www.iva.co.uk

Well I have had the call off my IP and NR rejected...I'm gutted. All other creditors accepted.......my IP is going to appeal today as NR rejected on the basis that they felt I could pay my debt outside of an IVA with an informal arrangement. This is ludicrous, how can they say that.......i have no idea what to do now. I have to wait all dayfor my IP to call me back and let meknow how the appeal goes.......more stress.

Hi westonr
I,m sorry that your IVA has not been agreed.
I guess that the fact that your ten year loan was only a year old may have something to do with NR rejecting it.
Are you a home owner or was there no equity provision in your IVA.
Even though you were to return over 50p in the £ NR feel that they will get more from a DMP.

Lets hope that yor IP can get an agreement from them.
regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Oh dear westonr not good news but hopefully they can be convinced this is not the best thing and will change their decision. Thoughts with you, a difficult day, but we are all here for support.

Ang

Theres no doubt that NR play hard ball regarding bad debt.
I wonder what their bad debt provision is for unsecured debt compared to the industry average.
Does anyone know ?

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

I am a home owner and provsion was made for this. i don't see how a DMP can be beneficial to them - my offer would have paid all their capital back in 5 years - I had 60% accpetance and NR have played hard ball as you say. MY IP has been very good and has said that there reason is ludicrous and is sending the appeal to evesheds straight awa. I'm not sure if this will do any good but I have no idea what my options are now. if i go bankrupt I lose my job and nobody gets anything - is that what NR want?

Hi there

Northern Rock see a DMP as more beneficial because you carry on paying until the debt is paid in full.

Northern Rock definately do not want to see you go bankrupt, they want to be paid back the money that you borrowed - they simply do not feel that an IVA is the right way forward for them at this moment, and as Andy says their decision was probably based upon the length of time the loan was taken over, compared to the five years of the IVA. Why not try offering payments over a longer period to see if you can get their acceptance.

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Ok will do, I guess I will have to do that will all my creditors now......what a mess........I'll have to talk to my IP about my options when she calls me back. Thanks again

Westonr
I know exactly how you feel
There is light at the end of the tunnell

CHIN UP!
Z
x

well folks, I am still waiting for a decision on appeal and they are getting back to me tomorrow. I am not optimistic about this and I have had a big think of what my next step would be should they decline. I am thinking bankruptcy. I cannot sleep and this is driving me crazy. I waant some normality in my life and this seems the only way forward. Obviously i will lose my job/career however this must be the price I pay. I must start again. WDoes anyone know will they take my home and car if i go bankrupt? and how do i start the process will my IP deal with this or should i start from scratch with CAB. Many thanks all, and for your support you have all been great. Sorry if any of you are waiting for answers with northern rock. but hey you may be more succesful than me. many thanks again

hi weston sorry to hear about your iva, i think the first thing you need to do today is calm down and think about everything tomorrow, take deep breathes and try and relax, i know this is easier said than done, will you definitely lose your job if you go BR, its not as bad as you think to go BR, it is the last resort i know you have tried your best, you may not always lose your home and car in BR and the forms can be filled in online on the insolvency website, getting an ip to do it for you will cost you plus the fees and this is unnecessary cost, we can help you here if you do need to go down that road, but think things over tomorrow and just try and forget today i know its easier said than done, take care.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

Agree with Kerri try to have a rest and see what tomorrow brings then wait and check out your options with a clear head.

Ang x

thank you ang and kerri for your support, id have a beer tonight to knock myself out but cant afford one. (lol) Will let you know the outcome tomorrow.

Fingers crossed for a good out come ! I'm really sorry you're iva didnt go through =(

Marie

As Kerri says, please try and calm down - I know it's easier said than done. Fingers crossed your appeal will be successful, but if not take a few deep breaths and we'll all be here for you, no matter what you do next. Good luck, and let us know what happens with the appeal x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

How much equity do you have in your property, and was your IVA a joint one with your partner or single. Also what is the value of your car?

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

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk