www.iva.co.uk

hi guys,

just had a phone call from nortern rock, very unpleasent young lady demanding we make a payment for our loan, told her we couldnt as we would have to make a payment to all our creditors and could not afford to, she said just to pay them. also said we need 100% vote to get iva (dont think so)I just wish things were moving forward and we knew when our creditors meeting was going to be [:(] [:(]

It is a shame that creditors employ people to make calls like this who are not properly trained with regard to voluntary arrangements. Especially when they are fully aware of what is going on, and that you are in the process of proposing an IVA. As you are aware a 75% majority is required for an IVA to be accepted, not 100%.

Abby,
Stick to your guns. I know it's difficult but you are doing the right thing. This woman clearly knows nothing of the IVA process. I have been lucky so far. I haven't had any really nasty calls. Also, I find it really strange that Northern rock, who were my biggest creditor, only ever phoned me once, and that was to get my IP's details. Haven't heard from them since.

Regards,

It can be difficult to tell sometimes whether the collector doesn't know anything about the IVA process or actually does and is simply bluffing, what with cash collection targets etc.

I would speak with your IP firm and let them know the hassle you are getting.

I have noted your final comment also about things moving forward. How long is it since you started the process?

Ian

Conversely, following my post last week about NR calling me at work, when I called them back, I was amazed to speak to a very understanding lady who understood my position and canceled all further calls chasing up my payments.

Frankly I was stunned. Just goes to show its luck of the draw when you speak to these people.

Ian
a couple of months, i spoke to my ip last week and she said it would be a week or so, i have every faith in them, probably just nerves make me impatient and i am sure as every one feels just want the creditors meeting, with hopefully positive results.

I'd give her a call and ask her if she can finalise it asap. Once the proposal is in circulation I would hope that your file would go out of collection and into the insolvency department.

actually since i very first spoke to my ip it will be 7 weeks on friday, seems a lot longer. i know i need to be patient [:)]

Ah Abby, I know playing the waiting game is horrible but you'll get through this. Just remember that you probably know more than the debt collecting staff that phone you.[;)] Hope you get your meeting soon and you can make a fresh start. X

I am sure that your IP is dealing with your case just as quickly as they can - but it might be better if you speak to them directly if you have any concerns. All IP's are extremely busy at the moment, and I am sure that you are being dealt with as speedily as possible. 7 weeks seems a very reasonable timescale to me.

i know, i appreciate how busy the ips must be.

I just signed my agreement and im waiting for the answer from my creditors, one of which were Northern Rock and they have over 50% of my debt, my IP said that they do tend to reject IVA/Trust Deeds but its the luck of the draw as to who makes the decision, very much like who you get on the phone. i think with their recent problems, they are likely to be difficult all round.

and what does happen if Northern Rock do go under? are we all pardoned our debt or is it passed on?

In the unlikely event of a major bank becoming formally insolvent, your debt would still be payable.

And from my experience, Northern Rock are not difficult, just very commercial and interested in getting the best return possible for themselves.