www.iva.co.uk

Has anyone else had Northern Rock as one of their creditors? I was advised that they don't favour IVAs. They own approx 30% of my debts so need to accept the IVA for it to move forward. I am scared they won't accept and I'll be forced into doing DM which I dont want to do as I will end up paying more than I started at if interest isn't frozen. Also don't want bankruptcy cos of the publicity
Its so scary!!

Like most creditors N Rock have criteria which need to be met before they will accept IVAs. If your IP is happy you meet these criteria there is no reason for the IVA to be rejected.

A discussion with an insolvency firm should set your mind at ease because you would at least know whether you have a suitable case for an IVA and if not you can discuss the pros and cons of the other options.

I am with Melanie who I m told is an expert when it comes to dealing with NR. She has just accepted my case so hopefully all will be okay

Melanie would not put the proposal forward if it did not meet with N Rock's criteria so you should be fine. You are in the safest of hands and very best of luck with the proposal.

Melanie is an excellent IP and I wish you well with your IVA x

Thanks... My husband and I have only just started the process and are so nervous..its a scary thing to own up to your debts, which is why we got into the mess we are in in the first place. Hopefully this will be a new start for us at last!

I think it is a scary process but being with Melanie myself I can honestly 100% say you're with a great IP and if you ever need any advice/support remember we're all here for you x

Thanks - this is such a good idea to have this forum. It answers a lot of doubts. I'll let you nknow how I get on!

Unfortunately we had NR as our major creditor, disaster, they are a nightmare, they wouldn't accept our proposal unless we increased our payments significantly and added an extra year on, taking it 6 yrs. We stupidly agrred to this a year ago, and are now in the position of going bankrupt as we just cant afford our payments and have been told if we reduce the payments NR willl ask for a further 2 yrs, making our IVA 8 yrs!

I only wish we had known about Melanie and her team, i'm 100% sure we wouldn't be in this position now. You are definitely in safe hands.



Mandi

Who is giving you that information Mandi? I don't think that Northern Rock would ask you to extend the IVA further - and if they did I would want to know about it.

If your circumstances have changed - it is common sense to expect that your IVA payments will have to be amended - but asking for the IVA to be extended further is not treating customers fairly - which I know Northern Rock take extremely seriously.

Get your IP to put a revised offer forward - no-one wins in bankruptcy.

Payplan Melanie - after my review on Thurs i was told if a revised proposal was put forward i must expect 1-2 yr extension, taking the IVA to 8 yrs, and it would be unlikely that it would be put forward if i wasnt prepared to agree to this. Our surplus has halved over the last year so our creditors are going to get much less back but at least they'll get something, unlike BR.



Mandi

I know the gentleman at Northern Rock who makes those decisions very well. Would you like me to ask him what their policy is on reduced payments generally? How much surplus income do you feel you have now, and how much do you owe creditors in total?

Thank you Melanie much appreciated. We now only have £280 surplus, £46K owed.