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Just a quick question has anyone actually had northern rock or blackhorse vote yes to an IVA? i have £78 000 of which £11k is N/R and £18 000 is Blackhorse ive been told they will both vote no if this is the case i may aswell start BR proceedings now rather than wait for them to see if they will accept the 60p in the pound!! Any advice appreciated

richard m

I had Black Horse as a creditor but to be honest i can't remember if they voted yes or simply got outvoted by the other 4 creditors and my proposal was for 28p in the £.
It might be worth at least giving it a try and saving bankruptcy as a final sollution.
Nothing ventured nothing gained and all that.....

Due to the percentage of Black Horse debt that you have if a yes vote could be secured by all other creditors, including Northern Rock (who have voted yes to some recent proposals) then you could potentially have a workable IVA.

Black Horse do tend to vote no to proposals where they are owed a large amount of money, but due to the fact that they have less than 25% of your total debt they could be out voted by the other creditors.

Please post some more details about your debt, including total debt, names of creditors, details of any assets you have (i.e. house, expensive car), mortgage, secured loan).


Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

ThomasCharles i believe the ammounts are all posted in the new today section

Although, i could have been thinking of somebody elses because i cant find a post under that name now [:I]

The odds are against you, but if your IP is prepared to put the case forward and not charge you anything, do you have anything to lose by trying?

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

These are the initial figures! I was hopeful when i started the process but having read some of the reports i am not at all now, my intention was to sell the car anyway as i originally thought it was a HP deal

Nat west £24k
HSBC £18500
First Direct £4k
Black Horse £17k
Northern Rock £11k
4 Credit Cards £4500


richard m

sorry the car is worth around £11k but i had negative equity from my original car hence difference

richard m

Hi
With 78k of debts you are just outside the probable SIVA limit,this is due early nexy year and will rely on a simple 50.1% of yes votes to secure the agreement.
If your IVA fails you could sell your car and buy a cheap one for 2k and then pay 8k off your debts PRO RATA,so that you do not favour any creditor above another.This will put you under the SIVA threshold
It,s worth considering once you know the outcome of your meeting.
Good luck

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

what is SIVA sorry im still knew to all this! So should i still go ahead and hope that i get lucky

richard m

They are a simpler form of IVA, which are anticipated to be available from April 2006 - although don't be suprised if they take longer to implement as an Act of Parliament is necessary. This procedure will stop one dominant creditor from deciding the fortunes of others, and as Andy has said will allow a simple majority to make the decision whether an IVA is acceptable or not.

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

Hi just outside the probbable siva limit, what is the limit it is going to be. Rich has £78000, just wondering as this has been suggested with me cos i have NRock as one of my creditors.

thanks jo x

Hi
The probable limit is going to be 75k,but that is not set in stone as yet.
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

Northern Rock voted down one of our IVA's in the last few days despite pleas that there were extenuating circumstances. No explanation offered, just no. Current events really don't appear to have changed their position at all.

You'd think they might be grateful for the money an IVA might bring in!

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/