Oh great news Gord and so pleased the modifications were as you expected...and good going to mel's team again.[:)] *mutters something very rude, about stupid people who think IP's are a waste of space* [;)]
Time for you to relax a bit now...and well deserved.[:)]
Never take a moment or a loved one for granted in the blink of an eye they may be lost forever.
Northern Rock will usually ask for an additional year if there is more than five years still to pay on the existing loan. I am not sure if this is the case in your case Swardean, but given that you have chosed David Mond to represent you, he may ba able to advise you on this point directly.
Thanks Melanie, for the guidance. Unfortunately I do have 6 years left to pay on the NR loan, so I may be looking at 6 year IVA. But fingers crossed David and the team can make them see that I will have already paid back the original loan amount in 5 years.
im still waiting a reply from nr after my initial meeting was deffered for 2 weeks. the time is up next tuesday.
my proposal was a 6 year one from the start to satisfy them so im a little concerned as to why they are not happy. there was an issue for some that remember last week that they wanted an etra payment when my partners debt was paid off (shes not part of my iva!).ive this week provided evidence that this debt will run alongside any iva as it is over 72 months so there will be none or little extra funds available to top up my iva).
im hoping melanies team can negotite a positive outcome like they have for you gord! i would be interested to see what there arguement would be if they decline as melanies team have sumitted a proposal within the reommended guidlines.
Am i right in saying a valid reason from them will be they are notgetting enough back(i cant see any other reason for them to say no?)
out of interest gord what where you paying back in the pound. I think my return is 29pence on a £55k debt of which nr have approx 55%.The rest of my creditors have voted in favour or not voted.
'There are no secrets to success. It is the result of preparation, hard work, and learning from failure
Swardean/Melanie - We will let you know of the outcome just as and when we get it.
Good news to you Gord and good luck anais743 from me.
Last edited by David Mond on Sat Apr 25, 2009 10:27 am, edited 1 time in total.
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.
Hi
The first post shows the importance of using a company that have firstly great feedback and secondly have the relationships in place to negotiate with the more difficult creditors.
It really is good to see Northern Rock becoming a positive IVA creditor rather than the negative one that they seemed to have twelve months or so ago.
Melanie/David has there been a change in the management responsible for deciding on the insolvency cases at NR in the last year or so ?
Regards
No - they are a team of very good commercial managers, both on the together loans side and the ordinary personal loans. There was a slight change in criteria towards the end of last year, and I understand that they keep regularly reviewing their procedures to adapt to market conditions and attitudes.
The changes were brought about at NR as their original criteria was wrong and was shown to be wrong based on several meetings and discussions both up in the North East and at IVA Standing Committee Meetings. Their senior management took it on board and their criteria was modified (for the good of all potential IVA submissions) and long may it continue.
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.
