www.iva.co.uk

Posted: **Sat Mar 15, 2008 4:50 pm**

I have been reading that Northern Rock in the past have been very harsh on accepting resonable IVA applications and in many cases have been deal breakers. NR will be my largest creditor (around 40% of my £110k debt) Are they likely to flatly refuse my application or has there been a relaxation of their attitude now they have been nationalised and more forced bankrupsies must be bad news for the goverment.

Incidently it is the unsecured part of my "Together" mortgage where i owe the money. Also i will hopefully be entering into a Scottish deed trust (as i live in Scotland) and will be offering around £850 per month for the 3 years.

Any comments would be most appriciated.

Posted: **Sat Mar 15, 2008 6:24 pm**

Hi
I think that it is fair to say that NR have relaxed their attitude towards IVAs/Trust Deeds.
Have you contacted an IP yet ?

Posted: **Sat Mar 15, 2008 7:48 pm**

hi northern rock was about %40 of my debts i have 10 creditors and they didnt even vote only 3 did so it passed anyway.

Posted: **Sat Mar 15, 2008 8:43 pm**

Andy,

I had contacted Melanie who has since refered me to a colleuge who deals with Scottish Trust Deeds, after an informal telecon regarding my situation it seems i have around £850 to offer and i will be having a formal meeting next week to go through my finances in more detail. I am just so concerned at the sum i owe to NR...if they accept then i think the chance of getting 2/3 (66.6% is required rather than the IVA 75%)of companies to agree then the chance of it getting accepted will be quite high.
My creditors are...
Northern Rock "together" £30k borrowed (£54K owed)not sure which figure counts

Goldfish loan - £26k
Barclaycard £6k
Mint £7k
Citicard £5k
Nationwide £3k

As mentioned i should be offering around £850 p/m - all the credit is in my nake apart from the NR which is in joint names with my wife...will this mean we each take out a trust deed?

Posted: **Sat Mar 15, 2008 9:12 pm**

Hi
As the NR loan is joint you must make provisions for your wife,otherwise she will be chased for the full debt.
You are in safe hands with Melanie and her colleague,they have a vested interest in getting your trust deed approved and would not take it on if they felt that it did not have a good chance.
Regards

Posted: **Sat Mar 15, 2008 9:57 pm**

Hi Glen

We do not feel that there will be a problem with your Northern Rock debt, and as you are going to be my very first Scottish Trust Deed client ever, we are all going to look after you very well!

Posted: **Sat Mar 15, 2008 10:21 pm**

Hi Glen 1971, my TD is going well, I'm sure you will be in very good hands with Melanie..

Posted: **Sun Mar 16, 2008 3:34 pm**

Melanie,

Thanks for the reasurance. I hope to be your first successful trust deed applicant (Fingers crossed)

Thanks,

Glen.

Posted: **Sun Mar 16, 2008 4:37 pm**

Looking forward to working with you!

Posted: **Sun Mar 16, 2008 4:48 pm**

Good luck Glen!

Posted: **Sun Mar 16, 2008 7:09 pm**

And the same here Glen ... good luck!

Debbie