You can reapply at any time for another IVA, it depends on what NR's objections were as to whether or not it would be successful this time.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
my husband had an IVA rejected by northern rock August 2007 we then went for another IVA in august 2008 and northern rock rejected that aswell. but as i have read on this forum northern rock have now changed the critria for accepting IVA's when was yours rejected we left a year between ours an still rejected so he went on DMP but northern rock are now going for a CCJ.
In would recommend both of you to relook at presenting your IVA proposals again. Northern Rock tell me that they are now accepting 80% of all proposals, so it is definately worth getting an IP to take another look. Things do change in our marketplace all the time, so don't give up - this time you may be successful.
Yes as I have stated on other posts NR have changed their criteria substantially and provided you meet the affordability factor and you cannot repay through a DMP in less than 7 years (with interest added) then NR will allow an IVA. Speak to a new IP - visit www.iva.com for appropriate recommended firms. Good luck to you both Ras248 and S2004.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
You can try another firm, as Melanie says, she is getting a lot of her NR IVA's through.
Give her firm a ring. You can find her details on the experts link on the left hand side of the page.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
S2004 wrote:
my husband had an IVA rejected by northern rock August 2007 we then went for another IVA in august 2008 and northern rock rejected that aswell. but as i have read on this forum northern rock have now changed the critria for accepting IVA's when was yours rejected we left a year between ours an still rejected so he went on DMP but northern rock are now going for a CCJ.
Hi,
The new criteria is that NR will accept a IVA if their dividend is less than their already getting. In our case we have a DMP and CCJ with NR. They are getting £172 a month with the CCJ however if we went with an IVA they would recieve £187 a month for 5 years so they wont accept. But knowing what their like they will change their minds yet again tomorrow!
I really cant see a way out. We now have 66k on a DMP and no way of an IVA.
Give Melanie a ring. She has most of her proposals to NR accepted. What have you got to lose by trying? The advice is free, and you might be surprised at the result.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
The criteria I stated in an earlier post is relevant and NR will now be allowing a lot more cases to go through. Speak to an IP asap to start the ball rolling.
Good luck and let us know how you get on.
Regards, David Mond, Insolvency Practitioner for over 46 years. Personal Insolvency Practitioner of the year 2012, Personal Insolvency Practitioner of the year finalist 2013 & 2014 awarded by Insolvency & Rescue Magazine and 2015 finalist for Personal Insolvency Firm of the Year.
I have it on the direct authority of a key decision maker at Northern Rock, that the affordability issue you refer to in your post may no longer be a barrier to acceptance of an IVA. There are still other criteria to be considered, but I do feel that it is is definately worth you looking at this again if you are adament you wish to pursue the IVA route.
Getting an IP to at least look at this will not cost you anything.
