Worried sick 1st creditors meeting tomorrow

[debandbatch]

Is Northern Rock still refusing IVA's. Worried sick as we have our 1st creditors meeting set up for tomorrow.

[aguise]

Hi danb

All the best for tomorrow, its a rotten time the wait but fingers crossed for you. As for Northern Rock I dont think they are saying no to all ivas but have quite strong criteria for them to accept. It depends on the amount of debt you have with them if it is not too much then the other creditors could outvote them. Its just a waiting game now, be positive. Either way there will be an answer to your debt problem and you are at least trying to do something about it, too many bury their heads in the sand as I did for a while but I have learnt through the years that it is better to face things head on and do something about it, than disillusion yourself thinking it will go away.
Again all the best and do let us know how you get on.

Ang

[tracy.h]

Hi Danb
goodluck 2moro every one on the forum will be rooting for you

[lesley]

Hi Dandb
Good Luck for tomorrow. Let us all know how you get on.

[neverending]

Fingers crossed for you
regards

[debandbatch]

Hi, thanks everyone for your messages. I have been looking at the forum for a while now and its nice to see that their are people like me out there to talk to who don't always look down on you. Anyway fingers crossed at 10.00 in the morning. I will let you know the outcome.
Thanks again

[scaredkez]

good luck for tomorrow
kerri

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

[ian]

Hello Danb.

All the best for tomorrow, will keep my fingers crossed for you.

Hope it all goe's well for you.

Regards

Ian

[MelanieGiles]

I am sure that if your IVA proposal provides the best solution for Northern Rock to recover the debt you owe them, that success will follow.

Let us know how you get on.

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

[debandbatch]

Hi

Creditors meeting went as expected. Thrown out due to Northern Rock. They strongly suggest Bankruptcy but I really do not want to do this. Is there any way round it or can I try and approach creditors with a proposal myself. Can anyone please help.

[scaredkez]

hi deb so sorry to hear that, have they not gone for an adjournment at all, and do NR have more than 25% of the vote.
i am sure one of the experts will be a long soon, i am going BR and have tried every avenue and to be honest i just want it all over and done with now, hope everything works out for you kerri

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

[tracy.h]

hi i am so sorry to hear that nr have turned you down,and i no what a worrying time this is
All i can say is that i wish you well for the future.
Tracy.h

[MelanieGiles]

Why do NR think you are better off being bankrupt? What dividend were you offering? How much were you going to be paying per month? How much do you owe in total? What does your IP now advise?

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

[debandbatch]

Wilson Phillips had put forward proposals based on 40p. They had worked out that we would have a surplus per month of £855 for 6 years. Everybody else agreed to this proposal apart from Northern Rock which we were warned were a stumbling block. We borrowed £25,000.00 from N.R but they still require the total amount that would have been due with interest i.e £42,136.00. We have a total debt unfortunately of £133,159.00. The IP spoke to my husband and as far as she was concerned they were sending our paper work back today with info on bankruptcy as this was strongly advised, no mention of any modifications or anything else. We really do not want to take the bankruptcy route, is there any way at all please of getting round this.Would it help if we wrote to Creditors ourselves trying to negotiate. We will pay whatever it takes for however long it takes any advice would be greatly appreciated.

[MelanieGiles]

Hi again

Well you could enter into a Debt Management Programme, but on those figures it would take you approx 15 years to repay as interest will continue to be charged. You still don't state why Northern Rock rejected the proposals. Has your IP actually spoken to them to find out their reasons? And can you find out which company represented Northern Rock - it would have been either Eversheds, Kroll or Tait Walker.

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