www.iva.co.uk

Hello all you wonderful folk...

Having picked the brains of the search facility over the past few weeks, I thought it was only fair that I made some contribution in return for the excellent guidance and obvious fellowship that goes on around here.

The wife and I finally decided that resorting to credit to repay interest was a very bad idea and wish we'd have realised sooner!!

We've submitted our proposal and letter in the post confirms meeting on 25th - 62p per £ for debts around 48k...

Now just to sit tight and start praying very hard that Northern Rock Asset Management like the sound of our offer (being major creditor).
Anyway - I'm sure we'll find out very soon

Hi Beatbox and welcome to the forum.

You have picked a good firm to work with and that is a good dividend.

Hi and welcome from myself too, glad to read you've found the forum helpful in previous weeks.

All the best for the 25th and I look forward to reading a positive outcome post. x

Good luck for the 25th from me as well.

hi and welcome from me and am sure it will all go fine, not too long to wait thankfully.

Welcome aboard Beatbox and best of luck from me too.

Hi Beatbox,

NRAM is my main creditor too and I have a similar amount of debt in the 40's. How much are you paying per month to return 62p in the £?

Good luck with everything.

I'd be interested to know how you get on.

Hey Thanks Everyone

It's 635 a month Tillergirl - quite a lump, but it's affordable and at least there might be a chance NRAM don't ask for mortgage to go Interest Only - Not sure if that is just policy though, maybe someone knows??
Last time I checked there was only about £30-40 a month difference for repayment style so would seem a bit silly.

Plus - given we're badly in neg equity, surely they would want to at least try to help themselves...

Hi Beatbox,

I am concerned about being asked to go onto interest only for mortgage payments, especially as my proposed monthly payment is alot lower than yours - I am expecting £200-£250 as this is my available disposable income.

But, like you say changing from repayment will only save up to £50 max and this will affect the equity release at the end of the IVA, but as many equity releases are not happening I suppose they just want the most they can get short term - who knows what the future will hold for us all...increased VAT, budget cuts, etc

So good to know others going through the same "Together" nightmares [;)]
Do you have a date of meeting?

Absolutely, good point about the increases - I saw this article today and realised we're probably only the start of what might be a torrent...
http://www.thisismoney.co.uk/news/artic ... _page_id=2

Best to be getting started before the rest as we'll be finished before them - just imagine that [8D]

Nope, no meeting date as yet.

Have sent all the relevant info to my IP and awaiting a phonecall to discuss the draft proposal, but this could take a couple of weeks.

Really hope it will all be over by Christmas / New Year.

I'm sure it will be Tillergirl - I expect they'll all be rushing them through before the holidays begin.
Please don't worry, I'm sure it's going to be absolutely fine for both of us - whatever they decide to do.

I have no doubt in my mind that this is the right thing to do - I expect it to change my attitude towards borrowing completely...

hiya-we have a repayment mortgage with northern rock-they didnt even mention interest only and they accepted our iva proposal no problem-and they had the majority vote on unsecured debt(22000 pounds from total 43000!)we pay 310 a month but they did stipulate that the extra year be written into the contract-which i wont argue with- good luck-the sense of relief once everything goes through is unbelieveable-mind you the postman doesnt love me anymore-rarely comes to my door-2 months in and nobody hounding me-bliss!!!!!!!!

Beatbox - can I ask that you don't edit posts once there are replies on the their? It can make things confusing.

Hi Kallis

Apologies...

Perhaps its a little OTT (spooks!) but realised that perhaps too much information could identify me as I expect creditors and TIX etc. regularly trawl this sort of area... Wouldn't want it to influence any decisions.