www.iva.co.uk

[:)]
Hiya - I went BR in July, I had a NR Together mortgage ( thats part secured and part not secured ) .

I had a great conversation with the NR Insolvency guys .. basically I told them that I am not paying my m/gage again .. you would expect them to go bonkers ... but they didn't ! [:D]

My trustee already has put my house on the market ( thus avoiding the HIP thing ) and I need to find £850 by the 8th of Jan for a deposit etc on a rented house.

The only way I can raise that is by not paying my m/gage .. there is about £20k positive equity in my house.

I had a sensible, polite conversation with the NR insolvency team and they are cool with it , they aren't gone to lose the money 'cos they will get it back from the house. But it was a good feeling when they were pleasent about it and understood what I was doing.

If you have to speak to NR - the insolvency team came over as being very professional, polite and understanding.

Gold star to them [8D]

Slainte
Mish

Will an automatic discharge hurt.

Mind you, you would expect them to be experts wouldn't you!!!

Martin

Nice one mish

The Northern Rock team are very professional. I visited their offices a few weeks ago to talk through insolvency matters generally, and found the whole team very sensible and commercial, whilst being clearly driven by getting the best return possible for their employer.

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 Melanie
Are you finding NR more accomodating towards IVAs?
Do you still propose IVAs where they have the majority vote ?
Question for Mish
NR will only recover their secured debt in full but not the unsecured part,is that correct ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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 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

Andy
Yes they will reover the secured element, and the unsecured bit falls into the bankruptcy pot .

With the equity in the house, the money that the OR got for my motorbike and the IPA payments there should be some money left in the BR 'pot' after the OR and trustees have taken their share , so hopefully the creditors will get something back.

Slainte
Mish


Will an automatic discharge hurt.

Hi
I wonder if Mel can give us some idea of the costs that the OR will charge and how much of the 20k that is available will make it to the creditors.
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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

Total costs would be about £10k Andy, so perhaps £10k available to creditors. Less if a private sector IP had been appointed.

Hi
Thanks Catullus
I'm sure from memory that Mish was prevented from an IVA due to NRs stance and I'm just interested to see how much they will receive compared to accepting the IVA proposal.
Mish can you remind us all of the numbers before you went bankrupt ?
Regards

Andy Davie
IVA.co.uk Spokesperson and Website Manager

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

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