Northridge HP

Get expert opinion. This is the place for new questions to be posted.
2 posts Page 1 of 1

Rlh1994

Posts: 11
Joined: Wed Jun 20, 2018 7:33 pm

Post by Rlh1994 » Sat Jun 23, 2018 7:32 pm
Does anyone have any experience with Northridge finance?
We're currently around 4 months into our finance, we own it at the end, with no balloon payment. It is 5 years long.
Our creditors meeting to see if they accept the IVA is 17th July. We have agreed we will pay the extra to creditors for the final four months. We have therefore not listed them as a creditor.
But...I have just read the agreement and it says they may end the agreement after giving written notice, if we call any meetings of creditors or make a proposal for a voluntary arrangement with our creditors, or a reciever or similar officer is appointed over any property we own.
We own no property.
Are they really likely to act on this does anybody know? It has been factored into our budget for the IVA, we haven't and wouldn't miss a payment.
Please help, this situation is giving me more stress than reassurance right now, I'm starting to question my decision to enter this IVA!!! :|

Foggy

User avatar
Forum Expert
Posts: 28348
Joined: Fri Dec 17, 2010 11:14 am
Location: United Kingdom

Post by Foggy » Sat Jun 23, 2018 8:06 pm
This is a pretty standard clause in these agreements, they are not always acted upon as you will be maintaining the payments. However some companies have been known to terminate agreements in these circumstances. I cannot tell you which way yours will go ... sorry.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014
http://foggy.blogs.iva.co.uk
2 posts Page 1 of 1
Return to “Ask IVA Forum and Industry experts”