Did your ip say why NR rejected ,is this your ist creditors meeting,mine was rejected ist time as nr said we hadnt had loan long enough,but apparantley that isnt always true,it depends on circumstances and how good an offer you propose.
I am truely sorry that this has happened and i no how desperate it makes you feel.
I think if you can find out why then it will help you decide on what action and what options are open to you im sure an expert will advise.
Northern Rock, is it me or are they not too bright? seems that on these forums loads of potentially successful IVA's are failed because of Northern Rock. Surely by them refusing it lets down (not only the debtor) but because Bankruptcy may follow stops the other creditors getting 'something' instead of the 'nothing 'from BR - what is it with them?
I would be interested to know this as well. I know Northern Rock offer a product called the "Together" mortgage which comprises both secured and unsecured lending at the same interest rate. Is this what people are having trouble with - including the unsecured part whilst maintaining the secured part ?
thanks for all your responses nice to know were not alone, iva rejected as nr thought they could get more money if i sell my house or do a dmp, personally i think they trying to bring an end to ivas well im tempted to go br but i love my house so a dmp it is hopefully again thanks for the kind words wish you all the best of luck for the future yours truly dmss
Hi dmss we have the together mortgage,and after the ist time they rejected the 2nd proposal they said the same thing we should sell our house,even though there is hardly any equity,they would loose out,as in BR the only people to benefit are us the debtor,as at least we will be free to start again,but i no from reading posts how traumatic people feel going down this route,we offer our creditors as much as we can afford,ok we got into debt but this happens and rather than the creditor except we are doing our best to pay back what we can,they reject i really cant understand the logic.In BR they get next to nothing.
Like you we love our home,and we will try to hang onto it so im racking my brains as to what my next move will be
I understand that but surely our ip should no if they are putting a good viable proposal forward,unfortunatley melanie they are not as thourough as you.
so what we think is exceptable,and pin our hopes on should probably not be put forward if the ip knows that its not going to be excepted.
I understand that it involves more than NR at a creditors meeting but if your main creditor is NR then if your surplus income doesnt give them the amount that is exceptable why would your ip put it forward in the first place.As you say you have not had any iva s rejected because if you looked at a proposal and felt it wasnt viable you would tell your client and advise an alternative to iva.
It would surely save everyone so much stress if all ip s were like you.
It is not for you IP to say no, but for the creditors to make such decision.
No-one should ever pin their hopes on an IVA being successful. Creditors will view each case on its own merits and make a commercial decision taking account of those individual circumstances and the way the account has been conducted historically. An IP will never know in advance whether an IVA will be accepted or not, but our job is to make them as attractive as possible and fully explain the circumstances, and the downsides of the other options.
I have also not turned away any clients with Northern Rock as a creditor - and would not do so as everyone deserves the same chance.
Regards, Melanie Giles, Insolvency Practitioner for over 20 years.
Hi dmss we offered 45p and as i said earier they still wanted our home,but as melanie said its based on individual circumstances.
Are you resubmitting your proposal.If so i really do wish you good luck for the future