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Hi all
We have sent our information off to our IP and they have said that the creditiors meeting will be around the 20thy April which is fine, but they have scared me becuase they have also said that they are hving issues with Northern Rock agreeing to IVAs even when the pence ins the £ is higher than 45p, we are offering 59p in the pound. Has anyone had any issues with Northern Rock declining recently?
Soory to panic but just want to get this sorted ASAP and the 20th April seems a long way away.

Many Thanks

I have had not issues with Northern Rock declining IVA's recently - which IP firm are you using? Northern Rock have a policy of only accepting IVA's which have been fully researched and represent the very best return both for themselves and yourself.

Your IP must demonstrate that all other options have been considered, and the reasons you have for plumping for an IVA instead of say debt management which could result in them being repaid in full.

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,
Northern Rock worry me too (although from what you've said their policy does sound fair).

What reasons would justify an IVA over a debt management plan?

When we looked into debt management plans, the CCCS gave us a plan in which our debts would be paid off over 12 years and that our credit rating would be affected for 18 years![:-(]

Best

OW

- I wont cry for yesterday 'cause there's an ordinary world somehow I have to find

I think that timescale probably says it all OW!

Creditors generally feel that they must balance their own interests - ie get repaid as much as possible, against a reasonable rehabilitation period for their customer. I would say that any DMP which is going to take more than 8 years, makes an IVA an attractive option for both customer and creditors - but that is just my feeling.

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

We are currently using a DMP programme whichb Northern Rock have Okayed, however it will take in excess of 8 years to apy everything back and that is currently they will review it again year on year so this might increase. We cant go on like this and need to at least have some timescales in mind as to when we can start living again.......

Hi Kirsty,

Good luck for the meeting on the 20th. I hope that your offer is accepted. Which IP firm have you chosen to represent you? Please let us know how you get on.

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Hi All

I think 8 years is far too long a time for someone to be expected to put their life on hold.

However it is easy to see why this would be attractive to creditors - even if the debtor only lasts for the standard 5 year IVA duration, they have repaid already 60ish% of debt - and the creditors are still free to pursue the rest.

Personally I think the only reason an IVA should be rejected is if the debtor is in a postion to pay 100% of the debt in less than 5 years.

-Best

Please view my blog at www.go4broke.blogs.iva.co.uk

'6 years sticking my head into the Lion's mouth of debt !'

Hi Kirsty

You could try proposing an IVA, but will need to demonstrate that you are struggling with your DMP and that an IVA represents a safer, securer route of repayment for your creditors. How long have you been in your DMP, and have the debts reduced at all? Also how much do you owe, and how much are you paying each month?

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
n/rock rejected our first iva due to the equity release
we are now proposing a new iva with melanie so hopefully they will accept it this time
with n/rock that have to see the best proposal put forward as in our first case this wasnt the company we used was blair endersby and we found them not to be very good
good luck
nickych5