Hi all,Easy q. hopefully.

[coolandthegang1957]

Hi all,
Easy q. hopefully.
In discussion with cccs about entering into an iva, and the people I`m talking to say that Northern Rock, who is my majority creditor, will only accept a 6 year iva, if they accept it. Is this the norm. for them?
TIA Jim

[Lisa2009]

I dont know if its "the norm" but i do know, it isnt unusual. I suppose it all comes down to getting the best return.

[MelanieGiles]

It would depend upon the circumstances of your case. Is this a together loan linked to your mortgage, or an ordinary unsecured loan. And how long was the loan taken over and how many years have you been paying it for?

[jim]

Melanie, I owe NR 27k and have card debts of 62k. The loan has been running for about 7/8 years, but has been "topped up" a couple of times. When I last topped up I did have a mortgage, but the house has been sold since then.
Dont how I`ve managed it, but I seem to logged on under 2 different names! No wonder I`m such a mess

[MelanieGiles]

I am assuming then that it is a together loan linked to the mortgage, in which case I would not necessarily be suggesting that you run your IVA over six years. This is generally only the case when you have taken out a personal unsecured loan, where there is more than five years left to pay.

It might be worthwhile seeking a couple of other opinions from other IPs to compare the advice provided.

[David Mond]

NR are now treating both types of cases with the same criteria. The extra 12 months over the usual 5 years is based on comparative data as to what a 6 year DMP both with or without interest continuing and based on affordability in each case. In your case get your IP to give you the figures and to explain it to you. Otherwise seek out another IP to do the proposal for you. You can visit www.iva.com for reviews on other practitioners.

[kallis3]

Good luck with your proposal Jim, I'd think about giving one or two other IP's a ring as well, just to see what they say.