www.iva.co.uk

Hi all hoping to get some advice from someone. We had our meeting today to find that everyone has agreed other than our largest creditor (Northern rock). My advisor has said there will be another meeting in 7 days time to try to get them to change their mind. Another blow is that the firm I work for is now in difficulty as over the last few days their largest customer (Adams Kids) has gone into administration leaving them in major debt. I did advise this to my advisor who said that the meeting should still go ahead as at the moment I havnt lost my job I am so depressed i dont know what to do.

I think that you need to be very wary about entering into an IVA if your employment is in jeopardy. Perhaps a short-term DMP might be a better option for you for the next few months until the situation is more certain.

With regard to Northern Rock - get your IP to find out exactly what they are rejecting on, and post this on the forum so that we can try and help further.

Dont be pushed into an iva if you are looking at changing jobs shortly. Remember you are in charge not your IP.

I think it is wrong of your IP to keep pushing this if employment is uncertain at the moment. If it was accepted and you lost your job, the creditors wouldn't be happy either to see it fail so early on.

I agree that a DMP is probably the best way to go at the moment.

What is Northern Rock's objection? Post it here. Also just because your employer has lost a customer might not necessarily put them at risk. Discuss with your boss what problems might flow from this bad debt - get your boss to seek advice if he thinks he has problems - your IVA does not necessarily have to be put on hold though - get more information first please.