Worried sick 1st creditors meeting tomorrow

[debandbatch]

Hi, Spoke to IP today Northern Rock refused outright due to account not long being set up and management of account whatever they mean as I never missed a payment until instructed to do so. I was late once. It was Eversheds who represented them. IP said no modifications could be made for another IVA because of Northern Rock, they want the whole lot back which is fair enough, I agree with that but need help now to do that. Would they refuse a DMP even though it will take a long time.

[MelanieGiles]

Other posters on this site - Scaredkez I think? - have had problems with Northern Rock accepting a DMP - which is strange because they are likely to get a much better return than were you to go bankrupt.

When you took out the loan with Northern Rock, did you disclose that you already had substantial unsecured debts? Were you asked for this information? If they were not made aware of your true financial situation, they may feel that they were misled when they advanced you the money.

IP's ought to know full well that when loans are relatively new, creditors will not be prepared to accept compromise solutions without good reason.

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

[scaredkez]

hi melanie is right northern rock said no to a dmp to me, and i have paid them all the way through this, which really i shouldn;t have done as i have given them preference, the man from the CAB said that the OR in BR may not look kindly on me for this also.
i spoke to NR after my iva was rejected, and because mine is part of the together mortgage although it is unsecured what they told me was any money i paid them would be apportioned to both accounts regardless how much i paid but they would not let me enter the unsecured part as a dmp, if i missed they said they would instigate legal proceedings straight away, however it doesn;t matter to me now as i am going BR and they won;t be getting it all back now, their choice
kerri

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

[neverending]

This strong stance by Northern Rock is a strange one.
By returning 40p they would receive approx 16K from an actual advance of 25k.......yes its a loss but not a great one.
In many ways it would be better if people did declare bankruptcy once an IVA is rejected,like Kerri, because sooner or later creditors like Northern Rock will change their stance.
I think that anyone with a debt from Northern Rock that represents more than 25% of their total debt should make sure that their IP is very experienced in dealing with Northern Rock.
Finally why can a personal loan include all interest over the full term[your 25k turning into 42k] whereas a credit card debt remains the same ??
Doesn,t seem right

[debandbatch]

Hi everyone. Decided to try one last attempt of saving face and hope and pray with everything I have got that Thomas Charles can organise a DMP for us, that's if NR will accept, if not we are left with no choice other than Bankruptcy which means that my husband will more than likely lose his job and it wouldn't go down very well with my employer either being a Solicitor and District Judge. Thanks for everybody's messages and good luck Kerri. I will keep in touch

[brianabbott]

Hi everyone. Decided to try one last attempt of saving face and hope and pray with everything I have got that Thomas Charles can organise a DMP for us, that's if NR will accept, if not we are left with no choice other than Bankruptcy which means that my husband will more than likely lose his job and it wouldn't go down very well with my employer either being a Solicitor and District Judge. Thanks for everybody's messages and good luck Kerri. I will keep in touch

Hi danb,

I'm so sorry to hear of your plight.

I wonder, if it's not too late, whether you could fill in a few gaps here. When did you buy your house? What was it worth then? Did you borrow to 125% of its value? What is the property worth now?

The reason that I ask is that you may have acquired sufficient equity to remortgage yourself out of trouble with another lender.

Regards,

Brian

Brian Abbott

Independent Mortgage Consultant

Mortgage Minds

Mobile: 07932 188030

Home (Mon - Fri 10am - 5.30pm): 0191 4550573

email: b.abbott 'AT' themortgagetimes.com

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Brian Abbott trading as Mortgage Minds is an Appointed Representative of the Mortgage Times Group Limited which is authorised and regulated by the Financial Services Authority number 303007

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