www.iva.co.uk

Hi

I owe £39,000 which includes a total of £19,000 to Northern Rock.
I have a total of 8 creditors. 5 Credit Cards, 2 current accounts and Northern Rock consolidation loan.

At my first meeting 11th May all of my creditors apart from Northern Rock accepted the IVA.
Northern rock asked for the meeting to be adjourned until 18th May.
I expected to hear something on the 18th but was told that the meeting had been adjourned yet again until the 25th May.

I have been assured that I will have an answer on the 25th May.

As far as I know the reason Northern Rock wanted to adjourn was because although my wife does not work they wanted to know was she entitled to any benefits such as job seekers.

I am in full time employment, our youngest child is now at school.
We live in a village with no bus route and my wife does not drive.
Even if she managed to find some work it would only mean we would lose the working families tax credit and therefore would not be able to offer any more to the creditors.

Do you think the fact that Northern Rock are adjourning the meeting could be taken as a serious consideration of my IVA?

If the IVA fails I am definately considering bancruptcy although I don't really want to do this.

Look forward to your replies.

Hi sunset and welcome to the forum

The reason Northern Rock have asked for the adjournment could be for a number of reasons - but the main thing is that they have not rejected it. Your proposal should have clearly explained the reasons why your wife is not working, and this could have avoided the need for such delays.

A good IP will try and answer all of the creditors questions within the body of the proposal, to try and avoid delays and to ease the decision making process for the creditors.

Good luck with the adjourned meeting.

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

Hi Melanie

Just heard from my IP.

Northern Rock has agreed to the IVA as long as I pay over 6 years instead of 5 years.

I have agreed and I am so relieved to have this sorted.

Thanks

Well done sunset - am really pleased for you!!! Just think, no more debt and 6 years will go by in a flash!!!!

Sue

Ho Hum! Think I'll bang my drum!

Read My Blog
http://sadsack.blogs.iva.co.uk/

Good news sunset made you wait a while but worth it in the end eh.

Ang

That's really good news Sunset, and good luck for the future

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/

Congratulations Sunset, I am very pleased for you. For note, one of my creditors forced an adjournment as they wanted more information regarding my wifes details, even though she isnt part of the IVA! It resulted in a better offer having to be made. I dont think its fair really, as it sort of making her pay for my debts indirectly! It certainly wouldnt happen in BR, but there you go... at least we can both look forward to a debt free future one day...

Excellent news Sunset. All the best with everything in the future.

Best Regards
Oliver

Thomas Charles and Co Ltd.
Experts in personal debt solutions.
Read customer feedback at: www.thomascharles.com/about_us.asp

Hey Greatstuff !
It's so good when someone gets sorted !It's a real buzz !

Marie

Good news, what a big relief it must be.

Good luck for the next 6 years, I hope it all goes smoothly for you.

LILY

fly me up to where you are beyong the distant star, I will wish upon tonight, to see you smile, only for a while, to know youre there, a breath away is not too far, to where you are.

Thanks to everyone for the nice messages.

When the IP phoned me today I could feel myself getting emotional to the point I broke down and cried.

I cannot believe that I do not have to go bancrupt.

I know it was my fault I got into debt but for the amount I owed I cannot get my head around the fact I borrowed so much.

Until I admitted I was in financial trouble and discussed it with my IP I believe I did not even see the real depth of debt I was in.
The fact that I was robbing Peter to pay Paul was masking the problem.

This forum must be one of the most encouraging places I have seen for the help and advice given by it's members.
I wish I had joined earlier.
It is a shame that there must be so many people who are unaware of what an IVA is and how it can help and are struggling to keep their heads above water.

Best wishes to one and all

Congratulations Sunset, I’m sure you feel relieved and as though a weight has been lifted.

Ivoriva - How long have you been married? I only ask as your creditors may have been in the line of thinking that although the debts were in your name, your wife has benefited (if you have been married a substantial amt of time) from what you spent the money on (e.g Tv's, couches, holidays etc) and therefore wanted her details.

Best Regards. IVA Experts

Hi Experts, Ive been married 3 years - and no my expenditure on credit wasnt due to any major purchases - mainly struggling with min payments 10 years more than I should of! My wife has definately not benefited from my debt... that I can assure you. Infact I would say it has been the opposite, she has been more like a creditor!

Thanks for the info Ivoriva,

Thats interesting, it must only be that your creditors wanted more of a return and knew that if your wife's details were in the IVA proposal that could get the higher return needed.

Like you said in a previous post at least you can both look forward to a debt free future one day.

Best Regards. IVA Experts

I suspect you are right Experts, as my wife got a decent paid job recently so she does have some disposable income and I guess they just want her to remain a creditor to me for a few more years yet!

But she is happy enough with that in the knowledge that it is for a set time span, and will eventually mean we can look at starting a family which was simply impossible before - and we arent getting any younger!