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Posted: Thu Jan 31, 2008 6:25 pm
by anais743
anyone got any good news stories of NR accepting iva's? They are my main creditor with an unsecured personal loan.
Posted: Thu Jan 31, 2008 6:41 pm
by ljc
they had no choice but to accept mine as my other creditors voted in favour. However they are now proving tricky as i have just found out they have placed an unfair charging order against my property! Good luck i am sure all will be well
Posted: Thu Jan 31, 2008 6:43 pm
by anais743
is the charging order allowed?
thanks andy
Posted: Thu Jan 31, 2008 8:22 pm
by MelanieGiles
Northern Rock do accept a lot of IVAs, but they do have a strict acceptance policy and if they feel that there is an alternative solution which offers a better return - such as a DMP - then they may well reject.
Their insolvency team reviews all IVA proposals thoroughly, and they will take special circumstances into account, such as the effect on your employment, the events which have led to insolvency, and the amount you can afford to pay back, but they do not take kindly to applications where they feel the debtor is deliberately attempting to write off debt under a five year repayment plan, whereas it could be paid in full with some longer effort.
Posted: Thu Jan 31, 2008 8:27 pm
by carlmcmullen
ljc - did NR charge the debt before or after the IVA was accepted ?
Posted: Thu Jan 31, 2008 9:24 pm
by anais743
is there anyone harder to please than NR?