www.iva.co.uk

hi this is my first post so bear with me im so nervous! my creditors meeting is on monday 2nd july with the dreaded northern rock as my main creditor. in all my debts are 60k with 25k owed to northern rock.im offering to pay £380 per month with an equity release of 8.5k.hoe does this sound? any comments ans advice much appreciated

Hi
Well it,s all down to Northern Rock as they have over 40 percent of your debt
With your equity release you will be returning a 40p dividend so you certainly have a good chance.
Please let us know how you get on
Good Luck

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

yes i will. ive been reading through all the posts for some time now but only just plucked up the courage to post myself! northern rock have been a nightmare to deal with,they were phoning me up to 8 times a day but this week strangely its all gone quiet.barclaycard one of my other creditors rang me today offering to freeze all interest and charges if i agreed a repayment plan with them!

just another question. does anyone know how long it will take for my ip to phone me with the decision? my creditors meeting is at 10am.just wondering if i will be sat here chewing my finger nails off all day!

I was told to give it fifteen minutes after the end of the meeting and they would ring me ,which they did, but if you are anxious I would give it the same and ring them. It could cause no harm. Otherwise give them a ring now and ask them, they should tell you the norm for them.

Ang

By the way Jue all the very best for your meeting hope all goes well, just keep yourself busy, I always tell everyone to give the house a spring clean, it just keeps you occupied and passes the time. Good Luck will be watching to see how you get on, do let us know.

Ang

Good luck Jue

I have my meeting on Tuesday and yes, it is a very anxious time waiting. I also have NR as my lasrgest debt but am confident that the 58p I am offering is a good proposal I'm sure if you have taken good advice and show that you are putting your best proposal forward, then a psitive result will prevail - well thats what i keep telling myself. and yes, spring cleaning is what i'll be doing on Tuesday, fingers crossed x

thanks for all your support! good luck to you as well westonr please let us know how you get on i will be very interested to know.by the way have you had a lot of hassle from northern rock?

and does anyone know how sainsburys bank react to IVA's? they are my second largest creditor

Hi Jue

I have had no contact form NR since my proposal was sent to them. I am only 1 month in arrears with them but before I sent the proposal they would call me at least 3 times per day. not sure if this is a good sign, guess I will find out on Tuesday. i will let you all know

Sainsbury's Bank are represented by The Insolvency Exchange - a specialist team of experts who review and determine how to vote on individual arrangements. They are firm but fair in my opinion, and will carefully scrutinise all expenditure - so do be sure that you can justify all figures you have presented.

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

thanks melanie. ive had no hassle with them they have been really nice on the phone they even wished me good luck!

im only one month in arrears as well. but ive been told by northern rock that this will go against me at the creditors meeting.not sure if it will or not

I think that your IP would advise you best on that - i would see it as you are being responsible and trying to take control of your finances before you get into months of arrears -and you are usually only talking to call centre staff who in my experience don't advise well on IVA's.

Do you mean that you are only behind with your creditors payments by one month. If so, how have you been paying them in the past - by using ongoing revolving credit? This is a common pattern, as people generally used their salaries to pay their creditors, and credit cards to pay their household bills, giving a false sense of security and the thought that debts are being serviced. Your IP will no doube explain this for you within the IVA proposal.

If this is not the case, and that you are that up to date with your payments, what has happened to make you want to propose an IVA?

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