Our main creditor is Northern Rock

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vjl

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Post by vjl » Sun Oct 14, 2007 6:47 pm
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We have 80K of unsecured debt and are able to offer 50p in the pound repayment in an IVA - Our main creditor (37%) is Northern Rock - Is there any way this would be approved? Some IPs are turning it down and won't put it forward others are telling us they would be surprised if it did get turned down. - We are homeowners so could re-mortgage in 4 years...
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jpj

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Post by jpj » Sun Oct 14, 2007 8:00 pm
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Im sure the experts will be along to advise,but with Northern Rock about to change hands there are hopes their inflexable stance could change in the future(or maybe not) will be a few months before anyone knows I guess!
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tracy.h

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Post by tracy.h » Sun Oct 14, 2007 9:06 pm
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Hi vjl
Welcome to the forum
To be honest i know nr have not been very receptive of iva's but hopefully with a change in senior management and a rumour on the grapevine that there are certain companys trying to put a consortium together things will hopefully change for the better,and start supporting people proposeing viable iva's.
I wish you good luck,when is your creditors meeting ?please post and let us know how you get on it will be of interest to many of us on the forum.

Tracy
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Adam Davies

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Post by Adam Davies » Sun Oct 14, 2007 9:26 pm
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Hi
Well they do accept some IVAs so if you can find an IP willing to propose it with no upfront fees then it may be worth a shot.Just be aware that NR have been known to refuse an IVA and then obtain a charging order on the property for the unsecured debt.
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
Andam Davies
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