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i was due to have me creditors meeting this morning at 10am, i called as instructed at 10.30 only to find that apparently it has been adjurned till tuesday the 30th by eversheds representing Northern Rock! My total debt is £82k and its working out at 53p in the pound that i am paying back.

The lady did say the Black horse has rejected it £16k of debt and as had Northern Rock in the initial stages £11k of debt however it is them who have asked for the adjurnment im not hopeful as it appeareed all the others have been very posative £25k with Hsbc £28k with nat west so basicallu i need either black horse or Northern rock to change there minds for this to go through, other than that bankruptcy awaits!

Im just wondering is the adjurnment a good or bad thing as its Northern rock who have called for it? and also do the every get talked around having read things on here before the two i am stuck on appear to be thr worst possible!!! gutted as i was all ready either way to get it out of the way today!!



richard m

Im sorry to hear about your situation. I hope that everything is sorted out soon. I guess adjournment is heaps better than rejection. Keep posting and let us know how you are going on.

Hi Richard, we had ours adjourned and in the meantime our I.P really worked hard to turn around the creditors and ours was approved (1st time - Long story!) we then had to have a 2nd creditors meeting called and the next time hardly any creditors voted and it went through.
My guess is NR want to look at the proposal in more detail.

Postives thoughts are with you
Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

The fact that NR have said they want an ajournment, gives some hope that they may be prepared to change their minds. Please make sure you post the outcome, as it is particularly important for professional such as myself to keep abreast of what NR are doing, so that we can advise our own clients accordingly. Most IPs would probably have turned your case away, with Black Horse and NR's current policy of rejection, so it will be very interesting to see if there is a "thaw" in their attitude, and 53p in the £ is a good offer.

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

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Indeed Melanie - that's why I went BR as opposed to proposing an IVA, because of NR. D.

A rexamination of the proposal is very positive mate!!They could have voted NO today

With NR's recent 'we are in a s__t hole' scenario, they might have got their senses back and vote YES. Blackhorse would be out on a limb

Good luck.

Hi
Just to add that it seems positive to me.
NR have normally voted no to proposals straight away so the fact that they have asked for an adjourment can only be seen as a positive move.
Keep your fingers crossed
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Well i just thought id update everyone on my IVA proposal which i was stumbling over as of my total debt of £82k i had £11k with Northern rock and £16k with black horse so things wernt looking good at all. Black horse rejected my proposal of 52p in the pound outright as did Northern rock then however on the day of my original meeting eversheds on behalf of Nortehrn rock called for an adjournment and after after some great work by my IP came back with a ill vote yes if i agree to stop my pension contributions ! and increase my payments by £75 which i agreed to so now i am pay £750 a month and they get 63p in the pound. It seems maybe Northern Rock are starting to be a little more reasonable, after pretty much writting off my chances of an IVA after reading about NR and black horse today i can start looking to the future and being debt free!!!!!!
Thank you to everyone who posted replys to my questions and good luck to evryone in the future

richard m

rich so pleased it worked out for you in the end, good luck to your debt free future.
kerri

Please view my blog at: http://scaredkez.blogs.iva.co.uk/

I am so pleased for you - Good luck for the future

Rainbow

Every Cloud has a silver lining. At the end of the Rainbow is a Pot of Gold - Or Hope!

Good luck for your future. I am so pleased it worked out positively for you.

That's really good news - good luck for the future x

Yesterday is history, tomorrow is a mystery, today is the present - a gift to make the most of.

View my blog at http://skippy13.blogs.iva.co.uk/

Hi
That's brilliant Richard and will give hope to many.
Was there a property involved ?
Regards

Andy Davie
IVA.co.uk Spokesperson

About me:
http://www.iva.co.uk/andy_davie_profile.asp

IVA Helpline: 0800 197 4838
http://www.iva.co.uk/iva_helpline.asp

Fantastic news Richard!!!!

no property or assets of any kind really

richard m