www.iva.co.uk

Hi
I am in the process of taking out an IVA but have been warned that Northern Rock never usually give IVAs since my main creditor is NR I wonder what to do? I want to go ahead with it anyway as my IP is offering 56p in the pound which I have been advised is a good rate any help gratefully accepted!

NR were included in mine and never even voted at the creditors meeting, was 2 years ago though. Good luck!

DM

thanks! Not sure what they are doing to be honest - if they never accept them then it seems pointless putting my iva forward although my IP said we have to give it a go - argh its all a bit too much!

have you thought what you will do if your IVA is rejected? If it would be to go in to/ stay in a DMP, then that is what NR would rather you do.

The Chairman of NR was quoted in the press recently that NR reject 9/10 proposals believing "that most debtors are able to structure their finances alternatively"

If you've reached the end of the road and bankruptcy would be your next step, you might be in a better position with NR.

Debt Monkey above was very lucky, in my experience they vote in a very high % of cases in which they have an interest.

Yes that is what my IP also stated - I am a bit concerned as the IP hasn't really said where we can go from here - what i would love to do is do an IVA for the rest but of course that wouldn't be possible. I would consider BR but don't want to lose my house - its a joint mortgage with my husband and we have an 18 month old so that isn't an option really - I am not sure what to do if the IVA is rejected. I have been on a DMP with NR up to now paying 100 pounds per month back but they said that this was only temporary and now they want the rest of the money back. I am not sure how open they would be to putting in place another DMP and at what rate they would do this at! am a bit stressed out by it all feel myself grinding my teeth whenever I think of it

Have you researched why you think that you would lose your house in BKR.It doesn't always end up that way particularly if there's hardly any equity in the home.

Hi
I guess it just comes back to what my IP told me about being made BR - could lose my house (we only brought a year ago so little or no equity) and also being named in the press - I work in Public Relations and our job is to track the press so would be horrible for me at work as I hold quite a senior position. Argh! why did I get into this type of debt - I know I cannot turn the clock back but wish I could. I wonder why NR don't accept IVA's particularly when they stand to get more money back from someone that is considering BR?

I would strongly recommend that you read some of the blogs here, written by people who have gone bankrupt.
Also have a look at the Insolvency Service's website at http://www.insolvency.gov.uk/.

You really need to understand how BKR will affect you personally and with little equity in your house it may not be as bad as you think.

When you find the answer to NR's policy please let me know because it doesn't make sense.They continue to suggest that most people don't need to go in to an IVA but, in my experience, are unprepared to consider variations to existing terms to allow other options to be considered.

Hi yes thanks I will let you know - I think they are about one of the only creditors that don't usually accept IVA's and my IP said they never give a reason and or criteria out so its difficult to match / gauge what they want in the first place. I feel its almost too much to be honest I try not to worry but am seriously beginning to have doubts as to whether I can ever get this sorted out feel almost as if I should end it all being very overdramtic I know!

You'll find plenty of support on this board and, importantly, from people who have been through it.I think that you'll find that the vast majority will tell you that the outcome is rarely as bad as you might imagine.

thanks I know its a great place and I appreciate the support, but I cannot seem to find a way out of it, ever since the IP said that NR rarely accept IVA's has just made me panic and feel as if I am suffocating! all I can think of is the easier thing would be not to be here anymore I know that sounds stupid but that is all i can think sorry to offload on you!

I'm hoping that other posters are going to pile in here to give you some comfort.

As a professional adviser all I can say is that you must take control. By that I mean setting yourself a set of clear objectives so that you know what direction you are going in.

I think that you need to accept that NR are unlikely to be supportive but you just might be one of the few who they will accept. I certainly hope that they read this board to understand how damaging their unbending and franky illogical policy is.

This is the action plan that I would give you

1 Read about bankruptcy and really get to understand how it will affect you.
2 Then talk to NR directly.If you want to do an IVA try to find out directly from them what their immediate reaction is or what else they could offer to help you avoid this.
3 Armed with that information think carefully if you want to put yourself through the anguish of putting an IVA proposal together with a high risk that it will be rejected. Talk to your IP about this.
4 Depending upon what you decide in 3 above accept that you have done all that you can and, if BKR is your only option, approach it from the point of view that it is a new beginning.

If you do these things you'll be following an action plan that YOU have set for yourself, not what others dictate to you.

thanks so much I really do appreciate the help and support, its nice to have you as a shoulder to cry on. You are right about taking control of the situation am going to speak to my IP today and have a frank and honest conversation about how to proceed with NR and what the BR option will give me

Hi Fudge 34
Just wanted to say you have had good advice, take control and get an action plan. Look into bankrupcy and the implications for you. I think work may be the stumbling block though my opinion is that people may talk for a day or two and then forget and thats it we sometimes worry unecessarily but that is something you have to decide if a barrier or not. Please come on and have a m oan if you are having a bad day or just to ask for opinions on an idea, we have all felt low at some point the forum is for all aspects not just the technical stuff. I wish you all the best.

Ang

Please visit my blog at http://aguise.blogs.iva.co.uk/

Thanks I appreciate the help and support - I knew it would come down to this when my baby was born and paying nursery fees and working full time is putting a real strain on my finances i just hoped that I could get some more money from somewhere - that is what i hope NR will look at the fact I have a two year old work full time and have no further money to give them!