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Posted: Fri Oct 12, 2007 7:52 pm
by jpj
I see Richard Bransons Virgin Group is leading a consortium to buy Northern Rock!!
Maybe the nice Mr Branson will be as considerate to IVA applicants as he is to his airline customers!!
heres hoping!![:D]
Posted: Fri Oct 12, 2007 8:47 pm
by Adam Davies
Hi
I think that it may be a good move and could help those contemplating an IVA who have NR as a majority creditor.I think MBNA are the main finance company behind Virgin and although they seem to have a 40p dividend hurdle rate they are positive when dealing with IVA proposals
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
Posted: Fri Oct 12, 2007 9:24 pm
by Storm
Branson is trying to raise the funds in the city at the moment. It won't be MBNA providing any of the lending.
Posted: Sat Oct 13, 2007 9:39 am
by Adam Davies
Hi
Yes,was reading abut it this morning.Don't know where I got MBNA from,do the back the Virgin credit card ?
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
Posted: Sat Oct 13, 2007 11:17 am
by Andrew Graveson
They've announced that if succesful there will be new senior management in place. Scope for changes in philosophy?
Andrew Graveson
Independent Mortgage Broker & MD Bright Oak Debt Management
andrew@brightoak.co.uk
www.brightoak.co.uk
Posted: Sat Oct 13, 2007 12:09 pm
by Adam Davies
Hi
Let's hope so.
You are correct in that they will not want negative publicity and can see them being more supportive of the IVA procedure.
I wonder if we will see another surge in publicity when the new buyer looks at the "books" and all the unsecured loans that are part of the together product,some well in excess of the property value ?
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
Posted: Sat Oct 13, 2007 12:39 pm
by ray_a
I suspect they will not like the figures and have to take some decisions.
Personally I think Northern Rock is the tip of a very nasty ice berg!
Posted: Sat Oct 13, 2007 1:06 pm
by tracy.h
Lets hope the new consortium melt some of that ice if they are successfull.
Tracy
Posted: Sun Oct 14, 2007 4:37 pm
by Skippy
Yes Andy, MBNA are associated with the Virgin credit card - they didn't even vote at my creditor's meeting!
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/
Posted: Sun Oct 14, 2007 8:35 pm
by Adam Davies
Thanks Skippy,thought i may have dreamt it !!
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