90 months of my NR loan by the monthly payment, this comes out at £14,777 - I guess this is what the rebate is about. This means that NR's total percentage of the debt is higher, giving them more say in the matter.

Richard.

Thanks Dave,

I will take your advice on this. I live in London, but I would be prepared to travel if I have to.

Richard.

Thanks for all of your responses. I think that an IVA with a 4th year equity release would give a much better return than bankruptcy. I have had this loan with NR since Jan, 2005, and have not missed any payments on this or other accounts so far. I phoned them to get a settlement figure last week – ...

I would like to make an application to enter an IVA agreement, as I can see no way of resolving my current financial situation without incurring further debt. I am a homeowner, and recently re-mortgaged my property with the Alliance and Leicester, on a 5-year fixed rate deal, with an early repayment...