Northern Rock accepted 45p dividend

[chilli20]

Hi all,

This is my first post(also copied as a reply to another NR post) and I thought I should let you know the problems I'm having with my IVA proposal because of Northern Rock. I have debts of £80k, and I submitted a proposal of 38p/£ which was rejected. The proposal was then increased to give a return of 45p/£. Initially, this was accepted by NR but my IP said to wait until we had it in writing before breathing a sigh of relief. NR have now changed their mind and are rejecting the proposal. They have not given any reasons for this. My IP has writeen to them asking what it is exactly they want and why they are behaving as they are - still waiting for a response. Creditors' meeting adjourned till Thurs. I had been warned that NR play hardball but this seems ridculous to me. My IP has said that if this fails I will have a case to take to the Financial Ombudsman who also are snowed under!! What do I do in the meanwhile?
I know this isn't necessarily what you want to hear but be warned that NR will not make things easy for you.
Chilli

[zoe]

Chilli
I would be very careful about what you say about creditors on site some monitor, it may prejudice your position, i know for a fact from mine that one of my creditors did this.
Z
x

[scaredkez]

the creditors will only know who you are if you use your real name instead of an alias and put all your details in your profile, this forum is about free speech and asking for advice on their predicaments, you should not be afraid to post, we have said this so many times over the last few weeks, and if they are monitoring this site why do they not come on and give their opinions as to why they decline/ accept offers instead of lurking in the background. i am sure they have thousands of debtors and would be pot luck in deciding on who you are in relation to the amounts of proposals put their way, asking advice should not prejudice you in anyway.
kerri

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

[zoe]

I agree Kerri is about free speech, however i know that i was monitored and i didn't put my real name on!
Z
x

[scaredkez]

zoe sorry to hear that but how did they know who you were, i have posted many times in regards to NR and they have never said anything to me whilst going through my iva process and my full name was in my profile.
it would be interesting for others as to how you knew you were being monitored and did they directly confront you on this
thanks kerri

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

[zoe]

I have no idea!!!!!
I was quoted on a couple of posts!!!!
Z
x

[scaredkez]

maybe they were clutching at straws zoe i wouldn't have admitted that it was me, but then again why do they need to monitor boards were people are only asking for advice and support, obviously NR has something to hide, i am certain with the amount of people now opting for BR they will soon change their stance, i can't believe that they could quote and act on something that was written on a free speech advisory forum, and hold it against you.

it will obviously make it more harder for people now to write on here if they have their iva rejected or adjourned or have one coming up where NR has a high percentage of the vote, in which case i think it is disgraceful.
kerri

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

[lily]

Northern Rock spying on people??? Do they know its a debt forum??? Zoe your IVA was the best you could do and they dont deserve to get anything if these snoopy people stoop so low. They are cracked if they would rather get nothing.

good luck chilli, dont give them any details here, what a crock???

lily

[chilli20]

Well following a strongly worded letter from IP asking NR what exactly they want from me(blood, sweat, tears etc...) Northern Rock have now changed their mind (again!) and accepted the proposal subject to modifications, all fairly standard from what I can gather, except that I'm only allowed two missed payments before the IP has to petition my bankruptcy and a 45p dividend is achieved. The main modifications seem to be on the IP and their fees. At least this time I have everything in writing! Looking forward to being debt free in 5 years!![:)]

[Adam Davies]

Hi Chilli
Now that IS good news,well done and its a relief that NR are not rejecting regardless.Lets hope that this continues.
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

[lily]

Well done chilli, good luck with the 5 years, hope NR will be the same with other people.

lily

[RedDevil]

Hi Chilli20

Congrats on your IVA acceptance. I feel that the extra squeeze upwards of 7p by NR on your dividend could make your IVA less managable to start with. By demanding more from you your IVA is more likely to fail in the future. I am not saying it will but NR, gladly not one of my creditors, are shooting themselves in the foot. If NR stop accepting IVA's they will loose a hell of a lot more money by people going bankrupt.

Regards RedDevil [8D]

[ivoriva]

Congrats Chilli20, Im very happy your proposal was accepted.

Sadly, IVA rejections tend to lead to DMP rather than BR. So the creditors dont feel they are shooting themselves in the foot. How many actually end up at BR at a later stage though could be another story - it depends how stats are compiled and followed up. For example, if a IVA is rejected, in most cases the debtor goes straight for a DMP. But what happens to them in 1,2,3 years time etc? Do they stay on long lasting DMPs, go BR, present new IVA's or what?

[iva experts]

Great to hear of your news Chilli!!

If an IVA is rejected then the debtor more than likely will go on a DMP, especially in cases where the debtor is unable to go bankrupt (i.e works in the police force, armed forces or financial industry).

For most people bankruptcy still has a slight stigma to it which is another reason that a debtor would go to a DMP. The only downfall with a DMP is that when a client owes more than 10-15,000 (which they will if they went for an IVA) there is little light at the end of the tunnel.

Best Regards. IVA Experts