www.iva.co.uk

Hi, sorry not posted on forum for a while hope everyone is o.k Is anybody whose IVA was rejected through Northern Rock saying NO and now doing a DMP still having problems with them not wanting to accept proposals or have they just got it in for us. They submitted a County Court Claim which we replied to and sent the paperwork CCCS told us to and they still will not accept the proposals and we have today received a Judgment to pay the £25,000 loan plus the interest and costs amounting in total to £42,700 odd forthwith. We cannot pay this, what now. The debt is only in my name but we are both in a DMP with CCCS. When I spoke to Northern Rock they told me they did not accept the proposal made by CCCS and would put a Charging Order on our property. Can they do this as it was an unsecured loan in my name and the mortgages on the property are in joint names but my husband pays them. Also at the end of the day surely it is not fair on other creditors as they have all accepted the DMP and the IVA proposal originally. Not sure how much more we can take, six months down the line and still getting sleepless nights.

Hi again debandbatch

Northern Rock are perfectly within their rights to put a Charging Order over your property, if they are not prepared to accept your offer. If the debt is in your name, this can only affect your share of the equity, but you will need to arrive at an acceptable repayment term with them to avoid possessory action.

I suggest that you attend the Court hearings, to let the judge know that you have proposed both an IVA and a DMP with no success, but that you do have other creditors to whom you are responsible. The judge will take this into account when assessing the amount your should pay to Northern Rock each month.

Can I ask when you took the loan out with Northern Rock, and how many payments you have paid off it? Also did you really think that you would be able to afford to make the payments when the loan was taken out?

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

H debandbatch
Sorry you are still haveing so much stress,especailly being as you are doing your utmost to pay creditors it seems very harsh.
I to have a unsecured loan with my mortgage with NR and have been making payments each month to reduce my arrears on the unsecured part,they have been very helpful and i must admit so have ny other 10 creditors,all have frozen interest and NR did tell me if i miss 1 payment then they would immediatly apply for a charging order,i must admit i now only have £150 left to get back on track and pay them £50 a month they also have agreed to put mortgage on interest only,so i can pay more to creditors its not an ideal situation but at the moment i feel safer doing this.
I had such a nightmare experience with my former ip that for now this is how i plan to continue.In time i will have to make a decision how to move forward,i think all the stress of what happened actually caused me to have a break down but feeling more positive now than have for a while,what i'm saying is don't give up i know at times you feel like just running away from it all and if i remember from your last posts your careers will not allow BR at least if you go to court they will decide what you will pay,and the judge will see that you have tryed all options open to you so could hopefully work in your favour.
I really hope you will find a solution and get some peace of mind
Goodluck
Tracy