www.iva.co.uk

MY WIFE AND I HAVE NOW BEEN STRUGGLING IN DEBT FOR 30 MONTHS NOW AND DECIDED TO GO FOR AN IVA.AFTER USING A DMP FOR 18 MONTHS,WE FOUND A COMPANY TO HELP US BUT IT JUST SEEMS TO ME THAT THE BIGGEST PROBLEM UOT THERE IS NORTHERN ROCK,TODAY IS OUR SECOND CREDITORS MEETING,AS THE FIRST IVA PROPOSALS WERE REJECTED,AND EVERYTIME WE THINK WE ARE GETTING SOMEWHERE WE JUST KEEP GETTING KICKED IN THE TEETH.WE WANT TO PAY OUR CREDITORS WHAT WE OWE BUT IT JUST SEEMS THAT THEY DONT WANT TO KNOW WE ARE NOW CONSIDERING THE BANKRUPTCY ROUTE.BUT IM NOW WONDERING WETHER A ROPE WOULD BE CHEAPER

NR are more difficult than most to deal with, that's for sure and if they do accept an IVA proposal they will drive a hard bargain.

You say this is your second meeting. Have you twice tried to enter into an IVA proposal or is this simply an adjournment of your first meeting? If this is your second formal attempt were both with the same IP?

To give us an idea can you state:

Monthly contribution and duration of IVA
Total creditors
Dividend per the proposal
% age of debt held by Northern Rock
Is the Northern Rock Debt the unsecured element of a "Together" Mortgage or simply an unsecured loan? If the latter, how long has the loan got to run?

Ian

HI IAN, ONE PART IS THE TOGETHER MORTGAGE LOAN WHICH AS FAR AS I AM AWARE IS UNSECURED APPX 16K WHICH IS IN MY WIFE AND MY NAME THE OTHER LOAN IS UNSECURED AND STAND AT APPX 28K WHICH STILL HAS 7YRS TO RUN NATWEST 11K LLOYDS 25K BARCLAYS 6K THIS IS DIVIDED INTO 7 CREDITORS AS IVE JUST LUMPED THEM TOGETHER.THE DIVIDEND IS 61.5P MY CREDITORS MEETING IS TODAY THIS IS A SECOND MEETING REPROPOSAL AND MY IP IS WAITING TO HEAR FROM THE STONE (NR)THE DURATION IS 6YRS AND THE CONTRIBUTION IS £520 PM WITH A 4TH YR EQUITY CLAUSE RELEASE THINGMYBOB

Hi Nodough - any news on your creditors meeting?

Liz

hi liz ,phoned my ip and was told that they were still waiting for a reply from the stone(nr). so im still in limbo land this has been going on since september 07 and am just getting a bit peed off with it.wait wait wait wait.

Its the waiting about that is the killer isn't it? Sometimes I think that the Powers that Be have no concept of what it is like for us who sit and wait for the phone to ring.

Please let me know how you get on.

Try not to stress - I know, easier said that done!

Liz
x

It is possible that NR do not think that you are putting best foot forward by offering a six year IVA when their loan was taken out over 7 years. they might feel that their interests are better served by a DMP, and it would have been sensible for your IP to ascertain this point before making a second presentation.

hi melanie, the nr loan was taken out 3 yrs ago to run for 10 yrs.12 months after taking out the loan the company that i and my wife worked for was bought out and in aug 06 we were told that it would be shut down,being faced with redundancy on 23 dec 06 faced with the fact that we would have no jobs on top of xmas and that we would have ended up with appx 2k redundancy between us we had to jump ship and get ourselves established at other jobs.as anyone knows what it is like to find a job after xmas.3 months later we started to hit financial problems this is when i went into a dmp with a company and after 12 months on this dmp i started getting hassle from nr again, nothing had changed in these 12 months financially so i was no better off, then demanded that i would have to pay the origonal loan amount.hence the iva route

Hi Nodough, Sounds like you're having a rough time of it lately, have you heard anything else yet?

ip just waiting to hear from nr (probally rejected again)ho hum im off to catch some zeds.maybe some news when i wake up.not hoping too much though as the way things have gone in the past.