www.iva.co.uk

Posted: **Thu Aug 14, 2008 4:52 pm**

Hi we had our 3rd and final meeting today and nr still said no
my IP has advised me to go onto a debt management plan because they have a number of cases that they feel nr have not been fair with and are still discussing and meeting about, She said if they agree they are being unfair they would put ours forward again. Is this norma? Has anybody else been in this situation? I don`t know what to do now.
I am getting letters every day and i am panicking.

Posted: **Thu Aug 14, 2008 4:54 pm**

BR, what exactly is your position ?

Posted: **Thu Aug 14, 2008 4:57 pm**

Natasha, I'm sorry to hear your news, you must be gutted.

I think a Debt Management Plan is probably best for you in the short term. You will make payments to your creditors, and it will give you breathing space to sort out with your IP what you are going to do.

Posted: **Thu Aug 14, 2008 5:01 pm**

Thanks for the replys
my husband is not keen on going bankrupct i would rather go bankrupct as at least it won`t give nr a chance to put a charge on the house because if they do i can`t put that in an iva

Posted: **Thu Aug 14, 2008 5:34 pm**

sorry to hear the news what sort of sums are we talking about for a dmp?

Posted: **Thu Aug 14, 2008 5:36 pm**

i don`t know yet because nobody has rung me back
but they have told me that i can leave nr out of the plan and carry on paying them as normal is that right

Posted: **Thu Aug 14, 2008 5:38 pm**

hmm strange i will leave that one for the experts are they trying to get their debt secured?

Posted: **Thu Aug 14, 2008 5:42 pm**

Hi Natasha, really sorry to hear your news, thought this time would be lucky for you. I'm not sure about paying NR independently to others, as I thought that would render you favouring one of your creditors over the rest, but wait for an expert. Someone will surely advise you. Take Care Kazzy x

Posted: **Thu Aug 14, 2008 5:46 pm**

This picked up from the net today ....

It is reported by many Insolvency Practitioners that Northern Rock has been a real thorn in the side of consumers and Insolvency Practitioners. Basically Northern Rock is refusing all or nearly all IVA repayment proposals submitted to Northern Rock to properly consider and vote on.

Maybe it would not be so bad if they would give specific reasons for refusal but they remain silent and stoic. A little birdie with inside knowledge at Northern Rock tells me that the folks at Northern Rock are trying to find any and all reasons to bat away IVA proposals. It's almost like a game there.

Northern Rock Rejects IVA Proposals With Record Profits

This message has been received loud and clear by IPs, who now routinely refuse to waste their time preparing IVA proposals for people with substantial Northern Rock debt since they know these proposals will not receive the honest review and attention they deserve, before being sent to the landfill. This means that debtors that could have otherwise resolved their financial problems with a binding IVA in five years are now either shoved towards bankruptcy or sent to repayment limbo in a 20 year debt management plan.

Worse yet, apparently the Northern Rock voting powers are fractured among several parties and this makes a crazy situation even more chaotic. When Myvesta UK confronted Northern Rock through a client, about these unfair and unreasonable policies the response was not that they treat consumers fairly, but the they treat consumers similarly.

Debtors in the UK today that were unlucky enough to fall for Northern Rock marketing of easy credit may find themselves stuck in credit hell if they have financial problems. In cases where Northern Rock is the majority creditor, consumers are not even able to put forward a fair and reasonable repayment plan.

After the way NR mishandled their own affairs I think this is ridiculous and totally unfair to their clients. If anyone wants to read the full story its on http://myvesta.org.uk/

Posted: **Thu Aug 14, 2008 5:48 pm**

well here we go again they have already made one GIGANTIC mess and now they are making another one when they lose millions from people opting to go BR[:(!]!!!!!!!

Posted: **Thu Aug 14, 2008 5:50 pm**

Hey natasha, I'm so sorry to hear your news. This must be a real blow for you. Please hang in there and I'm sure Melanie or Andy will advise you. Bear in mind that NR may want to go for a charge on the house, maybe that is what your IP meant. Hang in there. X

Posted: **Thu Aug 14, 2008 5:52 pm**

I agree, but suppose I just got lucky. Kazzy x

Posted: **Thu Aug 14, 2008 6:27 pm**

It is just not true to say that NR are rejecting nearly all the IVA proposals put forward - far from it, they reject a few.

Natasha - has your IP told you why NR are rejecting? If the IVA proposal was presented in line with current IVA protocol then they have to give you a reason for this. If we know what that is then we can perhaps advise further.

You should ask your IP if they did present the IVA under current protocol, and if not what was the reason for that.

Posted: **Thu Aug 14, 2008 7:44 pm**

natasha...so sorry to hear your news...cant imagine how you must be feeling..keep us informed

Posted: **Thu Aug 14, 2008 7:52 pm**

hi natasha,im so sorry that your iva was rejected again,it must be so frustrating.i hope you manage to get something sorted out very soon.take care.x[:)]

www.iva.co.uk

It`s a no for the 3rd time advice needed!!!!!