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Posted: Thu Dec 27, 2007 1:44 pm
by bluecathy1978
Hi.
We are currently just setting up a debt management plan with payplan but they estmate this will take us 20 years to pay off what we owe.
We owe 50k and 22k of this is to Northern rock.
Do you think it is worth trying for an IVA or will they turn us down straight away?
I hate the thought of being in debt for 20 years and I am getting fed up of it all.
Posted: Thu Dec 27, 2007 1:50 pm
by kieranandmegansmum
whats your disposable income
S WARD
Posted: Thu Dec 27, 2007 2:05 pm
by emma_t
Hi there
I think the best thing would be to take professional advice on you situation as Northern Rock can be a bit difficult from what I understand from reading this forum.
I am just another person in debt, so not qualified to give any guidance with regards to your debt, just wanted to wish you well.
Have a look on
www.iva.com at the reviews and get some advice.
Best wishes
Emma x
Posted: Thu Dec 27, 2007 2:06 pm
by emma_t
sorry forgot to add that lots of experts post on the forum and I am sure someone will be along soon to give you some more advice x
Posted: Thu Dec 27, 2007 3:59 pm
by MelanieGiles
Northern Rock do not accept a lot of IVA proposals put forward to them, but they are accepting approximately one in four at the moment. Is this the reason why Payplan are suggesting a DMP to you? If so, I would take a second opinion from an insolvency practitioner with experience of dealing with Northern Rock cases, just to be sure.
Can you confirm what your disposable income is currently please.
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
Posted: Thu Dec 27, 2007 4:25 pm
by Adam Davies
Hi
1 in 4 is a big improvement on the 1 in 10 six months ago.
A 20 year DMP is not the answer,you do have the options of waiting for the SIVA to come into force,where you will need 50% of voting creditors by value held to say yes.
I would suggest a chat with NR and see what they advise.
It's wrong that you are excluded from an IVA because of the NR stance on IVAs,what did payplan have to say about this ?
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