www.iva.co.uk

Evening All,

If anyone has been following my posts they will know that I've been looking at whether to go for an IVA or Bankruptcy.
I've looked at all the figures, done the sums, double checked, read everything that I can on the subjects. Spoken to my HR people, my boss and friends.
As one of my major creditors is N/rock and they would have got between 39 and 12 p depending on expenditure allowances and because I want to get this sorted sooner rather than later I had decided that I should go down the BR route.

I got a phone call from my advisor at PayPlan this afternoon, their IVA team had looked at my case and because one of the major creditors is N/Rock and because of the rate of return they said that an IVA wasn't suitable and that given my age ( mid 50's ) a DMP wouldn't work.

This is going to sound daft.... I was actually relieved that they had come to the same conclusion that I had .. bonkers !
Im not at all happy about being in debt, but Im happy that they agree with me .. .

Im now pooing meel about getting the BR sorted out !!

I've got an appointment booked at the county court on Tuesday, all the paperwork filled in already, sent a letter to N/rock , stopped all my d/d's , told the bank ( RBS ). The bank were really good, very sympathetic .

Im going to lose my house, trash my credit rating, maybe lose my car and motorbike, and generally have a harder financial life.. but at the end of it I should be able to have a tooth filled and buy food rather than having to suffer toothache for 2 weeks so that I could afford to feed my kid.

I dont want to scare anyone but my Payplan advisor did mention that N/rock are playing hardball and in one of there cases recently refused to accept a 96p in the £ return !

thanks for listening
Hamish

It is widely known that Northern Rock are rejecting 90% of all IVA proposals put forward at the moment, a substantial number of which should actually not have been put forward with the majority of the other relating to large loans which have been taken out fairly recently. If Northern Rock feel that the proposals they are reviewing represent the best return for themselves, they are still a very supportive creditor.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

Hello Hamish
Good luck with your BR. I suspect it will be an emotional few weeks until things are sorted, but then you will be able to look after both yourself and your daughter financially (and buy her lots of pairs of size 11's)
All the very best.
Blue

I agree Melanie, I actually have some feelings of symapthy for them . They mabye need to tighten on their loans rules and I think that may be the general case for all lenders, its absurdly easy to get credit when you have a good credit rating and get your self into debt.
After all it was me that got me into debt, no one else, 2ex wives , being a single parent and being made redundant didnt help

Mish

I promise you that you will feel so much better once the bankruptcy proceedings are behind you - and make sure that you let us know the outcome. I am particularly keen to see if you will be required to make any ongoing payments.

Regards, Melanie Giles, Insolvency Practitioner for over 20 years.

For further details contact me at http://www.melaniegiles.com and view my IVA blog at: http://melaniegiles.blogs.iva.co.uk

a large portion of our debt is with Nrock, thats another reason for the bankrutpcy path we will soon be taking! I am getting nervous, its another few weeks off yet before we have 2 lots of fees saved! I started trying to fill the forms in but I was having a bad day and had a headache and they just really confused me! The man at CAB said he would help me and check they are completed properly!

mish

Good luck, I feel for you but am glad that you have decided to end it sooner rather than dragging it out by trying the IVA route with NR like so many here, well done to payplan for pointing this out to you. It will feel better after it is done and you can rebuild your life.

Good luck also Jane

lily